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: $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.

Utilities:

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.




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.