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Summary Financial Report 200902

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					AC C O M AC K C O U N T Y
  SUMMARY FINANCIAL REPORT




         FEBRUARY 2009
     BOARD OF SUPERVISORS
       REGULAR MEETING
Summary Financial Report (Major Revenue Section)
The following major revenue sources represent more than 82% of total budgeted local revenue for all appropriated funds.



                                                                                                             OVERVIEW:
                                           Real Property Taxes                                               Real estate taxes represent the County's single largest revenue source
                                         (Current and Delinquent)                                            accounting for 31% for all estimated revenue for FY09. The County's total
                                                                                                             real estate tax rate is composed of separate rates levied for the General
                                                                                                             Fund, School Debt Service Fund, Consolidated EMS fund,
    16,010,000                                                                                               Greenbackville/Captains Cove Mosquito Control Fund and District Fire
                                            13,681,882                                   14,213,300
                                                                                                             Funds. The revenues shown below and in the graph include all real estate
    14,010,000                                                                                               taxes except for those associated with public service corporations regardless
                                                                                                             of what purpose they are levied for.
    12,010,000
                                                                                                             HISTORICAL DATA: (Fiscal Year Total for 2009 =2009 revised budget )
    10,010,000                                                                                                           Fiscal Year  Fiscal Year To
                                                                                                             Fiscal Year    Total          Date         Remainder     % Collected
     8,010,000                                                                             Budget                   2005  11,987,508           n/a            n/a            n/a
                                                                            6,402,532                               2006  12,712,142           n/a            n/a            n/a
     6,010,000                                                                                                      2007  13,274,183           n/a            n/a            n/a
                                                                                                                    2008  13,681,882      4,213,854       9,468,028          30.8%
                             4,213,854
                                                                                                                    2009  14,213,300      6,402,532       7,810,768          45.0%
     4,010,000
                                                                                                             TAX LEVY DATA:
     2,010,000                                                                                                                                                  Net
                                                                                                                                                           Supplements &
         10,000                                                                                                       Tax Year               12/5 Levy      (Abatements)      Net Levy
                                     2008                                           2009                                2005                 12,162,407          (24,746)     12,137,661
                                                                                                                        2006                 13,515,130          (40,106)     13,475,024
                                            Fiscal Year To Date    Fiscal Year Total                                    2007                 14,094,166          (12,114)     14,082,052
                                                                                                                        2008                 13,876,721          (69,960)     13,806,761


TAX RATES:                                                                                                   DELINQUENT TAX DATA as of 2/9/09
                                                            Tax Year
Taxing District                          2005            2006      2007         2008
Atlantic                                   0.67            0.73      0.73         0.36                                Tax Year              Real Estate
Atlantic Mosquito Control District         0.71            0.77      0.77         0.38                                  2004                     155,651
Metompkin                                  0.66            0.70      0.70         0.35                                  2005                     218,947
Lee                                        0.66            0.70      0.70         0.35                                  2006                     379,460
Pungoteague                                0.66            0.71      0.71         0.36                                  2007                     597,655
Chincoteague                               0.57            0.60      0.60         0.30                                  2008                  1,545,424

COMMENTS:
The FY09 budget estimate has been reduced for this revenue. A one cent increase in real estate tax generates between $325,000 and $345,000. The fiscal year to date amounts shown
above and in the graph are for 5 months. An additional $500,000 in delinquent real and personal property taxes was budgeted for fiscal year 2009. The current percentage collected is
well above the previous year's rate due to the Treasurer's efforts and new collection system.




                                                                                             Page 1
Summary Financial Report (Major Revenue Section)- continued

                                                                                                              OVERVIEW:
                                        Personal Property Taxes                                               Personal property taxes represent the County second largest revenue source
                                        (Current and Delinquent)                                              accounting for 14% of all FY09 estimated revenue. The County's total
                                                                                                              personal property tax rate is composed of separate rates levied for the
                                                                                                              General Fund, School Debt Service Fund, Consolidated EMS fund and
    7,010,000                                                                                                 District Fire Funds. The revenues shown below and in the graph include all
                                                                                         6,177,000
                                                                                                              personal property taxes except for those associated with mobile homes or
                                           5,576,566
    6,010,000                                                                                                 public service corporations regardless of what purpose they are levied for.

    5,010,000
                                                                          4,440,191
                                                                                                              HISTORICAL DATA: (Fiscal Year Total for 2009 =2009 revised budget )
    4,010,000                                                                                                             Fiscal Year  Fiscal Year To
                                                                                                              Fiscal Year    Total          Date         Remainder     % Collected
                                                                                         Budget                      2005   4,376,943           n/a            n/a            n/a
    3,010,000
                                                                                                                     2006   4,614,663           n/a            n/a            n/a
                                                                                                                     2007   5,553,504           n/a            n/a            n/a
    2,010,000                                                                                                        2008   5,576,566      1,267,178       4,309,388          22.7%
                           1,267,178                                                                                 2009   6,177,000      4,440,191       1,736,809          71.9%
    1,010,000
                                                                                                              HISTORICAL LEVY DATA:

       10,000                                                                                                   Tax Year      12/5 Levy       Abatements   Supplements          Net Levy
                                    2008                                          2009                               2005      4,854,198            n/a           n/a                 n/a
                                                                                                                     2006      6,070,019            n/a           n/a                 n/a
                                           Fiscal Year To Date   Fiscal Year Total                                   2007      6,344,917         (142,172)     116,618           6,319,363
                                                                                                                     2008      6,425,113         (169,389)            -          6,255,724


TAX RATES:                                                                                                    DELINQUENT TAX DATA as of 2/9/09
                                                          Tax Year                                                                  Pers. Property               Personal property
Taxing District                         2005           2006      2007         2008                                                     (includes                 supplements are
Atlantic                                  3.24           3.30      3.30         3.30                                 Tax Year       mobile homes)                historically mailed in
Metompkin                                 3.26           3.27      3.27         3.27                                   2004                 487,730              March.
Lee                                       3.22           3.27      3.27         3.27                                   2005                 646,830
Pungoteague                               3.22           3.27      3.27         3.27                                   2006                 624,843
Chincoteague                              3.13           3.16      3.16         3.16                                   2007                 841,368
                                                                                                                       2008               1,645,803

COMMENTS:
It should be noted that personal property bills were mailed earlier than in the previous year. The fiscal year to date amounts shown above and in the graph are for 6 months.   An
additional $500,000 in delinquent real and personal property taxes were budgeted for fiscal year 2009.




                                                                                             Page 2
Summary Financial Report (Major Revenue Section)- continued
                                                                                                 OVERVIEW:
                           Local Sales & Use Tax Revenue                                         The Commonwealth of Virginia's sales and use tax rate is 5% with 1%
                          (Net of disbursements to Towns)                                        remitted back to the jurisdiction from where the tax was collected. A portion
                                                                                                 of the local sales tax that is remitted back must be disbursed to incorporated
                                                                                                 towns. The disbursement to the towns is based on school age population.
   3,510,000                                                                                     The graph and historical amounts shown are net of the town disbursements.
                                   2,966,467
   3,010,000                                                                        2,667,695

   2,510,000                                                                                     HISTORICAL DATA: (Fiscal Year Total for 2009 =2009 revised budget )
                                                                                                             Fiscal Year  Fiscal Year To
   2,010,000     1,841,188                                                                       Fiscal Year    Total          Date         Remainder     % Collected
                                                                   1,703,887                            2005   2,761,611           n/a            n/a            n/a
   1,510,000                                                                         Budget             2006   2,808,207           n/a            n/a            n/a
                                                                                                        2007   3,036,497           n/a            n/a            n/a
                                                                                                        2008   2,966,467      1,841,188       1,125,279          62.1%
   1,010,000
                                                                                                        2009   2,667,695      1,703,887         963,808          63.9%
    510,000                                                                                      COMMENTS:
                                                                                                 The estimate for this revenue was reduced in the current year. The fiscal
     10,000                                                                                      year to date amounts shown above and in the graph are for 6 months.
                           2008                                              2009

                                   Fiscal Year To Date     Fiscal Year Total


                                                                                                 OVERVIEW:
                                    Recordation Taxes                                            The Code of Virginia §58.1-3800 authorizes the County to impose a tax on
                                 (Grantor & Grantee taxes)                                       deeds contracts and other instruments in an amount equal to 1/3 of the
                                                                                                 amount of the state recordation tax. The current state recordation tax is 25
                                                                                                 cents per $100 of property value. In addition to the tax on deeds, a grantor
   510,000
                                                                                    450,000      tax is imposed at a rate of 50 cents per $500 of value with 50% of this
   460,000                        411,526                                                        retained by the County. These taxes are collected by the Clerk of Circuit
   410,000
                                                                                                 Court and distributed to the County on a monthly basis.

   360,000
   310,000                                                                                       HISTORICAL DATA: (Fiscal Year Total for 2009 =2009 revised budget )
                                                                                                             Fiscal Year  Fiscal Year To
   260,000                                                                          Budget
                205,380                                            199,403                       Fiscal Year    Total          Date         Remainder     % Collected
   210,000                                                                                              2005     577,440           n/a            n/a            n/a
   160,000                                                                                              2006     644,846           n/a            n/a            n/a
                                                                                                        2007     492,688           n/a            n/a            n/a
   110,000
                                                                                                        2008     411,526        205,380        206,146           49.9%
    60,000                                                                                              2009     450,000        199,403        250,597           44.3%
    10,000
                          2008                                               2009                COMMENTS:
                                                                                                 The fiscal year to date amounts shown above and in the graph are for 6
                                   Fiscal Year To Date   Fiscal Year Total                       months.



                                                                                        Page 3
Summary Financial Report (Major Revenue Section)- continued
                                                                                                    OVERVIEW:
                                     Communication Tax                                              In FY07, the State began imposing a communications sales and use tax on
                                                                                                    the charge for or sale of communication services at the rate of 5%. This tax
                                                                                                    replaced all taxes on the telecommunication industry levied at the local level.
   1,210,000                       1,077,981
                                                                                       1,065,000    The State distributes a portion of these taxes back to localities based on their
                                                                                                    pro rata share of local communication taxes collected in FY06.
   1,010,000


    810,000
                                                                                                    HISTORICAL DATA: (Fiscal Year Total for 2009 =2009 revised budget )
                                                                                                                Fiscal Year   Fiscal Year To
    610,000      535,300                                             521,979            Budget      Fiscal Year    Total           Date        Remainder     % Collected
                                                                                                           2005             -          n/a           n/a            n/a
    410,000                                                                                                2006             -          n/a           n/a            n/a
                                                                                                           2007     389,331            n/a           n/a            n/a
                                                                                                           2008   1,077,981         535,300       542,681           49.7%
    210,000                                                                                                2009   1,065,000         521,979       543,021           49.0%

     10,000                                                                                         COMMENTS:
                            2008                                               2009                 The fiscal year to date amounts shown above and in the graph are for 6
                                                                                                    months.
                                     Fiscal Year To Date   Fiscal Year Total


                                                                                                    OVERVIEW:
                Personal Property Tax Relief Act (PPTRA) Aid                                        In FY98, the General Assembly passed the PPTRA. The purpose of this
                                                                                                    legislation was to gradually eliminate the personal property tax on
                                                                                                    automobiles by increasing state funds to localities. In FY07, state funding
  3,510,000                                                                                         moved from a reimbursement basis to a pro rata share of a capped amount
                                   3,055,208                                          3,055,208     effectively reducing the funding the County would have otherwise received.
  3,010,000                                                                                         For fiscal year 2008 and the foreseeable future this aid will remain capped at
                                                                                                    $3 million. This aid enables the County to reduce taxes on personal use
                2,444,167                                          2,444,167                        vehicles valued between $1000 and $20,000 by 51% and to eliminate taxes
  2,510,000                                                                                         on personal use vehicles valued under $1000. These rates can be expected
                                                                                                    to decrease as taxable values increase.
  2,010,000
                                                                                                    HISTORICAL DATA: (Fiscal Year Total for 2009 =2009 revised budget )
  1,510,000                                                                            Budget                   Fiscal Year  Fiscal Year To
                                                                                                    Fiscal Year    Total          Date         Remainder     % Collected
                                                                                                           2005   3,226,719           n/a            n/a            n/a
  1,010,000                                                                                                2006   3,341,154           n/a            n/a            n/a
                                                                                                           2007   2,945,353           n/a            n/a            n/a
   510,000                                                                                                 2008   3,055,208      2,444,167        611,041           80.0%
                                                                                                           2009   3,055,208      2,444,167        611,041           80.0%

    10,000                                                                                          COMMENTS:
                            2008                                               2009                 The fiscal year to date amounts shown above and in the graph are for 6
                                                                                                    months. The County receives the 5% of this aid in August, 75% in
                                    Fiscal Year To Date    Fiscal Year Total                        November, 15% in February and the remainder in May.
                                                                                           Page 4
Summary Financial Report (Major Revenue Section)- continued
                                                                                                    OVERVIEW:
                                    Consumer Utility Taxes                                          The County levies a tax on the purchase of electricity delivered to consumers
                                                                                                    by a service provider in accordance with the Code of Virginia §58.1-3814.
                                                                                                    The tax is based on kilowatts as opposed to the amount of the bill. The tax
  1,210,000                                                                                         rate for residential customers is $0.00321 while the tax rate for commercial
                                                                                       1,065,000
                                                                                                    customers is $0.00342. This tax does not apply to customers located in
  1,010,000                         916,727                                                         towns that provide police or fire protection and water or sewer services.
                                                                                                    These towns levy their own consumer utility taxes.

    810,000
                                                                                                    HISTORICAL DATA: (Fiscal Year Total for 2009 =2009 revised budget )
                                                                                                                Fiscal Year  Fiscal Year To
    610,000                                                                                         Fiscal Year    Total          Date         Remainder     % Collected
                                                                                        Budget
                                                                     476,066
                                                                                                           2005   1,247,732           n/a            n/a            n/a
                 403,811
    410,000                                                                                                2006   1,278,720           n/a            n/a            n/a
                                                                                                           2007   1,087,724           n/a            n/a            n/a
                                                                                                           2008     916,727        403,811        512,916           44.0%
    210,000                                                                                                2009   1,065,000        476,066        588,934           44.7%

     10,000                                                                                         COMMENTS:
                            2008                                               2009                 The fiscal year to date amounts shown above and in the graph are for 6
                                                                                                    months.
                                     Fiscal Year To Date   Fiscal Year Total


                                                                                                    OVERVIEW:
                                       Building Permits                                             The Code of Virginia §15.2-2286 provides authority to levy fees for building
                                                                                                    code enforcement . The majority of building permit revenue is derived from
                                                                                                    fees on new construction and remodels/alterations. Fees are generally
   410,000                                                                                          based on square feet however there are several flat fees which apply also.
                                                                                       368,438
   360,000

   310,000
                                   264,099
   260,000
                                                                                                    HISTORICAL DATA: (Fiscal Year Total for 2009 =2009 revised budget )
   210,000                                                                                                      Fiscal Year  Fiscal Year To
                                                                                        Budget
                  141,393                                             148,368                       Fiscal Year    Total          Date         Remainder     % Collected
   160,000                                                                                                 2005     115,124           n/a            n/a            n/a
                                                                                                           2006     208,088           n/a            n/a            n/a
   110,000                                                                                                 2007     198,755           n/a            n/a            n/a
                                                                                                           2008     264,099        141,393        122,706           53.5%
    60,000                                                                                                 2009     368,438        148,368        220,070           40.3%

    10,000                                                                                          COMMENTS:
                           2008                                                 2009                The fiscal year to date amounts shown above and in the graph are for 6
                                                                                                    months. We are expected a $60K check from Wal-mart in the near future.
                                     Fiscal Year To Date   Fiscal Year Total


                                                                                           Page 5
Summary Financial Report (Major Revenue Section)- continued
                                                                                                  OVERVIEW:
                              Transient Occupancy Taxes                                           Pursuant to the Code of Virginia § 58.1-3819, the County levies a 2% tax on
                                                                                                  the total amount paid for room rental by or for any transient to any hotel or
                                                                                                  travel campground. This tax does not apply to hotels, etc. located inside the
   510,000                                                                                        limits of incorporated towns who have enacted a transient occupancy tax
                                                                                     453,000      except for the Town of Chincoteague. Approximately 98% of this tax is
   460,000
                               418,467                                                            derived from the Town of Chincoteague.
   410,000

   360,000
                                                                    295,471
   310,000        252,410                                                                         HISTORICAL DATA: (Fiscal Year Total for 2009 =2009 revised budget )
   260,000                                                                                                    Fiscal Year  Fiscal Year To
                                                                                      Budget
                                                                                                  Fiscal Year    Total          Date         Remainder     % Collected
   210,000                                                                                               2005     331,417           n/a            n/a            n/a
   160,000                                                                                               2006     366,032           n/a            n/a            n/a
                                                                                                         2007     407,267           n/a            n/a            n/a
   110,000                                                                                               2008     418,467        252,410        166,057           60.3%
                                                                                                         2009     453,000        295,471        157,529           65.2%
    60,000

    10,000                                                                                        COMMENTS:
                        2008                                                  2009                The fiscal year to date amounts shown above and in the graph are for 6
                                                                                                  months.
                                   Fiscal Year To Date   Fiscal Year Total


                                                                                                  OVERVIEW:
                                   Landfill Tipping Fees                                          The County's landfill enterprise fund is primarily funded from tipping fees
                                                                                                  which are charged to all users of the landfill. These charges are based on
                                                                                                  tonnage disposed. Residents are allowed to dispose of up to 400lbs of
   3,010,000                   2,802,349                                                          residential waste daily at no charge to them. The cost of this exemption is
                                                                                     2,697,479    funded by the County's general fund along with costs associated with the
                                                                                                  County's convenience centers/green boxes.
   2,510,000


   2,010,000
                  1,518,067                                                                       HISTORICAL DATA: (Fiscal Year Total for 2009 =2009 revised budget )
                                                                    1,390,839
   1,510,000                                                                                                  Fiscal Year  Fiscal Year To
                                                                                      Budget
                                                                                                  Fiscal Year    Total          Date         Remainder     % Collected
                                                                                                         2005   2,361,048           n/a            n/a            n/a
   1,010,000                                                                                             2006   2,864,326           n/a            n/a            n/a
                                                                                                         2007   2,993,749           n/a            n/a            n/a
    510,000                                                                                              2008   2,802,349      1,518,067       1,284,282          54.2%
                                                                                                         2009   2,697,479      1,390,839       1,306,640          51.6%

     10,000                                                                                       COMMENTS:
                            2008                                              2009                The fiscal year to date amounts shown above and in the graph are for 6
                                                                                                  months.
                                   Fiscal Year To Date   Fiscal Year Total
                                                                                         Page 6
Summary Financial Report (Expenditure Section)


                    General Fund Departments Trending Over Budget Fiscal Year To Date
                                                (1/31/09)                                                             OVERVIEW:
                                                                                                                      The purpose of this chart is to identify those departments whose actual
            80.0%                                                                                                     expenditures are trending over budget. This does not mean that these
                                                                                                                      departments will exceed their budget at the end of the fiscal year. One-time
            70.0%                                                                                                     capital purchases made early in the fiscal year will cause departments to
                                                                                                                      trend high but this may not necessarily lead to a negative budget variance.
            60.0%                                                                                                     Also note that this section uses cash basis for monitoring. In other words
                                                                                                                      expenditures are recognized when paid as opposed to when incurred.
            50.0%
   % Used




                                                                                                                      TRIGGER: % of Actual expenditures to budget greater than              58.33%
            40.0%
                                                                                                                      BUDGET & EXPENDITURE DATA:
            30.0%                                                                                                                             Revised   FY Actual Exp.
                                                                                                                      Department/Agency       Budget       to 12/30                     % Spent
            20.0%                                                                                                     Board of Supervisors      235,625       158,666                     67.3%
                                                                                                                      Treasurer                 449,312       302,305                     67.3%
            10.0%
                                                                                                                      Sheriff- Court            492,448       338,635                     68.8%
                                                                                                                      Animal Control             91,825        54,621                     59.5%
                                                                                                                      Parks & Recreation        346,977       220,058                     63.4%
             0.0%
                                                                                                                      Planning                  428,154       182,520                     42.6%
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COMMENTS:
The red line identifies the "trigger" percentage of actual expenditures to budget. If a department's % is above the trigger, they are identified. The Sheriff Law Enforcement and Sheriff Court
Services units are trending high due to the purchase of 5 vehicles made during the month of September. Programs such as Gypsy Moth and the Summer Food Program were excluded due
to their seasonal nature along with the Risk Management Department which historically incurs most of its expenditures in the month of July when County insurance premiums are due T he
Board of Supervisors is trending overbudget because the full expendtiure for the annual audit was recognized in January 2009. Parks and Recreation is trending over budget becuase
of termination benefits paid in January.




                                                                                                             Page 7
Statistical Section


                                                                            Accomack County Number Employed & Unemployment Rate

        19,500                                                                                                                                                                                                                               6.6%           7.0%
                                                                                                                     6.2%
                                                                                                           5.8%                   5.8%                                                                                                                      6.5%
        19,000                                                                                                                                                                                                                   5.6%                       6.0%
                                                                                                5.0%                                                                      5.1%       5.0%      5.0%                    4.9%                                 5.5%
        18,500                                                                                                                               4.7%            4.8%                                        4.8%
                                                                                                                                                                                                                                                            5.0%
        18,000                                                                4.1%                                                                                                                                                                          4.5%
                           3.5%      3.6%          3.5%            3.7%
                                                                                                                                                                                                                                                            4.0%
        17,500                                                                                                                                                                                                                                              3.5%
        17,000                                                                                                                                                                                                                                              3.0%
                                                                                                                                                                                                                                                            2.5%
        16,500                                                                                                                                                                                                                                              2.0%

                           -0
                             7        07         07                 -0
                                                                      7          07             07        08          08          -0
                                                                                                                                    8
                                                                                                                                              -0
                                                                                                                                                8
                                                                                                                                                             -   08        08        -0
                                                                                                                                                                                       8        08        08            -0
                                                                                                                                                                                                                          8          08          08
                         ul        g-         p-                 ct         v-            c-           n-          b-          ar          pr             ay            n-         ul        g-        p-            ct         v-          c-
                       J         Au         Se               O            No            De           Ja          Fe        M             A            M               Ju         J         Au        Se          O            No          De
                                                                                                                                        Month

                                                                                                                  Employment                 Unemployment Rate



                                  Number of Positions Frozen by Department                                                                                                           Landfill Billable Waste Received
                                                as of 1/31/09                                                                                                                         Fiscal Year To Date (1/31/XX)

              2.5
                                                                                                                                                      33,000

                                                                                                                                                                                31,819
               2                                                                                                                                      32,000

                                                                                                                                                      31,000
  Positions




              1.5

                                                                                                                                                      30,000                                                   29,715
               1
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                                                                                                                                                      29,000
              0.5
                                                                                                                                                      28,000
                                                                                                                                                                                                                                                  27,350
               0
                                                                                                                                                      27,000
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                                                                                                                                                                                FY 2007                        FY 2008                            FY 2009


                                                                                                                                        Page 8

				
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