HomeMy WebLinkAboutReport - Mail Packet - 2/14/2013 (2)Ly
INANCIAL
December 2012
PERFORMANCE AT A GLANCE
CURRENT MONTH
YEAR TO DATE
REFERENCE
General Fund Exp vs. Rev ' •
• •
Page 2
Overall Sales Tax Revenue (prior month activity) ' •
' •
Page 3
Overall Use Tax Revenue • •
' •
Page 3
Property Tax Revenue ' •
' •
' •
Page 4
Other Revenues • •
Page 4
Fees and Charges ' •
' •
Page 5
YTD Revenues with Budget Line ' •
' •
Page 6
General Fund Monthly Collection Comparison ' •
• •
Page 6
YTD Expenditures with Budget Lines ' •
' •
Page 7
General Fund Expenditure vs. Budget • •
' •
Page 7
The monthly Financial information for the Utility Funds is provided in a separate report
prepared by the City of Fort Collins Utilities.
PERFORMANCE INDICATORS
Positive variance or negative variance < 1 % compared to seasonal trends.
Negative variance of 14% compared to seasonal trends.
® - Negative variance of > 4% compared to seasonal trends.
"Numbers in this report are subject to change as items are posted into the period they occurred.
February 13, 2013
ECONOMIC INDICATORS:
National GDP: GDP is defined as the output of goods and services produced by labor and property locate
the United States. The Bureau of Economic Analysis reported that the GDP for the fourth quarter of 2012
decreased at a rate of 0.1%. In the third quarter of 2012 GDP increased at a revised rate of 3.1%.
Interest Rates: The Federal Open Market Committee met on January 30th, 2013 and the outcome of the
meeting was maintaining the Federal Funds interest rate to float between 0% and 0.25%.
Housing Starts: Housing Starts in December 2012 were at a seasonally adjusted rate of 954,000. This is
12.1 % above the revised November 2012 figure of 851,000, and is 36.9% above the December 2011 rate of
697,000.
National: The National unemployment rate for December 2012 increased to 7.9% from the November 2012 rate
of 7.8%.
State-wide: The Colorado unemployment rate for December 2012 decreased to 7.6% from the November rate of
7.7%.
The Fort Collins -Loveland area unemployment rate for December 2012 remained at 5.9%.
State-wide: Building permits for December 2012 numbered 1,798. This is a decrease from the November 2012
count of 2,059.
Local: City Building and Zoning reported 428 Building Permits issued in December 2012 with a value of
$16,568,708. December2011 had 629 building permits with a value of $13,871,595.
OVERALL FUND PERFORMANCE:
2012
2012
Monthly
Revenue
Expenditures
Variance
18
JAN
S 8,484,601
$ 7,700,004
S 784,597
FEE
7,076,619
8,009,974
(933,355)
16
MAR
12,098,714
7,784,208
4,314,506 N
14
APR
8,913,682
8,309,513
C
604,169 =
12
MAY
11,878,611
10,405,193
1,473,418 z
10
JUN
10,224,322
10,218,868
5,454
JUL
11,939,121
8,107,921
3,831,200
6
AUG
8,810,630
8,753,156
57,474
6
SEP
9,073,022
8,347,630
725,392
4
DCT
16,079,164
9,925,588
6,153,576
2
NOV
8,831,666
9,340,042
(508,376)
DEC
8,962,174
9,664,324
(702,150)
Totals S 122,372,326 $ 106,566,421 $ 15,805,905
92012 Revenue 02012 Expenditures ■2011 Expenditures
le-1 S,� J PJP 1`Q & _01 0��
December 2012 generated a second negative cash flow month with revenues lower than expenditures by $702.150. Even
though December produced a negative cash flow, 2012 General Fund performance was positive with revenues exceeding
2 February 13, 2013
REVENUE ANALYSIS:
Seasonal
2012
2011
Projection'
JAN
S 5,716,879 $
5,421,512 $
5,682,849
FEB
4,126,638
3,518,181
3,977,654
MAR
4,011,513
4,093,808
4,142780
APR
4,571,604
4,275,177
4,499:577
0
MAY
4,282,654
3,983,462
4,155,130
JUN
4,484,098
4,204,117
4,460,134
M
JUL
4,850,893
4,604,545
4,702,636
AUG
4,432,602
4,246,151
4,440,048
`.".
SEP
4,881,061
4,723,839
4,750,167
OCT
4,777,498
4,542,258
4,754,948
NOV
4,520,791
4,314,496
4,440,330
DEC
4,569,325
4,535,163
4,502,546
TOTALS S 55,225,556 S 52,462,709 S 54,508,800
Sales Tax collections are for Sales In prior month.
Seasonally adjusted projection based on last three years' activity
�2012 2011 -Seasonal Projection'
6
C!
14
0
r
m
Sales Tax represents just over 50 % of the General Fund Budget and serves as the primary funding source for the general
government. The General Fund allocation of sales tax remitted to the City in December and collected by merchants in
\lovember experienced a slight increase compared to sales tax remitted in December 2011. Monthly collections by merchants were higher than the
seasonal projection by 1.0 %.
YTD
2012 2011 Variance
JAN
$ 755,296 $
576,303
FEB
505,069
429,203
MAR
924,745
529,390
APR
974,447
713,714
MAY
1,052,169
558,498
JUN
1,076,791
465,702
JUL
956,803
865,050
AUG
1,092,886
664,662
SEP
969,331
679,300
OCT
1,255,345
853,764
NOV
1,681,663
629,502
DEC
1,550,271
893,441
TOTALS $ 12,794,816 $ 7,858,529 62.81%
' Use Tax Collections are for Sales in prior month.
12
10
c 8
0
6
c
rA
4
a
-2012 CURRENT BUDGET
Use Tax represents approximately 10% of the General Fund Budget. Use tax is volatile because it is heavily dependent on
building activity and vehicle sales. Overall Use Tax collections in December 2012 were up 73.5 % compared to December
2011. The increase was due to increased collections in Return Tax, Building Permits, and Car Tax (up 152.2 %, 57.9 % and 10.5 % respectively).
3 February 13, 2013
REVENUE ANALYSIS (continued):
Monthly
2012
2011
Variance
18
16
JAN
$ - $
-
$ _
FEB
543,154
317,234
225,920
0 14
MAR
4,932,726
4,799,861
132,865
12
APR
1,175,644
1,113,712
61,932
10
MAY
3,787,492
4,261,049
(473,557)
JUN
2,141,459
2,366,904
(225,445)
8
JUL
3,834,248
3,576,101
258,147
6
AUG
170,823
148,835
21,988
SEP
161,731
216,877
(55,146)
4
OCT
55,431
64,541
(9,110)
2
NOV
37,760
75,236
(37,476)
_
DEC
124,C73
13,136
110,937
TOTALS $ 16,964,541 $ 16,953,486 $ 11,055
02012 YTD 02011 YTD
Property taxes represent 17% of the overall General Fund Budget. They are remitted in two installments due on February 29
and June 15 or they are paid in full by April 30. Whether paid by installment or in full by the April deadline, over 95% of the levy
has typically been remitted to the City by the end of July each year. Property tax collections for December 2012 were higher than 2011, but the gain
was not significant compared to total year collections. Overall property tax collections for 2012 were flat compared to 2011.
YTD
2012
2011 Variance
20
JAN
$ 971,873 $
749,711
FEB
821,372
703,213
MAR
1,160,684
1,246,671
15
APR
1,113,608
c
746,933
MAY
1,381,831
_s
996,840
JUN
1,391,221
1,359,168
10
JUL
909,492
1,348,848
AUG
1,355,406
1,603,437
SEP
1,762,430
1,773,101
5
OCT
8,846,325
1,691,553
NOV
1,082,063
1,193,984
02012 YTD E2011 YTD
DEC 1,541,783 2,377,356 { G Q 4 G
°/,
TOTALS $ 22,338,088 $ 15,790,815 41.5
• Other revenue consists of licenses (e.g., contractor license, liquor license), permits (e.g., building permits, street cut permits),
fines (e.g., court fines, camera radar fines), earnings on investments and miscellaneous. The volume of activity (i.e., building
permits and fines) will fluctuate month to month. Other revenue collections were lower than December 2011 by 35.1 %. Due to the one time $7
million transfer from the Sales and Use Tax Fund in October 2012 Other Revenue for 2012 ended substantially higher than total collections in 2011.
4 February 13, 2013
REVENUE ANALYSIS (continued):
2012 2011
JAN
$ 1,040,553 $
551,908
FEB
1,080,386
1,380,799
MAR
1,069,046
1,068,732
APR
1,078,081
1,395,093
MAY
1,374,465
950,056
JUN
1,130,753
1,092,756
JUL
1,387,685
1,495,221
AUG
1,758,913
1,146,146
SEP
1,298,469
1,166,687
OCT
1,141,929
1,434,993
NOV
1,509,390
994,511
DEC
1,176,723
1,390,213
TOTALS $ 15,046,393 $ 14,067,115
YTD
Variance 14
12
c 10
0
8
c
" 6
4
2
92012 YTD 02011 YTI7
Rl-
Fees and charges for services include the following: payments in lieu of taxes ("Pilot") paid by the Utilities to the General Fund,
administrative charges, plan checking fees, PUD Subdivision & zoning fees, real estate service fees, custodial service fees,
project management service fees, and cable franchise fees. December 2012 Fees and Charges were lower than November 2011 by 15.4 %. The
difference is due to the timing of the Cable Franchise Fee which will be received in February 2013 and transferred back to December 2012.
Admin Charge
Light & Powe
$87,905 (7%)
PILOT- Waste
Water
$99,568 (8%)
PILv t - waxer runs
$101,162 (9%)
Admin Charges-
..,_._ -
naining Fees &
Charges
346,599 (29%)
PILOT- Light &
Power
$468,397 (41 %)
5 February 13, 2013
GENERAL FUND
REVENUE ANALYSIS (continued):
Monthly
2012
2011
Variance
JAN
$ 8,484,601 $
7,299,434
$ 1,185,167
FEB
7,076,619
6,348,630
727,989
120
MAR
12,098,714
11,738,462
360,252
110
APR
8,913,682
8,244,628
669,054
100
MAY
11,878,611
10,749,906
1,128,705
90
JUN
10,224,322
9,488,647
735,675
0 80
JUL
11,939,121
11,889,765
49,356
70
AUG
8,810,630
7,809,231
1,001,399
` 60
50
SEP
9,073,022
8,559,804
513,218
40
OCT
16,079,164
8,587,109
7,492,055
30
NOV
8,831,666
7,207,729
1,623,937
20
DEC
8,962,174
9,209,309
(247,135)
10
TOTALS
$ 122,372,326 $
107,132,654
$ 15,239,672
0
16
14
6
4
2
0
14.M
�2a12
�2011
—d-2012 Original Budget of $105.320,545
—4--2012 Current Budget of $117,084,122
Revenues for December 2012 were lower than December 2011 by $247,135. Overall General Fund revenue collections in
2012 were higher than 2011 by $15,239,672.
11111111111111111111111111112012 111111111111111111111111111112011 ♦Budget
December 2012 General Fund revenue collections were lower than December 2011 by 2.7/ . Compared to the three year
average projection revenues were up 8.3%. Overall General Fund revenue collections in 2012 were higher than 2011 by
6 February 13, 2013
EXPENDITURE ANALYSIS:
2012 2011 Variance
JAN
$ 7,700,004 $
6,159,093 $
1,540,911
FEB
8,009,974
11,308,468
(3,298,494)
120
MAR
7,784,208
7,656,324
127884
0 100
APR
8,309,531
8,000,303
309:228
MAY
10,405,193
7,840,726
2,564,467
80
JUN
10,218,868
10,151,004
67,864
c
�;,
.,
JUL
8,107,921
9,638,522
(1,530,601)
60
AUG
8,753,156
9,901,753
(1,148,597)
SEP
8,347,630
8,391,963
(44,333)
40
OCT
9,925,588
8,001,005
1,924,583
NOV
9,340,042
8,635,076
704,966
20
DEC
9,664,324
12,398,209
(2,733,885)
TOTALS
$ 106,566,439 $
108,082,446 $
(1,516,007)
0
12
0 10
c
8
w
6
4
2
0
111111111111112012
p2011
—6---2012 Original Budget of $104,202,756
-46-2012 Current Budget of $112,966,391
)Q� 44'0 `SQQ- _ QQ-C^P-1 J� �J�• p`�02 9�'Q OU'� �OJ p�G
Expenditures in December 2012 were lower than December 2011 by $2,733,885. A majority of the difference is due to three
pay periods in December 2011.
1111111111111112012 1111111111111112011 Budget
PJG S�Q p?� p�G
Expenditures for December 2012 were lower than December 2011 by 22.1%, and were lower than the historical monthly
trend by 13.5 % . A majority of the difference is due to three pay periods in December 2011.
7 February 13, 2013