Analysis of Performance
Sales & Use Tax: $9.7M in Sales Tax $1.5M in Use Tax. Sales Tax and Use was set lower in the summer of 2020 because of the ongoing pandemic. Sales Tax revenue has appeared to have recovered from the initial down turn and as a result, it is anticipated that sales tax revenues will exceed budget.
General Government Fees: ($1.4M) PPO Contributions. Benefits is continuing its prescribed burn of fund balances to keep insurance premiums low; expect this trend to continue through the year. ($565K) for lower work for other fees received to date.
Electric Charges for Services: Residential Revenues are 12.8%, or $3,214, over budget. Industrial Revenues are 1.8%, or $279, under budget followed by Commercial Revenues which are 0.4%, or $84, under budget.
Water Charges for Services: District Water sales are 59.3%, or $422 over budget (timing of the FCLWD annual transmission line charge and a cumulative billing correction), Residential Water Sales are 2.1%, or $145, over budget; offset by Commercial/Industrial Water Sales -2.3%, or ($81) under budget.
Wastewater Charges for Services: Commercial/Industrial Revenues are 13.4%, or $373, under budget offset slightly by Residential Revenues are 1.4%, or $108, over budget.
Stormwater Charges for Services: Single Family Revenues are 3.6%, or $140, over budget, followed by Non-Single Family Revenues at 1.8%, or $87, over budget.
Unrealized Investment Gains/Losses: Water ($462), Wastewater ($241), Light and Power ($193), Stormwater ($137), and CS&A ($16).
Development Fees/PIFs/Contributions: Light & Power $1,258 (there are several large construction projects driving the over budget amount), Water $462 ($427 related to timing of FCLWD amortized PIF entry from unearned revenue), Wastewater $440 (primarily a large multi-family project), and Stormwater $110.
*June billed revenue is for May and early June.
Why Is This Important?
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.