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Home My WebLink AboutRPT 1 YR-END PROJ'S 04-20-81DATE: April 15, 1981 REPORTS No. 1 4-20-81 in,,,._Con, TO: FROM: SUBJECT: Honorable Mayor and City Co~ilMembers ~Dn Nault, Finance Director~/ Quarterly Report/Year-end Projections Attached for your review is the Third Quarter financial Report ofO perations and a year-end projection of Revenues and Expenditures. General Fund revenues are projected to exceed the budget by $429,425. Significant variances include: Property taxes are over by $222,000. Sales tax is under by $331,000. (This means we will be playing catch-up cn sales tax unless we experience an exceptionally goodyear at son~ point in time.) Interest income is over by $9,500. (Interest rates are beginning to suffer). Motor v~nicle fees are over Dy $211,000. (We can. expect one more year at this level then State predicts return to common level). 5. Business ZnventoryT~ ~!ief is over by $79,024. (This is one are=_ 4_-. ~ecpaYdy with State). Gas tax. r~venues, 2~06, 2~7~ and 2107.1 are under budget mainly due to reduced gasoline sales. They are expected to continue to decline at 2 - 4% annual rate ~br an additicn~ t2-24 mona-h, then level off. The Foran Bill will help bring gas tax up to realistic level, but begin to lose pace with inflation in 3-4 years. Other gas ~ revenues are also down, but they are generally tied to grants where matching funds are involved. The Redevelopment Agency's revenue is significantly over buoget, $191,589, and will quickly reduce the time span before we must settle for the $600,000 annual average tax increment as stated in the original plan. The revenue variance for all funds is under budget by roughly $600,000. But, as previously stated, the area of most concern is the general fund which is projected to generate revenues in excess of budget of $429,000. ~ratinq e~nditures ar~ o' t to ~e under total appropriatior~ bY $319,000. Dr 3cc ed eaon-a r~DtaI Duoget o[ $7,332,000 this represents a 4% savings. The ma]or Honorable Mayor and City Council April 15, 1981 Quarterly Report page 2. savings occurred in the Police Department. A $215,000 savings was mainly attribute~ to salary savings in the various divisions fr~n late filing of new positions and turnover. All other departn~ntal savings are relatively minor. CAPITAL Bob Ledendecker has projected an analysis of all capital improvements by category, s~u,~rized by fund. Less than c~e-half of all capital appropriations are anticipated to be spent in fiscal year 80-81. Please refer to the remarks section of the program status report for detail. GANN SPENDING LIMITATION There is no significant impact on the City's adopted spending limitation. PROJECTED GENERAL~3NDBALANCE The General Fund balance as of June 30, 1981 is projected to be $1,139,848. attachments DATE: TO: FROM: SUBJECT: April 8, 1981 Inter- Corn Dan Blankenship, City Administrator Ron Nault, Finance Director Investment Schedule as of March 31, 1981 Inv.# Type Int. Bank/Agency Rate Purchase Maturity Date Date Amount 188 186 176 192 177 191 203 202 195 193 196 207 206 200 208 190 198 197 199 194 205 201 TCD TCD TCD Bank/Accept TCD Bank/AccePt TCD TCD Bank/Accept Bank/Accept TCD TCD TCD TCD TCD TCD TCS Western Nat'l Bank 18.5 01-05-81 04-05-81 $ 200,000 E1 Dorado Bank 20.25 12-15-80 04-13-81 100,000 Santiago Bank 12.626 10-13-80 04-13-81 100,000 Bank of America 18.50 01-26-81 04-20-81 575,430 Mercury S&L 13.00 10-24-80 04-24-81 100,000 Bank of America 18.30 01-20-81 04-21-81 477,566 Allstate S&L 14.75 03-17-81 05-02-81 100,000 Allstate S&L 14.75 03-17-81 05-02-81 100,000 Central S&L 16.125 02-08-81 05-10-81 100,000 E1 Dorado Bank 17.00 02-12-81 05-12-81 200,000 Central S&L 15.375 02-23-81 05-26-81 100,000 Central S&L 15.25 03-14-81 06-11-81 100,000 Central S&L 15.25 03-14-81 06-11-81 100,000 American S&L 14.750 03-13-81 06-11-81 100,000 American S&L 13.750 03-24-81 06-19-81 100,000 Constitution S&L 14.0 01-14-81 07-13-81 100,000 Far West S&L 17.5 02-17-81 07-16-81 100,000 Far ~e~t S&L 17.550 02-17-81 07-16-81 100,000 Sunwe~S Bank 16.625 02-20-81 07-20-81 200,000 Sunwe~t ~ank 16.625 02-20-81 07-20-81 200,000 :~e~is rar§o Bank 14.125 03-16-81 08-12-81 100,000 El Dorado Bank 15.5 03-16-81 09-12-81 100,000 TOTAL CITY INVESTMENTS TUSTIN COMMUNITY REDEVELOPMENT AGENCY 204 187 162 161 TCD TCD TCD TCD Mercury S&L 15.0 03-10-81 E1Camino Bank 18.0 12-22-80 E1Camino Bank 10.0 07-21-80 E1Camino Bank 10.0 07-21-80 State LAIF - - TOTAL ALL INVESTMENTS 06-10-81 06-20-81 07-21-81 07-21-81 $3,452,996 300,000 200,000 100,000 100,000 100,000 $4,252,966 1980-81 REVENUE PROJECTIONS - JUNE 30, 1981 Revenues Estimated Projected Variance Over/(Under) General Fund Secured Property Tax Unsecured Property Tax Delinquent Property Tax Franchise Fees Transient Lodging Tax Sales and Use Tax Business License Tax New Construction Tax Bank in lieu Tax Other Licenses & Permits Non-traffic Fines Interest Rents Alcoholic Beverage License Motor Vehicle Fees Homeowner's Prop. Tax Relief Business Inventory Tax Relief Cigarette Tax Other State Revenue County Grants Urba~ ~as~ Transportation Recreation Fees Other Current Char~es Other City Revenue GENERAL FU~D TOTAL $930,500 82,000 8,OO0 197,600 50,000 3,500,000 150,000 120,000 -0- 10,300 18,500 175,000 46,872 18,500 541,080 49,000 10,500 135,000 24,692 500,000 6,500 216,610 28,575 I3,500 $6,962,729 $1,131,181 99,444 12,431 197,600 49,181 3,168,331 149,169 120,000 25,512 10,300 17,870 270,000 42,175 20,473 752,196 56,457 89,524 183,408 27,655 551,900 6,500 211,500 27,371 41,976 $7,392,154 $200,681 17,444 4,431 (819) (331,669) (831) 25,$12 -0- (630) 95,000 (4,697) 1,973 211,116 7,457 79,024 48,408 2,963 51,900 (5,110) (1,204) 28,476 $429,425 Revenues 1980-81 REVENUE PROJECTIONS - JUNE 30, 1981 Estimated Projected Variance Over/(Under) Traffic Safety Revenue Sharing Fund Gas Tax Fund City County State Grants Federal Bike Trails Interest Tustin City Bus Fund Sewer Fund Connection Fees Beautification Fund Park Bond Fund Civic Center Fund Redevelopmem% Agency Fund TSTAL SPECIAL TOTAL GENERAL GRAND TOTAL $180,240 $154,685 $(25,555) 167,000 16__5,000 (2,000) 332,400 305,451 (26,949) 291,200 -0- (291,200) 79,000 -0- (79,000) 1,398,500 508,701 (889,799) 12,000 7,750 (4,250) 10,000 10,000 -0- 1,200 1,052 (148) 2,000 60,000 75,000 30,000 704,550 $3,343,090 $6,962,729 $10,305,819 3,000 71,499 137,996 52,500 896,139 $2,313,773 $7,392,154 $9,705,927 1,000 11,499 62,996 22,500 191,589 $(1,029,317) $ 429,425 $(599,892) 1980-81 EXPENDITURE PROJECTIONS THROUGH JUNE 30, 1981 Operating Expenditures Legislation Administration Community Development Non-departmental Police Fire Public Works Community Services NORMAL OPERATIONS Redevelopment Agency TOTAL OPERATIONS Appropriation Projected Variance Over/{Under) $ 215,022 219,203 4,181 551,399 536,442 (14,957) 351,776 347,020 (4,756) 537,626 527,000 (10,626) 2,598,942 2,383,862 (215,080) 860,000 806,944 (53,056) 1,859,191 1,849,978 (9,213) 357,857 342,074 (15,783) $7,331,813 $7,012,523 $(319,290) 220,751 14,587 (206,164) $7,552,564 $7,027,110 $(525,454) o I CZ) I ~ I ~ I 0 ~ ,cD o ~ o c) o ! 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