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AUDITOR-CONTROLLER’S GENERAL FUND MID-YEAR FINANCIAL UPDATE. SIX MONTHS ENDED DECEMBER 31, 2011 February 28, 2012. General Fund Mid-Year Financial Update . General Fund Revenues – Budget vs. Actual General Fund Expenditures – Budget vs. Actual Historical Trends Revenues and Expenditures
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AUDITOR-CONTROLLER’S GENERAL FUNDMID-YEARFINANCIAL UPDATE SIX MONTHS ENDED DECEMBER 31, 2011 February 28, 2012
General Fund Mid-YearFinancial Update • General Fund Revenues – Budget vs. Actual • General Fund Expenditures – Budget vs. Actual • Historical Trends • Revenues and Expenditures • Population and Employees • GF Budget Adjusted for CPI and Population • Fund Balance • RDA Dissolution
General Fund Mid-YearFinancial Update • NOT reviewing revenue or expenditure projections for this year or next year. • County budget process is underway by CAO. NOTE: • Usually using adjusted budget rather than original budget. • Using actual revenues and expenditures in the historical trend data, except for the current year when I am using the adjusted budget.
General Fund Mid-YearFinancial Update Why focus on the General Fund? Adjusted Budget is the Adopted Budget plus mid-year changes adopted by the Board.
Specific Revenues Property Tax Sales and Use Tax Interest Rates Intergovernmental Aid
Assessed Value of Real Property – The Impact of the Cal CPI – • Prop 13 says assessed values on an individual property may increase by up to 2% annually, based on statewide Cal CPI. • Property transfers and assessment valuations also impact assessed values, both positively and negatively.
Assessed Value of Real Property – The Impact of the Cal CPI – (Continued) 2010-11 (last year) • Cal CPI factor for FY 2010-11 was –.237%, the first time it has been negative since Prop 13. • This contributed to the County’s overall drop in assessed value in FY 2010-11 of –0.61%. 2011-12 (this year) • Cal CPI factor for FY 2011-12 is +.753%. • This was offset by assessed valuation reductions to bring us down to -0.28% decline.
Assessed Value of Real Property – The Impact of the Cal CPI – (Continued) 2011-12 (next year) • The State Board of Equalization has announced the Cal CPI for FY 2012-13 will be +2.0%. • Hopefully, we will be at least flat next year or maybe a slight increase in assessed valuations, and property tax revenue.
Property Tax Revenue Countywide Assessed Value $33,097,010,103 Property Taxes - 1% of AV 330,970,101 Special Levies, etc 70,028,328 Total Tax Roll $400,998,429 The County General Fund receives about 13% of the basic 1% property tax, about $44 million, plus supplemental and other property taxes and penalties, for a total of about $50 million in property taxes.
Property Tax Revenue Projection?FY 2012-13 • We won’t know final growth/decline % until July. • Regional variations – Watsonville and San Lorenzo Valley are traditionally lower growth.
Sales Per Capita City of Capitola currently about $9,000 sales per capita each quarter. Dropped fast during recession. Cities of Watsonville, Santa Cruz, and Scotts Valley all currently about $2,700 in sales per capita each quarter. Unincorporated County about $1,300 sales per capita each quarter.
Intergovernmental Aid • Tied to expenditures and paid on a reimbursement basis. • State and federal governments are historically slow in paying. • Most major categories of state and federal aid are lagging slightly behind last year receipts.
10 Year Historical TrendGeneral Fund Expends by Category Expenditures Revenues
Fund Balance Levels • As of June 30, 2011, fund balance was $37.1 million. • $14.2 million of that is specifically dedicated for Health Services • $13.9 million reserved or designated for other needs. • The remaining $9 million was almost entirely used to fund the current year budget. • June 30, 2012 fund balance is projected to be $29 million, or 7% of expenditures.