2011 Financial Overview

Finance Department

Presentation to CouncilPresentation to Council

February 27, 2012

Items to be Discussed

General Fund Revenues & ExpendituresHow did we do compared to plan?

How did we do compared to 2010?p

General Fund Balance

Other Funds OverviewOther Funds Overview

Looking Forward

General Fund Revenue

Collected Planned Variance Pct Diff

$25,095,862 $22,419,142 $2,676,720 11.9%

2010 Revenue Variance Pct Diff

$23,514,850 $1,581,012 6.7%$ , , $ , ,

N t I f ll 2011 ti t dNote: In fall 2011, we estimated our 2012 revenue would be $22,445,209

General Fund Revenue Over Time$29,214,302 

$29,000,000 

$30,000,000 

* Bond Proceeds of $7.2M not incld

$27,000,000 

$28,000,000 

$25,294,402 

$23,898,384 

$25,095,862 

$24 000 000

$25,000,000 

$26,000,000 

$23,514,850 

$22,445,208 

$22,000,000 

$23,000,000 

$24,000,000 

$20,000,000 

$21,000,000 

200 2008 2009 20 0 20 20 2 l2007 2008 2009 2010 2011 2012 Plan

General Fund Revenue by Source

2% 1%1%

INCOME TAX‐62%

REAL ESTATE TAXES‐7%

4%

4%3%

3% 3% 2% 1%1%

LOCAL GOVERNMENT FUND‐6%

FINES & FEES‐4%

/

62%6%

4% ADMINISTRATIVE/SERVICE CHARGES‐4%RECREATIONAL INCOME‐4%

TRANSFERS‐3%7%

OTHER TAXES‐3%

INTEREST & INVESTMENT INCOME‐3%INCOME‐3%GRANTS‐2%

LICENSES & PERMITS‐1%

MISCELLANEOUS INCOME 1%MISCELLANEOUS INCOME‐1%

General Fund Revenue by SourceCategory 2011 Plan 2011 Actual Var

Income Tax $13,500,000  $15,438,208  14%

Real Estate Taxes 1,714,852  1,735,137  1%

Local Government Fund 1,365,000  1,381,552  1%

Fines, Fees, Licenses & Permits* 3,695,523  3,512,686  <0.5%>

Transfers 306,000  871,045  185%

Other Taxes 499 305 721 316 44%Other Taxes 499,305  721,316  44%

Interest & Investment Income 1,130,000  668,402  <41%>

Grants 92,591  554,239  499%, ,

Misc. Income 165,871  213,277  29%

TOTAL $22,419,142 $25,095,862 12%

* Includes Recreation Income and Administrative/Service Charges

Income Tax Collections

2011 Collected: $15,438,2082011 Collected: $15,438,208• 5.4% ($834K) greater than all‐time‐high in 2007

14.4% ($1.9M) greater than planned• 2011 plan was $13 500 000• 2011 plan was $13,500,000

21.5% ($2.7M) greater than 2010* • 2010 actual was $12,702,272• *included only 11 months of cash collectionsy

Income Tax Collections

$15,438,208 

$15 000 000

$16,000,000 

$14,604,175 $14,328,342 

$14,000,000 

$15,000,000 

$13,359,721 

$12,702,272 $13,000,000 

RITA Transition Year  11 months of collections

$12,000,000 

$10 000 000

$11,000,000 

$10,000,000 2007 2008 2009 2010 2011

2011 Income Tax Distribution

Net Profit$1,957,225 

Resident$3,644,771 

13%

Withholding$9,836,990 

23%

$ , ,64%

Income Tax Distribution

$10,000,000

$12,000,000 

$1.4M ‐ 16% Increase

$8,000,000 

$10,000,000 

$4 000 000

$6,000,000 

$301K‐ 9% Increase

$2,000,000 

$4,000,000 

$1M – 124% Increase

$‐

Withholding Resident Net Profit

2010 20112010 2011

General Fund Expense Summary

Expended Appropriated Variance Pct Diff

$22,755,877 $25,712,206 <$2,956,329> <11%>

2010 Expended Variance Pct Diff

$23,173,612 <$417,735> <1.8%>$ , , $ ,

“Appropriated” includes original appropriation, and supplemental appropriations throughout the year.

General Fund Expenses Over Time

$34 000 000

$30,030,450 

$31,445,102 

$30,490,055 

$30 000 000

$32,000,000 

$34,000,000 

$26 000 000

$28,000,000 

$30,000,000 

$23,173,612 $22,755,877  $23,024,277 

$22 000 000

$24,000,000 

$26,000,000 

$20,000,000 

$22,000,000 

2007 2008 2009 2010 2011 2012 Plan

Expenditures by Type

Transfer Capital Outlay$

Total Expenditures by Type: $22,755,877

Salaries$10 082 749

Supplies & Materials$2,699,868 

12%

Transfer$1,960,701 

9%

$1,042,770 5%

$10,082,749 44%

Contractual Services$2,821,404 

12%Benefits$4,148,385 

18%

12%

Expenditures by Function

Transfers

Total Expenditures by Function: $22,755,877

Public Safety$8,559,799 

Community & Economic Development$2,801,237 

12%

Transfers$1,960,701 

9%

38%Public Service$2,833,399 

12%

Parks & Recreation$3,430,525 

15%

General Government$3,170,215 

14%

General Fund‐Summary

In 2011, General Fund revenues exceeded expenses by $2.3 million

Revenue $25,095,862E $22 755 877Expense <$22,755,877>Variance $  2,339,985  Variance $ ,339,985

General Fund BalanceBeginning 

Fund Balance

$16 333 711

Revenue

$25,095,862

Expenditure

$22,755,877

Encumbrance

$3,406,061

Ending Fund Balance

$15 267 635$16,333,711 , , , , , , $15,267,635

2011 Ending Fund Balance: $15,267,635

Mandatory Reserve based on 25% of planned $5 585 888revenue: $5,585,888

$Amount in Excess of Reserve: $9,681,747

General Fund: Ending Fund Balance

Mandatory R

Mandatory RReserve

$5,585,888

Reserve

$5,585,8882011 Ending 2011 Ending General 

Fund BalanceGeneral 

Fund Balance

Excess of Excess of $15,267,635$15,267,635

Reserve

$9,681,747

Reserve

$9,681,747

General Fund Balance Over Time

$16 

Millions

$10

$12 

$14 

$$9.7M 

M

$6

$8 

$10  $8.2M$6.0M 

$3.7M $4.7M 

$2

$4 

$6 

$5.5M $6.0M  $6.0M  $5.9M  $5.6M 

$‐

$2 

2007 2008 2009 2010 2011

Mandatory 25% Reserve Amount in Excess of ReserveMandatory 25% Reserve Amount in Excess of Reserve

Other Major Governmental Funds

Capital Improvements Fund

Street FundStreet Fund

State Highway

Capital Improvements Fund

ll blRevenue Sources

• No dedicated funding

Allowable Expenses

• Acquiring, purchasingNo dedicated funding stream

• Periodic transfers 

Acquiring, purchasing or constructing permanent i tfrom General Fund 

• Grants

improvements• Paying for property improvements for anyimprovements for any public purpose

Capital Improvements Fund

Cash Flow AccomplishmentsCash FlowBeginning Fund Balance: $3,154,886

Accomplishments• Hamilton/Granville 

Intersection

2011 Revenue: $1,007,726

2011 Expense: $1,760,443

di l

• Big Walnut Trail         Sections 1 & 2

• TechCenter & Science BlvdEnding Balance: $2,402,170

• TechCenter & Science Blvd Connector

Beginning Fund Balance Revenue Expenditure Encumbrance Ending Fund 

Balance

Street Fund

AllowableRevenue Sources Allowable Expenses

•Municipal Distributions of:

•Planning, Construction & 

•Gas Tax•Motor Vehicle

Maintenance of Roads & Bridges•Motor Vehicle 

Registrations

g

Street Fund

Cash Flow AccomplishmentsCash FlowBeginning Fund Balance: $495,261

Accomplishments• Street Maintenance Staff 

and Operating Expenses

2011 Revenue: $1,682,593

2011 Expense: $1,738,584

di l $

• Street Improvement Program

• Traffic Light RepairsEnding Balance: $439,270 • Traffic Light Repairs

Beginning Fund Balance Revenue Expenditure Encumbrance Ending Fund 

Balance

State Highway Fund

AllowableRevenue Sources Allowable Expenses

•State Distributions of:

•Maintenance and Repair of 

•Gas Tax•Motor Vehicle

pDesignated State Highways•Motor Vehicle 

Registrations

g y

State Highway Fund

Cash Flow AccomplishmentsCash FlowBeginning Fund Balance: $108,823

Accomplishments• Overtime and materials  

costs associated with 

2011 Revenue: $105,917

2011 Expense: $75,381

di l $

maintenance of State Highways

• Traffic & pedestrian lightEnding Balance: $138,910 Traffic & pedestrian light upgrades

Beginning Fund Balance Revenue Expenditure Encumbrance Ending Fund 

Balance

Revenue Trends

Income Tax• Revisit planned collections after Tax Day

Real Estate Tax• Property valuations down 6% based on revaluation vs. initial plan of 9%• Net effect approximately $52K• May see County distribution of Creekside delinquencies in 2012

Local Government Fund• No further reductions to allocation method after 2012

Estate Tax• Final year of tax• Already at 50% of plan reportedAlready at 50% of plan reported

Expenditure Trends

Community Investment

• Administration to release two‐year Capital Improvement Plan in coming weeks 

Increasing Cost of Maintenance

• Additions to infrastructure base• Aging assets

Cost of Operationsp

• Uncertain inflation outlook• Anticipate rising costs of contracts

Upcoming Plans for Finance

• 2011 official Financial Statements and Audit are in progress

• Reviewing RFQ for capital financing strategy

• Council/Leadership strategic planning session

• Administration’s Capital Improvement Program

• Q1 financial report to Council in April

• Administration will kick‐off 2013 budget in March/April

Questions?

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