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AUDITOR-CONTROLLER’S GENERAL FUND MID-YEAR FINANCIAL UPDATE

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 FUND MID-YEAR FINANCIAL UPDATE

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  1. AUDITOR-CONTROLLER’S GENERAL FUNDMID-YEARFINANCIAL UPDATE SIX MONTHS ENDED DECEMBER 31, 2011 February 28, 2012

  2. 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

  3. 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.

  4. 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.

  5. Revenues

  6. General Fund Revenues- Taxes -

  7. General Fund Revenues- Total Revenues -

  8. General Fund Revenues- Total Revenues -

  9. General Fund Revenues- Total General PurposeRevenues -

  10. General Fund Revenues- Total General PurposeRevenues -

  11. Specific Revenues Property Tax Sales and Use Tax Interest Rates Intergovernmental Aid

  12. Property TaxesProperty Tax Pie Before RDA and ERAF

  13. Property TaxesProperty Tax Pie After RDA Before ERAF

  14. Property TaxesProperty Tax Pie After ERAF

  15. Assessed Value of Real Property20 Years Percent Growth -0.6% -3.0%

  16. 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.

  17. 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.

  18. 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.

  19. 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.

  20. 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.

  21. Property Tax DelinquenciesFY 2004-05 through 2011-12 (projected)

  22. Sales and Use Tax Rates

  23. Breakdown of Sales and Use Tax Rates

  24. Sales and Use Tax Rates

  25. 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.

  26. Interest Rates on Treasury Pool

  27. Intergovernmental Aid

  28. 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.

  29. Expenditures

  30. General Fund Adjusted Budget - By Expenditure Character -

  31. General Fund Adjusted Budget - By Functional Area -

  32. General Fund Expenditures - General Government -

  33. General Fund Expenditures - Public Protection -

  34. General Fund Expenditures - Other Departments -

  35. Net County Cost

  36. General Fund Net County Cost- General Government -

  37. General Fund Net County Cost- Public Protection -

  38. General Fund Net County Cost- Other Departments -

  39. Historical Trends

  40. 10 Year Historical TrendGeneral Fund Revenues - Taxes

  41. 10 Year Historical TrendGeneral Fund Revenues - Total

  42. 10 Year Historical TrendGeneral Fund Revenues - Total

  43. 10 Year Historical TrendGeneral Fund Expends by Department

  44. 10 Year Historical TrendGeneral Fund Expends by Category

  45. 10 Year Historical TrendGeneral Fund Expends by Category Expenditures Revenues

  46. General Fund Budget Adjusted for Consumer Price Index and Population

  47. General Fund Budget Adjusted for Consumer Price Index and Population

  48. County Population and Number of Employees

  49. Fund Balance

  50. 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.

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