HomeMy WebLinkAbout2007/2008 Mid Year Budget Review and the Comprehensive Annua City of Huntington Beach
Mid Year Finance Report
FY 2007 / 08
May 19, 2008
Srur� y �Ess� o �J ,
General Fund
Revenue
FY 2006/07 FY 2007/08 FY 2007/08 Over /
Actual Adopted Projected (Under)
Property Taxes $60,607,078 $65,001,000 $64,619,000 ($382,000)
Other Local Taxes* $58,978,727 $63,765,000 $61,9301000 ($1,835,000)
License & Permits $10,026,027 $9,802,813 $91077,363 ($725,450)
Fines & Forfeitures $4,165,046 $4,968,800 $4,678,700 ($290,100)
Use of Money & Property $14,032,122 $14,126,000 $14,926,079 $800,079
Revenue from Other Agencies $61091,696 $5,564,500 $5,158,192 ($406,308)
Charges for services $15,695,262 $15,721,876 $16,202,376 $480,500
Other Revenue $2,216,928 $1,212,000 $1,673,000 $461,000
Non-Operating (Transfers) $4,410,859 $5,636,428 $5,706,491 $70,063
$1761223,745 $185,046,804 $183,971,202 ($1,827,216)
* While the entire category is projecting lower, TOT revenue is projected at $500,000 higher than originally budgeted. 10
Working Capital
❑ Working ca ital is defined as current assets (cash,
receivables minus current liabilities
❑ The General Fund working capital for the first six
months of FY 2007/08 has increased compared to the
prior three fiscal years
WorkingCapital
Working . pthrough
Fiscal Year • m,onth.s
2004/05 26,534,398
2005/06 341206,396
2006/07 36,511,074
2007/08 . 38,501,845
12
Working C
yQuarter
Y $
50,000
40,000
2003/04
f b4 � 200 5
30,000
u.
2005/06
$ M k
2006/07
� 4
F
2007/0 *
® .; ,
1st Qtr° 2nd Qtr 3rd Qtr Final
Through first six months of FY 07108
13
Conclusion
❑ The City's financial condition has improved over the
past four years
❑ Based on two independent projection methods, it is
anticipated that the City's ending fund balance for the
current fiscal year will remain at or slightly above the
beginning year balance
❑ Preparation of the FY 2008/09 budget is underway
❑ City Administrator will review new budget requests
beginning in June
❑ City Council will receive the FY 2008/09 proposed
budget on August 15t
❑ The budget will be reviewed by the City Council in
August for adoption on September 2nd
14
ComprehensiveAnnual Financial Report
Government- Wide Financial Analysis
( In thousands)
Tota I
FY 2003/04 FY 2004/05 FY 2005/06 FY 2006/07 Change
Investment in $541, 107 581,965 $584,023 $606,775 $65,668
Capital Assets
Restricted 941019 73,312 991490 107,087 13,068
Unrestricted 241386 811789 871289 113,655 89,269
Total
Government- $659,512 $737,066 $770,802 $827,517 $ 168,005
Wide
Net Assets
2
General Fund Balance
Historical Perspective
Fiscal Year Total Change
Beginning Fund Over 4 Years
Balance
October 1 , 2003 $ 14,974,000
October 1 , 2004 $26, 332,000
October 1 , 2005 $38,286,000
October 1, 2006 $40,586,000
October 1 , 2007 $43,696f 000
$28,722,000
3
Comprehensive Annual Financial Report
General Fund Balance - - 09/30/07
0 Reserves and Designations:
■ Encumbrances $6,202,000
■ Long-term Receivables 11620,000
■ Insurance 21857,000
■ Capital Projects 3,483,000
■ Equipment Replacement 41602,000
■ Economic Uncertainties (7%) 12,953,000
■ Second Tier 6,807,000
■ Condo Conversion Settlement 890,000
■ Unreserved, Undesignated 41282,000
Total Fund Balance $43,696,000
4
Financial Policy
Distribution of Undesignated ,
Unreserved Fund Balance
11 25% to the Infrastructure Fund $ 1 ,0701, 500
25% to the Capital Irraproverraent Reserve 11, 0701,500
❑ 50% to Second Tier Reserve 21141 ,000
Undesignated / Unreserved Fund Balance $4r2821000
s
Financial Policy
2nd Tier Reserve Amount - Available
0 2na Tier, 09/30/2007 Audited Balance $6,807,000
50% to 2"d Tier Reserve 21141 ,000
❑ Beach Erosion Project (39,200)
❑ Bushard Street Improvement (90FOOO)
❑ Public Safety Dispatch (44, 500)
❑ Centennial Celebration Finding (200,000)
❑ Hearing officer contract (50,000)
Total 2nd Tier Reserve Available $8,fS24,300
6
Historical Expenditures
Revised vs . A
95 . 1%
200,0 93 . 5%
190,®® 92 .4%
1 ®,®®
17®,®® - 93 .2%
,r
t ?R
h' Budget
16®,®®® w
88.9% .
r;
® Actual
15®,®®®
14®,0®® :
1 ,®®®
hk-
120rOOO Am,
FY®3/®4 FY04/05 FY05/06 FY06/07 FY07/08*
* Projected FY 07108 Actuals. Budget figures have been adjusted to account for reserves.
7
Historical Revenue
Adopted Budget vs . Actuals
200,000 102 .8 /o 0 99.4%
180,000 106.E /o 0 103.4%
d
160,000 98.6%
140,000 � ff
y
h .
100,000 �>>: Budget
S0,000 ® /4CtuaIS
x s'.
60 000
40,000 .
20,000 0 zz:L
FY03/04 FY04/05 FY05/06 FY06/07 FY07/08*
* Projected FY 07/08 Actuals.
8
General Fund
Expenditure ProJjection
FY 2006/07 FY 2007/08 FY 2007/08 FY 2007/08 (Over) /
Actual Adopted Revised Projected Under
Personnel $121,602,307 $132,425,710 $131,873,597 $127,413,552 $4,460,045
Operating
& Transfers 45,856,096 46,078,947 52,361,277 49,251,849 3,109,428
Capital 5,961,282 9,625,831 131385,046 11,309,000 2,076,046
Total $173,419,685 $188,130,488 $197,619,920 $187,974,401 $9,645,519
9
City of Huntington Beach
Finance Department Report
FY 2007 / 08 Mid Year Report -
End of Report