Actual Cumulative Revenue Compared to Budget ($ millions)

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Desired Result:  Above Target

 
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Analysis of Performance


Governmental:

Sales & Use Tax: $17M in Sales Tax; $2.9 in Use Tax. Sales Tax and Use budget was set lower in the summer of 2020 because of the ongoing pandemic. Sales Tax revenue rebounded from the 2020l downturn and will significantly exceed budget for the full year.  

Property Tax: $1.6M for property tax increment for all three URA districts but primarily due to the Mall URA.

Culture, Parks, Rec & Nat A: $946K of Community Parks Capital Expansion fees collected to date, $894K for recreation drop in and rental revenue however, larger budget is backloaded and this is anticipated to be under budget by the end of the year. ($600K) lower concert ticket sales.

General Government Fees: ($1M) for lower work for other and maintenance shop fees received to date. ($900M) PPO Contributions. Benefits is continuing the intentional reduction of fund balances to keep insurance premiums low; expect this trend to continue through the year.

Other Miscellaneous: $795K for higher construction fees and $585K for higher dispatch service fees.

Utilities:

Electric Charges for Services: Residential Revenues are 16.1%, or $6,618, over budgetand and Commercial Revenues which are 1.3%, or $424, over budget.  Industrial Revenues are 3.0%, or $747, under budget .

Water Charges for Services: Residential Water Sales are 5.5%, or $697, over budget, District Water sales are 43.6%, or $612 over budget (timing of the FCLWD annual transmission line charge and a cumulative billing correction) ; offset by Other Water Sales -35.9%, or $314 under budget (reduced water rentals due to supply/fire concerns).

Wastewater Charges for Services: Commercial/Industrial Revenues are 11.0%, or $510, under budget offset slightly by Residential Revenues are 1.7%, or $206, over budget.

Stormwater Charges for Services: Single Family Residential Revenues are 3.5%, or $207, over budget, followed by Non-Single Family Revenues at 1.2%, or $91, over budget.

Unrealized Investment Gains/Losses: Water ($463), Wastewater ($241), Light and Power ($188), Stormwater ($137), and CS&A ($17).

Other Miscellaneous: Light and Power $527 (Warehouse $263, Other Misc. $95, Bad Debt Recovery $60, and Auction & Misc Sales $53), Water $148 (Other Use Charges $57 and Lab Svcs $42), Stormwater $27, Wastewater $25, and CS&A ($305) (no late or disconnect fees assesed prior to July).

Development Fees/PIFs/Contributions: Light & Power $2,459 (there are several large construction projects driving the over budget amount), Water $631 ($427 related to timing of FCLWD amortized PIF entry from unearned revenue), Stormwater $692 (mainly PIFs, one for $422 last month, and a few larger ones earlier in the year), and Wastewater $452 (primarily a large multi-family project).

*September billed revenue is for August and early September.





Metric Definition
This metric covers differences from anticipated (budgeted) and actual revenue. Revenue includes taxes, fees, grants, fines, interest earnings, etc. Revenue is separated into Governmental and Enterprise depending on the activity it supports. Governmental revenues are typically taxes, grants and fines used to support police, streets, museum, fire and parks. Examples of Enterprise revenue are fees for energy, water, wastewater and golfing.
Why Is This Important?
Accuracy to budgeted revenue is very important to ensure the City can cover its budgeted expenses while maintaining healthy fund balances. The City strives to do a better job being accurate with our revenue forecasts.
City Organization Impact on Performance

High – The City has direct control over its revenue forecasts. Historical analysis of actual revenue compared to budgeted revenue, along with a good understanding of the economic climate should allow the City to improve the accuracy of its revenue forecasts.

Benchmark Information
This metric contains no benchmark data because the target for this metric is not influenced by the performance of other cities. External reference points would add no value to the data because the City's goal is always to be as accurate as possible with its own budgeted revenues.