Actual Revenue Compared to Budget
- Analysis of Performance
- Metric Definition
- Why Is This Important?
- City Organization Impact on Performance
- Benchmark Information
Analysis of Performance
For the first three quarters of 2013, revenue was over target by $17.3M in the combined governmental and enterprise funds. Governmental fund revenue exceeded its target by $7.6M due to unexpected income from sales and use tax revenue, $3.4M. The additional revenue also reflects $2M in development activity and $316K in unanticipated Police revenue. Street Oversizing is also ahead of budget $422K due to reimbursements for street obligations. Electric Charges for Services exceeded its target by $3.5M because kilowatt consumption is exceeding forecast. Utility Impact fees were also up $5.8M due to development.
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.
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.