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Actual Revenue Compared to Budget

Desired Result: Above Target

Analysis of Performance

Governmental fund revenue exceeded its budget by $10.0M. Sales and Use Tax is $6.3M over budget, excluding rebate incentives. Property taxes are currently $0.5M over budget and by year end are expected to almost $1.0M over budget. Interest earnings exceeded budget by $0.6M. Heavy construction and growth activities are contributing to Capital Impact Fees being $1.3M higher than budgeted and Building Permits and Review Fees are $0.6M higher than budget. All other revenues are net better by $0.7M.

Enterprise Fund revenue also exceeded its target by $1.6M. As a result of below average temperatures and significantly above average rainfall in the second quarter, fees for Light & Power are under $2.1M, Water is under $0.9M and Wastewater is under by $0.6M. In contrast, Utility Impact Fees, which are driven by construction and growth activities, are up $4.0M. All other revenues are net better by $1.2.

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.