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Actual Cumulative Revenue Compared to Budget ($ millions)

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Desired Result:  Above Target

 
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Analysis of Performance

Governmental
Sales and Use Tax is $2.4 million or 4.8% over budget, driven by significantly higher use tax receipts (building permits and audit revenues). Property tax receipts are up $1.5 million over budget, with both February and March exceeding budget amounts. 67.5% of property tax is a pass-thru to PFA under the IGA.  Overage on PILOT revenues (primarily from L&P) is a timing issue related to an accounting adjustment that will be cleared in April. Capital expansion fees are up $3.4 million, significantly ahead of budgeted run rates. Monitoring for activity fall-off. Intergovernmental revenues $1.5 million unfavorable variance, primarily $1.3 million timing variance on semi-annual contribution from CSU for transit services (budgeted in March).

Utilities
$4.4 million over budget (primarily $2.8 million from L&P, $0.7 million from Wastewater and $0.5 million in Stormwater).  Development fees/PIFs/Contributions accounted for $2.1 million of the positive variance. Interest income contributed $0.7 million over budget.



Monitoring major revenue streams for downturns related to global economic volatility.  Specific focus on GF reserve balance impacts.

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.