12 Desk Item - 2006/07 Mid-Year Budget Performance and Status ReportSOWN OF MEETING DATE:
ITEM NO: 12
` DESK ITEM
! p s G AtOS
COUNCIL/AGENCY AGENDA REPORT
DATE: March 19, 2007
TO: MAYOR AND TOWN COUNCIL/
CHAIR AND MAMBERS OF THE REDEVELOPMENT AGENCY
FROM: DEBRA J. FIGONE, TOWN MANAGER/EXECUTIVE DIRECTOR
SUBJECT: 2006/07 MID-YEAR BUDGET PERFORMANCE AND STATUS REPORT -
SIX MONTHS ENDING DECEMBER 31, 2006
A. ACCEPT 2006/07 MID-YEAR SECOND QUARTER BUDGET
PERFORMANCE STATUS REPORT, INCLUDING FISCAL YEAR
2007-12 FIVE-YEAR FINANCIAL PROJECTIONS
B. AUTHORIZE BUDGET ADJUSTMENTS AS RECOMMENDED IN
THE SECOND QUARTER BUDGET PERFORMANCE REPORT
Attached is Page 10 of the Second Quarter Budget Performance Report which is recommended
by staff to replace the original page 10 of the report. Staff erroneously repeated a recommended
budget adjustment pertaining to VLF Property Tax Backfills. The repeated entry was removed
in the attached revised schedule of budget adjustments, changing the total Revenue Adjustments
from $1,734,363 to $1,624,363 in the revised schedule. Another small typo correction was made
not requiring any change to the totals recommended in the budget adjustment schedule on page
10 of the report.
PREPARED BY: STEPHE W
Finance & Admire rative Services Director
N:AMGR\AdminWorkFiles\2007 Council Reports\3.19.07DeskItem12.doc
Reviewed Counsel by. Clerk Town Manager/Deputy Director Town Attorney/General
eAdministrator/Secretary Finance
Community Development
FY 2006/07 RECOMMENDED BUDGET ADJUSTMENTS
Budget adjustments are recommended for the following revenues and expenditures at the second
quarter as described below:
GENERAL FUND
FY 2006107
Current
Budget
Recommended
Adjustment
Increase (Deer.)
FY 2006/07
Revised
Budget
Revenue:
Interest Earned
1,205,700
500,000
1,705,700
Sales Tax
$ 7,646,000
$ 454,140
$ 8,100,140
Franchise Fees
1,013,500
225,440
1,238,940
VLF Property Tax Backfill (State)
1,879,500
111,050
1,990,550
Building/Planning Various Permit Fees
1,547,500
150,000
1,697,500
Property Tax
6,369,900
100,000
6,469,900
Hotel Tax
930,000
70,000
1,000,000
Intergovernmental
3,178,490
(51,100)
3,127,390
Booking Fees (Intergovd.)
-
42,777
42,777
Other Miscellaneous
Various
22,056
22,056
Total Revenue Adjustments
$ 22.564,890
$ 1,624,363
$ 23,689,253
Expenditures:
Storm Flooding Expenses
Repairs to Backflow Preventers
Misc Maint Services - Steam Cleaning
Transfer to CIP - Retaining Walls
Transfer to CIP - Curbs, Gutters, & Sidewalks
Transfer to CIP - CDD Project
Below Market Price Program Expense
Homeland Security
CERT Supplies
- 42,100
42,100
- 16,000
16,000
- 7,100
7,100
- 150,000
150,000
- 20,000
20,000
- 15,000
15,000
- 24,000
24,000
- 4,552
4,552
- 11,005
11,005
Total Expenditure Adjustments
Net General Fund Adjusted Budget
$ - $ 289,757 $ 289,757
$ 1,334,606
FY 2005/06
Recommended
FY 2005/06
Current
Adjustment
Revised
OTHER FUNDS
Budget
Increase (Deer.)
Budget
GFAR Capital Projects Fund
Villa Avenue Retaining Wall
S
$
150,000
$
150,000
Curb, Gutter & Sidewalk
S
- S
20,000
S
20,000
Community Development Automation
S
15,000
$
15,000
Reallocate Grant Revenues to Park Projects
S
125,000 S
-
S
125,000
Internal Service Funds
MIS Fund Transfers Out (Rev & Exp)
S
- S
15,000
S
15,000
Building Maintenance Personnel Costs
S
S
6,500
S
6,500
10
Iff-.