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Actual Revenue Compared to Budget

Desired Result: Above Target

Analysis of Performance

Governmental fund revenue exceeded its budget by $3.1M. Sales and Use Tax is $3.1M over budget, excluding rebate incentives. The City budgeted for a 3.0% economic growth rate for 2015, however, to-date revenue is coming in higher than expected. Recreation revenues are up $0.2M and reflect deferred amounts from registrations that occurred in 2014 for programs beginning in 2015, as well as the Spring Recreator registration which occurred in February. Interest Income is $0.2M higher than budget due to both higher than budgeted interest rates (1.05% budget vs. 1.22% actual average). Building permits and plan review fees are up $0.2M due to increased development activity. All other government revenue is net under budget by ($0.6M) due primarily to a slight delay in contract payments to the City.

Enterprise Fund revenue exceeded its target by $0.7M. L&P usage is under budget by ($1.6M) due to a mild winter and conservation efforts by customers. Water and Wastewater usage revenue is net ($0.4M) under budget due to lower usage by residential customers ($0.6M) and slightly higher usage by commercial customers $0.2M. Greater than projected development fees are net $1.6M over budget through the first quarter of 2015, $2.1M over budget in Water, Wastewater and Stormwater and under budget ($0.5M) in L&P. YTD interest and marked-to-market investments are higher than projected by $0.9M. All other revenue is net over budget by $0.2M.

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.