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SR-202-002 (7)A (2) B A Print_Area_MI Print_Area_MI Print_Titles_MI Print_Titles_MI FY 1999-00 MID-YEAR REVENUE ANALYSIS FY 1999-00 Revised Budget + FY 1999-00 Fund/Major Proposed Estimated Revenue Account Changes Actual Variance Comment _ _ _ _ _ General Fund ____________ Utility User's Tax $24,275,000.00 $24,065,000.00 ($210,000.00) Decrease primarily due to less than anticipated revenues from telephone services Sales Tax 22432000.00 23300000.00 868000.00 Increase due to greater than anticipated economic activity in the City. Anticipated losses from e-commerce have been more than offset by the continuing expansion in the local, State, and national economies. Property Taxes 15678030.00 15336513.00 -341517.00 Decrease primarily due to less than anticipated unsecured, supplemental, and delinquent tax collections. Transient Occupancy Tax 17590000.00 17500000.00 -90000.00 Decrease primarily due to a delay in the opening of a new luxury hotel in the City. Business License Tax 14721000.00 15300000.00 579000.00 The 3.9% increase is due primarily to greater than anticipated revenues from all business categories. Municipal Ordinance Violations 7800000.00 7460000.00 -340000.00 Decrease reflects lower than anticipated issuance of parking citations. On Street Meters 3680000.00 3800000.00 120000.00 Reflects increase in economic activity in the downtown area. Structure Attendant Parking 3670000.00 3920000.00 250000.00 Reflects increase in economic activity in the downtown area, partially offset by the closure of a portion of one of the structures for renovation work. Motor Vehicle In-Lieu 4211513.00 4650000.00 438487.00 Reflects greater Statewide registrations of new vehicles. Parking Facilities Tax 4867000.00 4650000.00 -217000.00 Rate of growth of tax revenues is less than anticipated Interest 5627412.00 6986912.00 1459500.00 100000.00 5334846.00 5962960.00 628114.00 -292566.00 Decrease due to a lower than anticipated investable fund balance. Real Property Transfer Tax 3240000.00 3600000.00 360000.00 Increase primarily due to more transfers of very large commercial properties in the City. All Others 55188302.00 179735307.00 3100000.00 44950.00 100000.00 57476797.00 2288495.00 Increase primarily due to a net increase of $2,304,284 in one-time revenues primarily resulting from the sale of Santa Monica Place partially offset by a delay in the sale of air rights at the 4th Street 202 project. Partially offsetting at the 4th Stree - - - Total General Fund $182,980,257.00 $186,393,156.00 $3,412,899.00 Beach* 4530834.00 4101870.00 -428964.00 Decrease primarily due to less than anticipated revenues from beach parking reflecting weather and other conditions, partially offset by increased interest earnings. Housing Authority* 7872358.00 6914763.00 -957595.00 Decrease reflects a lower than anticipated number number of housing units participating in the program. TORCA* 4414426.00 4191473.00 222953.00 4414426.00 0.00 On Budget Redevelopment Funds* (a) 81518925.00 81787925.00 936800.00 12953000.00 2985200.00 544000.00 17688000.00 81614999.00 96074.00 Variance due to greater than anticipated (Ocean Park, Downtown, EQ interest earnings. Community Development* 8021061.00 6510410.00 -1510651.00 Decrease primarily due to the shifting of Block Grant the use of earthquake recovery grant funds to future years. Miscellaneous Grants* 13828587.00 13521049.00 245000.00 62538.00 12801774.00 13063846.00 262072.00 -1026813.00 Decrease primarily reflects timing changes in the receipt of various grants. Citizens Option for Public Safety* 219358.00 219358.00 0.00 On Budget. Water** 17548101.00 16660025.00 -888076.00 Primarily reflects a decrease in reimbursements from oil companies for MTBE-related costs, partially offset by greater interest earnings. Solid Waste Management** 14228945.00 14228945.00 0.00 On Budget Pier** 2837919.00 2246489.00 -591430.00 Decrease primarily due to less than anticipated Carousel fee revenues and Pier rental revenues partially offset by higher interest earnings. Wastewater** 24295097.00 32490276.00 8195179.00 Increase primarily reflects timing changes in various sewer-related projects resulting in a greater than anticipated reimbursement this fiscal year from the City of Los Angeles for its share of costs and greater than anticipated use this year of wastewater capital facility fees. Auditorium** 2331590.00 2494164.00 162574.00 Increase primarily due to greater than anticipated auditorium rentals and interest earnings partially offset by lower parking revenues. Airport/Special Aviation** 3081214.00 3072671.00 8543.00 3197779.00 3189236.00 8543.00 116565.00 Increase due to greater than anticipated interest earnings. Stormwater Management** 2632498.00 2632498.00 0.00 On Budget. Cemetery** 386998.00 416490.00 29492.00 Increase due to greater than anticipated interest earnings. Transportation** 26971314.00 27336481.00 365167.00 Increase primarily due to unanticipated Prop A and Prop C funding from the Los Angeles County Metropolitan Transit Authority partially offset by a reallocation of State Transportation Act funds from the operating budget to capital project uses. Gas Tax* 1740609.00 1776620.00 36011.00 Increase due to greater than anticipated interest earnings. Cable** 386565.00 386565.00 0.00 On Budget Parks and Recreation* 50366.00 80366.00 30000.00 Increase due to greater than anticipated Unit Dwelling Tax revenues. Vehicle Management Fund** 9708995.00 9708995.00 0.00 On Budget. Computer Equipment 1487711.00 1487711.00 0.00 On Budget Replacement Fund ** Self Insurance Funds** a) Comprehensive 2681997.00 2681997.00 0.00 On Budget. b) Bus 1226626.00 1226626.00 0.00 On Budget c) Automobile 551867.00 551867.00 0.00 On Budget. d) Worker's Compensation 3415454.00 3415454.00 0.00 On Budget. Parking Authority** 990302.00 1047000.00 56698.00 Increase due to greater than anticipated interest earnings. _ _ _ Total All Funds $419,939,974.00 $427,037,104.00 $7,097,130.00 Less Reimbursements & Transfers -26149493.00 -25965293.00 184200.00 Reflects lower reimbursement from the General Fund to the Transportation Fund for rentals at the 612 Colorado property. The Transportation Department will be using much of the space during renovation of its main building. _ _ _ Total Net (Revised $393,790,481.00 $401,071,811.00 $7,281,330.00 12/31/99) Less Proposed Changes (Net) 3506441.00 3100000.00 44950.00 100000.00 222953.00 936800.00 12953000.00 2985200.00 17688000.00 544000.00 245000.00 62538.00 Less Council Revisions (Net) 86205629.00 _ Total Net (Adopted) $304,078,411.00 * * * * * * * * * Disaster Relief* $28,020,773.00 $28,020,773.00 $0.00 On budget. * * * * * * * * * * Special Revenue Funds ** Enterprise and Internal Service Funds Other Development Related -55245.00 3740018.00 3795263.00 Housewreck 2000.00 Sr Trips -14600.00 Street Resurfacing -97407.00 Community Classes 68900.00 Police Billable 58488.00 Fingerprinting -22910.00 Sidewalk Repair -100421.00 Hazardous/Toxic -14000.00 Incidental Street Resur -29900.00 Vehicle Code -29498.00 Rent Other/Conc 10000.00 KEC Rentals -13652.00 Farmers Market 44950.00 * smplace parking 58224.00 468400.00 410176.00 (on-going) SM Place 4062389.00 Pound Fees -14532.00 SM Place Parking 410176.00 one-time -194553.00 Target 126719.00 Reim from RDA 3100000.00 Budget Increased Oceana -45000.00 Sale of Air Rights -2250000.00 ---------------- 2304284.00 -194553.00 *Budget Increase 2109731.00 2109731.00 FY 1999-00 MID-YEAR REVENUE ANALYSIS FY 1999-00 Revised Budget + FY 1999-00 Fund/Major Proposed Estimated Revenue Account Changes Actual Variance Comment _ _ _ _ _ General Fund ____________ Utility User's Tax $24,275,000.00 $24,065,000.00 ($210,000.00) Decrease primarily due to less than anticipated revenues from telephone service. Sales Tax 22432000.00 23300000.00 868000.00 Increase due to greater than anticipated economic activity in the City. Anticipated losses from e-commerce have been more than offset by the continuing expansion in the local, State, and national economies. Property Taxes 15678030.00 15336513.00 -341517.00 Decrease primarily due to less than anticipated unsecured, supplemental, and delinquent tax collections. Transient Occupancy Tax 17590000.00 17500000.00 -90000.00 Decrease primarily due to a delay in the opening of a new luxury hotel in the City. Business License Tax 14721000.00 15300000.00 579000.00 The 3.9% increase is due primarily to greater than anticipated revenues from all business categories. Municipal Ordinance 7800000.00 7460000.00 -340000.00 Decrease reflects lower than anticipated Violations issuance of parking citations. On Street Meters 3680000.00 3800000.00 120000.00 Reflects increase in economic activity in the downtown area. Structure Attendant Parking 3670000.00 3920000.00 250000.00 Reflects increase in economic activity in the downtown area, partially offset by the closure of a portion of one of the structures for renovation work. Motor Vehicle In-Lieu 4211513.00 4650000.00 438487.00 Reflects greater Statewide registrations of new vehicles. Parking Facilities Tax 4867000.00 4650000.00 -217000.00 Rate of growth of tax revenues is less than anticipated. Interest 5627412.00 6986912.00 1459500.00 100000.00 5334846.00 5962960.00 628114.00 -292566.00 Decrease due to a lower than anticipated investable fund balance. Real Property Transfer 3240000.00 3600000.00 360000.00 Increase primarily due to more transfers Tax of very large commercial properties in the City. All Others 55188302.00 55188302.00 179735307.00 3100000.00 44950.00 100000.00 57298033.00 186214392.00 2109731.00 Increase primarily due to a net increase of $2,304,284 in one-time revenues primarily resulting from the sale of Santa Monica Place partially offset by a delay in the sale of air rights at the 4th Street 202 project. Partially offsetting is a net decrease from budget of $194,553 in revenue from miscellaneous on-going sources. - - - Total General Fund $182,980,257.00 $186,214,392.00 $3,234,135.00 Beach* 4530834.00 4101870.00 -428964.00 Decrease primarily due to less than anticipated revenues from beach parking reflecting weather and other conditions, partially offset by increased interest earnings. Housing Authority* 7872358.00 6914763.00 -957595.00 Decrease reflects a lower than anticipated number of housing units participating in the program. TORCA* 4414426.00 4191473.00 222953.00 4414426.00 0.00 On Budget Redevelopment Funds* (a) 81518925.00 81787925.00 81518925.00 81787925.00 936800.00 12953000.00 2985200.00 544000.00 17688000.00 81614999.00 96074.00 Variance due to greater than anticipated (Ocean Park, Downtown, EQ interest earnings. Community Development* 8021061.00 6510410.00 -1510651.00 Decrease primarily due to the shifting of Block Grant the use of earthquake recovery grant funds to future years. Miscellaneous Grants* 14090659.00 13521049.00 262072.00 245000.00 62538.00 13063846.00 -1026813.00 Decrease primarily reflects timing changes in the receipt of various grants. Citizens Option for Public Safety* 219358.00 219358.00 0.00 On Budget. Water** 17548101.00 16660025.00 -888076.00 Primarily reflects a decrease in reimbursements from oil companies for MTBE-related costs, partially offset by greater interest earnings. Solid Waste Management** 14228945.00 14228945.00 0.00 On Budget Pier** 2837919.00 2246489.00 -591430.00 Decrease primarily due to less than anticipated Carousel fee revenues and Pier rental revenues partially offset by higher interest earnings. Wastewater** 24295097.00 32490276.00 8195179.00 Increase primarily reflects timing changes in various sewer-related projects resulting in a greater than anticipated reimbursement this fiscal year from the City of Los Angeles for its share of costs and greater than anticipated use this year of wastewater capital facility fees. Auditorium** 2331590.00 2494164.00 162574.00 Increase primarily due to greater than anticipated auditorium rentals and interest earnings partially offset by lower parking revenues. Airport/Special Aviation** 3081214.00 3072671.00 8543.00 3197779.00 3189236.00 8543.00 116565.00 Increase due to greater than anticipated interest earnings. Stormwater Management** 2632498.00 2632498.00 0.00 On Budget. Cemetery** 386998.00 416490.00 29492.00 Increase due to greater than anticipated interest earnings. Transportation** 26971314.00 27336481.00 365167.00 Increase primarily due to unanticipated Prop A and Prop C funding from the Los Angeles County Metropolitan Transit Authority partially offset by a reallocation of State Transportation Act funds from the operating budget to capital project uses. Gas Tax* 1740609.00 1776620.00 36011.00 Increase due to greater than anticipated interest earnings. Cable** 386565.00 386565.00 0.00 On Budget Parks and Recreation* 50366.00 80366.00 30000.00 Increase due to greater than anticipated Unit Dwelling Tax revenues. Vehicle Management Fund** 9708995.00 9708995.00 0.00 On Budget. Computer Equipment 1487711.00 1487711.00 0.00 On Budget Replacement Fund ** Self Insurance Funds** a) Comprehensive 2681997.00 2681997.00 0.00 On Budget. b) Bus 1226626.00 1226626.00 0.00 On Budget c) Automobile 551867.00 551867.00 0.00 On Budget. d) Worker's Compensation 3415454.00 3415454.00 0.00 On Budget. Parking Authority** 990302.00 1047000.00 56698.00 Increase due to greater than anticipated interest earnings. _ _ _ Total All Funds $420,202,046.00 $427,120,412.00 $6,918,366.00 Less Reimbursements & Transfers -26149493.00 -25965293.00 184200.00 Reflects lower reimbursement from the General Fund to the Transportation Fund for rentals at the 612 Colorado property. The Transportation Department will be using much of the space during renovation of its main building. _ _ _ Total Net (Revised $394,052,553.00 $401,155,119.00 $7,102,566.00 12/31/99) Less Proposed Changes (Net) 3768513.00 3100000.00 44950.00 100000.00 222953.00 936800.00 12953000.00 2985200.00 17688000.00 544000.00 262072.00 245000.00 62538.00 Less Council Revisions (Net) 86205629.00 _ Total Net (Adopted) $304,078,411.00 * * * * * * * * * Disaster Relief* $28,020,773.00 $28,020,773.00 $0.00 On budget. * * * * * * * * * * Special Revenue Funds ** Enterprise and Internal Service Funds