HomeMy WebLinkAboutReport - Mail Packet - 3/21/2013 - Monthly Financial Report � January 20131 March 21, 2013
REPORT
MONTHLY
FINANCIAL
January 2013
POSITIVE
WARNING
NEGATIVE
= Positive variance or negative variance < 1% compared to seasonal trends.
= Negative variance of 1-4% compared to seasonal trends.
= Negative variance of > 4% compared to seasonal trends.
CURRENT MONTH YEAR TO DATE REFERENCE
GENERAL FUND
General Fund Exp vs. Rev POSITIVE POSITIVE Page 2
Overall Sales Tax Revenue (prior month activity) POSITIVE POSITIVE Page 3
Overall Use Tax Revenue POSITIVE POSITIVE Page 3
Property Tax Revenue POSITIVE POSITIVE Page 4
Other Revenues POSITIVE POSITIVE Page 4
Fees and Charges POSITIVE POSITIVE Page 5
YTD Revenues with Budget Line POSITIVE POSITIVE Page 6
General Fund Monthly Collection Comparison POSITIVE POSITIVE Page 6
YTD Expenditures with Budget Lines POSITIVE POSITIVE Page 7
General Fund Expenditure vs. Budget POSITIVE POSITIVE Page 7
PERFORMANCE AT A GLANCE
PERFORMANCE INDICATORS
The monthly Financial information for the Utility Funds is provided in a separate report
prepared by the City of Fort Collins Utilities.
*Numbers in this report are subject to change as items are posted into the period they occurred.
2 March 21, 2013
ECONOMIC INDICATORS:
2013
Revenue
2013
Expenditures
Monthly
Variance
JAN $173 8,700,$200 8,525,$973 174,
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
Totals $173 8,700,$200 8,525,
-
2
4
6
8
10
12
2013 Revenue 2013 Expenditures 2012 Expenditures
NATIONAL ECONOMY
National GDP: GDP is defined as the output of goods and services produced by labor and property located in
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 January 2013 were at a seasonally adjusted rate of 890,000. This is 8.5%
below the revised December 2012 figure of 973,000, but is 23.6% above the January 2012 rate of 720,000.
National: The National unemployment rate for January 2013 increased to 7.9% from the revised December 2012
rate of 7.8%.
State-wide: The Colorado unemployment rate for December 2012 decreased to 7.5% from the November rate of
7.6%.
Larimer County: The Fort Collins-Loveland area unemployment rate for December 2012 remained at 5.9%.
State-wide: Building permits for January 2013 numbered 1,878. This is an increase from the December 2012
count of 1,798.
Local: City Building and Zoning reported 435 Building Permits issued in January 2013 with a value of
$23,422,789. January 2012 had 482 building permits with a value of $6,903,362.
BUILDING ACTIVITY
January 2013 generated a positive cash flow month with revenues higher than expenditures by $174,973. During the month
revenues were 2.0% higher than expenditures. In 2012 revenues were much higher than expenditures and staff will continue to
monitor the current economic situation to see if 2013 will follow the trend of 2012.
GENERAL FUND REVENUE VS EXPENDITURES 2012
POSITIVE
OVERALL FUND PERFORMANCE:
UNEMPLOYMENT RATES
3 March 21, 2013
2013* 2012
YTD
Variance
JAN $ 886,760 $ 755,296 17.41%
FEB 505,069
MAR 924,745
APR 974,447
MAY 1,052,169
JUN 1,076,791
JUL 956,803
AUG 1,092,886
SEP 969,331
OCT 1,255,345
NOV 1,681,663
DEC 1,556,565
TOTALS $ 886,760 $ 12,801,110
* Use Tax Collections are for Sales in prior month.
-
2
4
6
8
10
12
2013
2012
2013 CURRENT BUDGET
2013 CURRENT BUDGET WITH ECONOMIC INCENTIVES
2013 2012
Seasonal
Projection *
JAN $107 5,936,$879 5,716,$008 5,766,
FEB 4,126,638 4,032,206
MAR 4,011,513 4,251,918
APR 4,571,604 4,658,755
MAY 4,282,654 4,317,795
JUN 4,484,098 4,547,996
JUL 4,850,893 4,897,958
AUG 4,432,602 4,533,304
SEP 4,881,061 4,942,488
OCT 4,777,498 4,839,107
NOV 4,520,791 4,624,878
DEC 4,616,319 4,673,786
TOTALS $107 5,936,$550 55,272,$200 56,086,
Sales Tax collections are for Sales in prior month.
* Seasonally adjusted projection based on last three years' activity
0
2
4
6
2013 2012 Seasonal Projection *
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 January and collected by merchants in
December experienced an increase of 3.8% compared to sales tax remitted in January 2012. Monthly collections by merchants were higher than
the seasonal projection by 3.0%. The year over year increase was primarily due to the increase in Grocery, Convenience, Liquor; General
Merchandise; and Vehicle Sales, Parts and Repairs categories (up 15.4%, 14.1% and 8.3% respectively).
GENERAL FUND
REVENUE ANALYSIS:
GENERAL FUND SALES TAX 2012-2013 COMPARISON
4 March 21, 2013
2013 2012
Monthly
Variance
JAN $ - $ - $ -
FEB 543,154
MAR 4,932,726
APR 1,175,644
MAY 3,787,492
JUN 2,141,459
JUL 3,834,248
AUG 170,823
SEP 161,731
OCT 55,431
NOV 37,760
DEC 124,073
TOTALS $ - $ 16,964,541
-
2
4
6
8
10
12
14
16
18
2013 YTD 2012 YTD
Property taxes represent 17% of the overall General Fund Budget. They are remitted in two installments due on February 28
and June 17 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 taxes are not posted in January.
PROPERTY TAXES 2012-2013 COMPARISON
REVENUE ANALYSIS (continued):
GENERAL FUND
POSITIVE
2013 2012
YTD
Variance
JAN $ 796,261 $ 971,873 -18.1%
FEB 821,372
MAR 1,160,684
APR 1,113,608
MAY 1,381,831
JUN 1,391,221
JUL 909,492
AUG 1,355,406
SEP 1,762,430
OCT 8,846,325
NOV 1,082,063
DEC 652,315
TOTALS $ 796,261 $ 21,448,620
-
5
10
15
20
2013 YTD 2012 YTD
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 January 2012 by 18.1%. The difference is due to the
5 March 21, 2013
2013 2012
YTD
Variance
JAN $ 1,081,046 $ 1,040,553 3.9%
FEB 1,080,386
MAR 1,069,046
APR 1,078,081
MAY 1,374,465
JUN 1,130,753
JUL 1,387,685
AUG 1,758,913
SEP 1,298,469
OCT 1,141,929
NOV 1,509,390
DEC 1,603,172
TOTALS $ 1,081,046 $ 15,472,842
-
2
4
6
8
10
12
14
2013 YTD 2012 YTD
PILOT- Waste Water
$91,204 (8%)
PILOT- Water Fund
$84,648 (8%)
PILOT- Light & Power
$539,976 (50%)
Remaining Fees &
Charges
$196,398 (18%)
Admin Charges- Water
Admin Charges-Light & $71,949 (7%)
Power
$96,871 (9%)
REVENUE ANALYSIS (continued):
FEES AND CHARGES 2012-2013 COMPARISON
JANUARY 2013 FEES & CHARGES
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. January 2013 Fees and Charges were higher than January 2012 by 3.9%.
GENERAL FUND
POSITIVE
6 March 21, 2013
2013 2012
Monthly
Variance
JAN $ 8,700,173 $ 8,484,601 $ 215,572
FEB 7,076,619
MAR 12,098,714
APR 8,913,682
MAY 11,878,611
JUN 10,224,322
JUL 11,939,121
AUG 8,810,630
SEP 9,073,022
OCT 16,079,164
NOV 8,831,666
DEC 8,552,444
TOTALS $ 8,700,173 $ 121,962,596 0
10
20
30
40
50
60
70
80
90
100
110
120
2013
2012
2013 Original Budget of $112,205,909
2013 Current Budget of $112,205,909
Revenues for January 2013 were higher than January 2012 by $215,572. The difference is due to the increased collections in
the Sales Tax, Use Tax, and Fees and Charges categories.
REVENUE ANALYSIS (continued):
YTD REVENUES WITH ORIGINAL
(CURRENT) BUDGET 2012-2013 COMPARISON
REVENUE ANALYSIS (continued):
GENERAL FUND
POSITIVE
0
2
4
6
8
10
12
14
16
2013 2012 Budget
January 2013 General Fund revenue collections were higher than January 2012 by 2.5%. Compared to the budget revenues
were up 9.6%. The difference is due to the increased collections in the Sales Tax, Use Tax, and Fees and Charges categories.
GENERAL FUND REVENUE MONTHLY COLLECTION COMPARISON
POSITIVE
7 March 21, 2013
0
2
4
6
8
10
12
2013 2012 Budget
2013 2012 Variance
JAN $ 8,525,200 $ 7,700,004 $ 825,196
FEB 8,009,974
MAR 7,784,208
APR 8,309,531
MAY 10,405,193
JUN 10,218,868
JUL 8,107,921
AUG 8,753,156
SEP 8,347,630
OCT 9,925,588
NOV 9,340,042
DEC 9,986,666
TOTALS $ 8,525,200 $ 106,888,781
0
20
40
60
80
100
120
2013
2012
2013 Original Budget of $112,857,870
2013 Current Budget of $117,229,012
EXPENDITURE ANALYSIS:
2012-2013 YTD EXPENDITURES WITH BUDGET COMPARISON
Expenditures in January 2013 were higher than January 2012 by $825,196. A majority of the difference is due to the payment
for the upgraded Police radios.
2012-2013 MONTHLY EXPENDITURES WITH BUDGET LINE
Expenditures for January 2013 were higher than January 2012 by 10.7%, but were lower than the budget by 30.2%. A
majority of the difference is due to the payment for the upgraded Police radios.
GENERAL FUND
POSITIVE
POSITIVE
timing of the work for others custodial services payment.
OTHER REVENUE 2012-2013 COMPARISON
POSITIVE
POSITIVE
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 January 2013 were up 17.4% compared to January 2012.
The increase was due to increased collections in Return Tax, Building Permits, and Car Tax (up 79.6%, 42.1% and 35.3% respectively).
(*In 2013 economic incentives Use Tax is being tracked and in January collections equaled $114,302. These funds are eligible for reimbursement to the tax payer.)
GENERAL FUND USE TAX 2012-2013 COMPARISON
POSITIVE