Gahanna financials
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Transcript of Gahanna financials
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?
http://www gahanna gov/departments/finance/financialpublications aspxhttp://www.gahanna.gov/departments/finance/financialpublications.aspx