HomeMy WebLinkAboutReport - Mail Packet - 4/11/2013 - Monthly Financial Report � February 20131 April 10, 2013
REPORT
MONTHLY
FINANCIAL
February 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 WARNING WARNING Page 7
General Fund Expenditure vs. Budget WARNING WARNING 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 April 10, 2013
ECONOMIC INDICATORS:
2013
Revenue
2013
Expenditures
Monthly
Variance
JAN $173 8,700,$200 8,525,$973 174,
FEB 7,763,115 9,120,960 (1,357,845)
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
Totals $288 16,463,$160 17,646,
-
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 revised GDP for the fourth quarter of
2012 increased at a rate of 0.4%. 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 February 2013 were at a seasonally adjusted rate of 917,000. This is 0.8%
above the revised January 2013 figure of 910,000 and is 27.7% above the February 2012 rate of 718,000.
National: The National unemployment rate for February 2013 decreased to 7.7% from the revised January 2013
rate of 7.9%.
State-wide: The Colorado unemployment rate for February 2013 decreased to 7.2% from the January rate of
7.3%.
Larimer County: The Fort Collins-Loveland area unemployment rate for January 2013 increased to 6.1% from the
December rate of 5.9%.
State-wide: Building permits for February 2013 numbered 1,815. This is a decrease from the January 2013 count
of 1,878.
Local: City Building and Zoning reported 424 Building Permits issued in February 2013 with a value of
$24,036,638. February 2012 had 438 building permits with a value of $8,551,686.
BUILDING ACTIVITY
February 2013 generated a negative cash flow month with revenues lower than expenditures by $1,357,845. During the month
revenues were 14.9% lower than expenditures. Historically revenues are greater than expenditures during the first half of the
year and staff will monitor the upcoming months to see if 2013 will follow the historical trend.
GENERAL FUND REVENUE VS EXPENDITURES 2012
POSITIVE
OVERALL FUND PERFORMANCE:
UNEMPLOYMENT RATES
3 April 10, 2013
2013* 2012
YTD
Variance
JAN $ 886,760 $ 755,296
FEB 795,525 505,069 33.48%
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 $ 1,682,285 $ 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 4,327,214 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 $321 10,263,$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 February and collected by merchants in January
experienced an increase of 4.9% compared to sales tax remitted in February 2012. Monthly collections by merchants were higher than the seasonal
projection by 7.3%. 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 April 10, 2013
2013 2012
Monthly
Variance
JAN $ - $ - $ -
FEB 672,502 543,154 129,348
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 $ 672,502 $ 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 tax collections for February 2013 were greater than 2012 by 23.8%.
PROPERTY TAXES 2012-2013 COMPARISON
REVENUE ANALYSIS (continued):
GENERAL FUND
POSITIVE
2013 2012
YTD
Variance
JAN $ 796,261 $ 971,873
FEB 885,379 821,372 -6.2%
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 $ 1,681,640 $ 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 higher than February 2012 by 7.8%.
5 April 10, 2013
2013 2012
YTD
Variance
JAN $ 1,081,046 $ 1,040,553
FEB 1,082,495 1,080,386 2.0%
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 $ 2,163,541 $ 15,472,842
-
2
4
6
8
10
12
14
2013 YTD 2012 YTD
Admin Charges- Water
$71,949 (7%)
Admin Charges-Light &
Power $96,871 (9%)
PILOT- Waste Water
$91,118 (8%)
PILOT- Water Fund
$84,380 (8%)
PILOT- Light & Power
$522,241 (48%)
Remaining Fees &
Charges
$215,935 (20%)
REVENUE ANALYSIS (continued):
FEES AND CHARGES 2012-2013 COMPARISON
FEBRUARY 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. February 2013 Fees and Charges were slightly higher than February 2012.
GENERAL FUND
POSITIVE
6 April 10, 2013
2013 2012
Monthly
Variance
JAN $ 8,700,173 $ 8,484,601 $ 215,572
FEB 7,763,115 7,076,619 686,496
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 $ 16,463,288 $ 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 February 2013 were higher than February 2012 by $686,496. The difference is due to the increased collections
in the Sales Tax, Use Tax, and Property Tax 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
February 2013 General Fund revenue collections were higher than February 2012 by 9.7%. Compared to the budget revenues
were up 4.8%. The difference is due to the increased collections in the Sales Tax, Use Tax, and Property Tax categories.
GENERAL FUND REVENUE MONTHLY COLLECTION COMPARISON
POSITIVE
7 April 10, 2013
0
2
4
6
8
10
12
2013 2012 Budget
2013 2012 Variance
JAN $ 8,525,200 $ 7,700,004 $ 825,196
FEB 9,120,960 8,009,974 1,110,986
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 $ 17,646,160 $ 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 February 2013 were higher than February 2012 by $1,110,986. A majority of the difference is due to the
transfer from the General Fund for 2013 Capital Projects.
2012-2013 MONTHLY EXPENDITURES WITH BUDGET LINE
Expenditures for February 2013 were higher than February 2012 by 13.9%, but were lower than the budget by 2.8%. A
majority of the difference is due to the transfer from the General Fund for 2013 Capital Projects.
GENERAL FUND
WARNING
WARNING
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 February 2013 were up 46.5% compared to February 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 February collections equaled $130,612. These funds are eligible for reimbursement to the tax payer.)
GENERAL FUND USE TAX 2012-2013 COMPARISON
POSITIVE