NORTHERN VIRGINIA TRANSPORTATION AUTHORITY

M E M O R A N D U M

FOR: Chairman Martin E. Nohe, and Members Northern Virginia Transportation Authority

FROM: Mayor Parrish, Chair, NVTA Finance Committee

DATE: October 6, 2017

SUBJECT: Monthly Revenue Report ______________________________________________________________________________

1. Purpose: To update the Northern Virginia Transportation Authority (NVTA) on monthly revenue receipts and 30% funds distributed to member localities.

2. Background: The attached reports reflect funding received or in process through August 2017. August receipts represent FYE June 30, 2017 final accrued revenues.

3. Comments:

a. FY2017 Revenues (Attachment A) i. The Authority has received or accrued approximately $330.8 million through the

August 2017 transfers from the Commonwealth. These are effectively the unaudited ending revenue numbers for FY2017.

ii. Actual to estimate comparison for revenues through June show a 15.5% positive variance in Grantors Tax, a 0.99% positive variance in Sales Tax and a 7.3% positive variance in Transient Occupancy Tax compared to the adopted revenue estimates.

iii. This report reflects 12 months of collections (accrual basis) for Sales Tax and Grantors Tax. Transient Occupancy Tax was in the accrual stages in August, due to routine differences in the collection cycles.

iv. Overall revenue receipts are 3.54% above estimates for FYE June 30, 2017.

b. FY2017 Distribution to localities (Attachment B) i. Through the month of August, the Authority was still receiving FY2017 Sales Tax

and Transient Occupancy Tax revenues. ii. Of the $330.8 million received or accrued by the Authority through August for

FY2017, approximately $97.7 million represents 30% local funds. iii. Of the $97.7 million eligible 30% local funds, $96.85 has been distributed to the

member jurisdictions as of the end of August. As the accrued revenue amounts for FY2017 arrived, those funds were transferred to the appropriate jurisdictions.

c. FY2014 to FY2017 Year over Year Revenue Comparison (Attachment C). i. This chart reflects a month-to-month comparison of revenue by tax type and a

year-to-year comparison of total revenues received or accrued through August 2017.

XXII

2

Attachments:

A. Revenues Received By Tax Type, Compared to NVTA Estimates, Through August 2017 B. FY2017 30% Distribution by Jurisdiction, through August 2017 C. Month to Month Comparison By Tax Type and YTD Receipts for August 2014 to 2017

Coordination: NVTA Finance Committee

NVTA

Grantors Tax Received FY 2017  Annualized ‐ Actual Projected

Transaction Months 12             To Date Annualized Budget To Budget Variance

City of Alexandria 3,610,533$          3,610,533$              3,322,266$       288,267$                      

Arlington County 6,471,596$          6,471,596$              4,662,589$       1,809,007$                   

City of Fairfax 335,698$              335,698$                 295,220$           40,478$                        

Fairfax County 21,442,019$         21,442,019$           20,876,353$     565,666$                      

City of Falls Church 275,529$              275,529$                 298,423$           (22,894)$                       

Loudoun County 10,758,957$         10,758,957$           8,545,066$       2,213,891$                   

City of Manassas 452,497$              452,497$                 339,631$           112,866$                      

City of Manassas Park 150,140$              150,140$                 158,354$           (8,214)$                         

Prince William County 6,849,627$          6,849,627$              5,073,000$       1,776,627$                   

Total Grantors Tax Revenue 50,346,596$         50,346,596$           43,570,902$     6,775,694$                    15.55%

Received FY 2017  Annualized ‐ Actual

Transaction Months  12             To Date Annualized Budget To Budget

City of Alexandria $15,665,744 15,665,744$           14,576,063$     1,089,681$                   

Arlington County $24,997,304 24,997,304$           24,810,622$     186,682$                      

City of Fairfax $7,025,863 7,025,863$              6,833,280$       192,583$                      

Fairfax County $107,235,224 107,235,224$         112,442,662$   (5,207,438)$                 

City of Falls Church $2,453,299 2,453,299$              2,304,737$       148,562$                      

Loudoun County $48,632,116 48,632,116$           44,265,375$     4,366,741$                   

City of Manassas $5,263,104 5,263,104$              4,904,149$       358,955$                      

City of Manassas Park $1,419,286 1,419,286$              1,292,525$       126,761$                      

Prince William County $36,814,553 36,814,553$           35,639,660$     1,174,893$                   

Total Sales Tax Revenue* 249,506,492$       249,506,492$         247,069,073$   2,437,419$                    0.99%

Transient Occupancy Tax (TOT) Received FY 2017  Annualized ‐ Actual

Transaction Months To Date Annualized Budget To Budget

City of Alexandria Months 12.00 3,760,985$          3,760,985$              3,458,526$       302,459$                      

Arlington County Months 12.00 10,105,092$         10,105,092$           9,711,491$       393,601$                      

City of Fairfax Quarters 4.00 376,933$              376,933$                 328,250$           48,683$                        

Fairfax County Quarters 4.00 11,670,260$         11,670,260$           11,042,184$     628,076$                      

City of Falls Church Months 12.00 160,164$              160,164$                 174,234$           (14,070)$                       

Loudoun County Quarters 4.00 3,173,027$          3,173,027$              2,562,016$       611,011$                      

City of Manassas Months 12.00 67,975$                67,975$                   58,868$             9,107$                          

City of Manassas Park n/a ‐$                           ‐$                   ‐$                               

Prince William County Quarters 4.00 1,659,905$          1,659,905$              1,537,000$       122,905$                      

Total TOT Revenue 30,974,342           30,974,342             28,872,569$     2,101,773                     7.28%

Total Revenue Received 330,827,429$       330,827,429$         319,512,544$   11,314,885$                 3.54%

*The Regional Sales Tax is reported net of fees when applicable.

NORTHERN VIRGINIA TRANSPORTATION AUTHORITY

REVENUES RECEIVED, BY TAX TYPE AND JURISDICTION, COMPARED TO NVTA BUDGET

Based on: Revenue Data Through August 2017

FYE June 30, 2017

Regional Sales Tax*

XXII.A

Thru 6/30/2017 Thru 7/31/2017

*Regional Transient NVTA Fund Cumulative 30% NVTA Operational Accrued Prior  Current Month Total Funds

Jurisdiction Grantor's Tax Sales Tax (1) Occupancy Tax (2) Interest Total Funds Budget FY2018 Interest (3) Distributions Distribution Transferred

(+)

City of Alexandria 3,610,532.55$          15,665,743.91$       3,760,985.25$               15,393.46$                  23,052,655.17$       6,915,796.55$         125,904.00$          867.45           6,295,640.80$         495,119.20$               6,790,760.00$             

Arlington County 6,471,596.40$          24,997,303.56$       10,105,092.11$             28,181.78$                  41,602,173.85$       12,480,652.16$       185,107.00$          1,610.97        11,326,826.48$       970,329.65$               12,297,156.13$           

City of Fairfax 335,698.20$             7,025,862.87$         376,932.99$                  5,293.91$                    7,743,787.97$         2,323,136.39$         18,261.00$            247.84           2,083,890.68$         221,232.55$               2,305,123.23$             

Fairfax County 21,442,018.72$        107,235,223.61$    11,670,260.11$             95,826.12$                  140,443,328.56$     42,132,998.57$       891,322.00$          5,080.77        37,459,557.57$       3,787,199.77$            41,246,757.34$           

City of Falls Church 275,529.15$             2,453,299.05$         160,164.28$                  1,955.92$                    2,890,948.40$         867,284.52$             11,149.00$            123.92           791,890.66$            64,368.78$                  856,259.44$                

Loudoun County 10,758,956.88$        48,632,116.05$       3,173,026.62$               42,667.40$                  62,606,766.95$       18,782,030.09$       ‐$                         2,354.50        17,340,880.85$       1,443,503.74$            18,784,384.59$           

City of Manassas 452,496.60$             5,263,103.51$         67,975.23$                     3,955.27$                    5,787,530.61$         1,736,259.18$         ‐$                         247.84           1,586,242.03$         150,264.99$               1,736,507.02$             

City of Manassas Park 150,140.40$             1,419,286.03$         ‐$                                 1,071.21$                    1,570,497.64$         471,149.29$             12,302.00$            123.93           421,164.49$            37,806.73$                  458,971.22$                

Prince William County 6,849,626.70$          36,814,553.15$       1,659,905.49$              30,819.63$                 45,354,904.97$      13,606,471.49$      349,840.00$         1,734.89      12,155,473.26$      1,102,893.12$           13,258,366.38$          

Total Revenue 50,346,595.60$        249,506,491.74$    30,974,342.08$             225,164.70$                331,052,594.12$     99,315,778.24$       1,593,885.00$       12,392.11$   89,461,566.82$       8,272,718.53$            97,734,285.35$           

1 Net of Dept. of Taxation Fees

2 County TOT includes any town collections

3 Interest earned through 6/30/2017

NORTHERN VIRGINIA TRANSPORTATION AUTHORITY

FY 2017 30% DISTRIBUTION BY JURISDICTION

Based on: Receipts through August 2017

XXII.B

August 2017

 ‐

 1.00

 2.00

 3.00

 4.00

 5.00

 6.00

AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL

3.55  3.48 

2.95 3.35 

3.42 3.14 

2.56 

1.90 

2.68 

3.21 3.52 

4.24 4.47 

3.97 

3.49 3.60 

2.61 

3.07 

2.85 

2.24 

3.78 

4.26 4.45 

5.14 5.08

3.92 3.444.04

3.52

4.76

2.74

3.41 3.433.68

5.09 4.954.81

4.413.95

3.72 3.48

4.40

3.26

3.73 3.67

4.45

5.524.95

Millions

Grantors Tax(month received)

Grantors Tax FY2014 Grantors Tax FY2015 Grantors Tax FY2016 Grantors Tax FY2017

 ‐

 5

 10

 15

 20

 25

 30

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG

17.15 17.45  18.08 

20.34 

18.28 

22.30 

16.35 15.80 

18.62 18.94  19.82  20.24 

18.97  18.82  19.91  20.22  19.87 

22.64 

16.99 16.15 

19.40 19.91 

20.94 21.59 20.15 

19.18 20.51  20.71 

19.27 

23.87 

16.35 17.25 

20.86 

19.87 20.82 

21.72 

19.8920.44

21.41 21.37

20.66

25.38

18.05 17.6720.74

20.5821.43

21.89

Millions

Sales Tax(month received)

Sales Tax FY2014 Sales Tax FY2015 Sales Tax FY2016 Sales Tax FY2017

 ‐

 0.50

 1.00

 1.50

 2.00

 2.50

 3.00

 3.50

 4.00

 4.50

SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP

1.02  0.91 

2.43 2.60 

1.03 

2.04  1.82 

0.90 

1.94 

3.39 

1.44 

2.36 2.33 

1.59 

1.10 

3.30 

2.71 

1.06 

1.43 

2.81 

1.08 

2.42 

3.06 

1.90 

2.44 2.63 

1.72

1.19

2.20

3.76

1.261.16

3.06

1.30

2.27

3.82

1.78

2.28

2.62

2.01

1.37

2.73

3.86

1.151.46

3.51

1.02

1.98

4.29

1.91

2.742.95

Millions

Transient Occupancy Tax(month received)

TOT FY2014 TOT FY2015 TOT FY2016 TOT FY2017

 $‐  $50.00  $100.00  $150.00  $200.00  $250.00

GRANTORS TAX

SALES TAX

TOT

$50.35 

$249.51 

$28.03 

$48.06 

$240.56 

$25.78 

$43.94 

$235.42 

$24.92 

$38.01 

$223.37 

$21.90 

Millions

YTD Receipt Comparison August FY2014 to FY2017

August FY2014 August FY2015 August FY2016 August FY2017

XXII.C