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FY 2011-2012 2 nd Quarter Financial Report ( Quarter Ending 12/31/2011) February 10, 2012 Finance and Budget & Mana

FY 2011-2012 2 nd Quarter Financial Report ( Quarter Ending 12/31/2011) February 10, 2012 Finance and Budget & Management Services. FY 2012 Financial Update. The update reflects the Administration’s effort to continually monitor the City’s financial status and update City Council.

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FY 2011-2012 2 nd Quarter Financial Report ( Quarter Ending 12/31/2011) February 10, 2012 Finance and Budget & Mana

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  1. FY 2011-2012 2nd Quarter Financial Report (Quarter Ending 12/31/2011) February 10, 2012 Finance and Budget & Management Services

  2. FY 2012 Financial Update The update reflects the Administration’s effort to continually monitor the City’s financial status and update City Council. Projections updated to prepare for building 2013 budget. Property tax bills were due January 5th, 2012.

  3. General Fund(Exhibit 1) 3

  4. General Fund • Revenues are down $7.7 million (6.6%) from same period last year. • Expenditures flat +$0.1 million (0.1%). Revenues – year-to-date: • Property taxes down $7.2 million (8.3%) – timing of receipts. • Sales taxes up $0.2 million (3.3%). • Intergovernmental revenues up $0.4 million (3.1%) – utility franchise taxes.

  5. Property Taxes - Update Collections through January 31st: 2011: $118,727,331 (94% of current levy) 2010: $112,044,567 (93% of current levy) 2009: $110,336,492 (93% of current levy) FY10/FY11 increase: +6.0%

  6. General Fund - Revenues

  7. General Fund - Revenues

  8. Revenue Summary

  9. General Fund - Expenditures • Operations spending projected at $4.6 million less than budgeted at year end. • Personnel costs under budget by $1.2 million or 1.0%. • Operating costs under budget by $1.5 million or 4.5%. • Transfers out under budget by $1.8 million or 6.2%. • By year end, no department is currently projected to exceed budget.

  10. General Fund - Expenditures

  11. General Fund - Expenditures

  12. General Fund - Expenditures

  13. General Fund - Summary At 12/31 With Conservative Projections: • Expected Revenues Shortfall = $3.2 million • Expected Expenditures Savings = $4.8 million Net = +$1.6 million Recent Events: Budget Amendment Effect = + $0.565 million Employee Bonus Payout = - $1.8 million Net at Year-End = +$0.365 million

  14. Enterprise Funds(Exhibit 2)

  15. Water & Sewer Fund • Consumption for the 2nd Quarter FY 2011 has increased by 4.5% as compared to 2nd Quarter FY 2010. • Fund projected to have slight deficit for year. • Projected EOY revenues slightly below revenue projections from rate model. • EOY expenses projected to be 95.2% of adjusted budget. • Revenue bond market is being monitored in anticipation of a potential May 2011 $60 million revenue bond issue.

  16. Water & Sewer Fund - Revenues

  17. Water & Sewer Fund - Expenses

  18. Transit Operations Fund • Transit Operations Fund operated slightly better than budget expectations. • Tax increase of .70 cent per $100 approved in FY 2011 to cover the loss of stimulus funding.

  19. Transit Operations Fund - Revenues

  20. Transit Operations Fund – Expenses

  21. Solid Waste Fund • The Solid Waste Fund second quarter results project revenues slightly higher and expenditures slightly less than budgeted. • Projected to have a small surplus at year end. • All solid waste services have been transferred to the Solid Waste Fund.

  22. Solid Waste Fund - Revenues

  23. Solid Waste Fund - Expenses

  24. Other Enterprise Funds • The Stormwater Fund is operating within budget expectations. • Water & Sewer Capital Facility Fee revenues are not projected to meet budget expectations. Transfers to CIP will be reduced to meet budget requirements. • Ballpark Fund activities are seasonal. Second quarter data projections are consistent with expectations.

  25. Other Enterprise Funds The Parking Fund is projecting a slight deficit due to anticipated reductions in revenue. The Performing Arts Center (DPAC) Fund currently provides the debt service budget for the facility. The fund is operating within budget expectations.

  26. Stormwater Fund - Revenues

  27. Stormwater Fund - Expenditures

  28. Ballpark Fund – Revenues

  29. Ballpark Fund – Expenditures

  30. DPAC – Revenues

  31. DPAC – Expenditures

  32. Economic Outlook - Durham Construction: • City fiscal YTD (July – Dec) total construction costs decreased to $200.9 million from $205.6 million last year ($4.6 million; 2.3 percent) • Increase from Nov to Dec of $0.9 million; 3.5 percent (Source: City Inspections Department) Foreclosures: • According to RealtyTrac, foreclosures increased to 85 in Dec from 66 in Nov, but down from peak of 203 in June Employment: • City unemployment rate fell to 6.5 percent in Dec from 6.8 percent in Nov • Rate was 7.4 percent in Dec last year • County unemployment rate at 7.1 percent in Dec (Source: Employment Security Commission of NC)

  33. Conclusion • General Fund expected to be $0.365 million better than budgeted by Year-End – still uncertainty on revenues side, but believe expenditures projected conservatively. • Enterprise Funds are generally operating within budget expectations but will continue to be monitored.

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