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City of Key West

City of Key West. Second Quarter Fiscal Year 2009 Revenue / Expenditure Update General Fund. May 27, 2009. City of Key West 2 nd Qtr Review FY 2009. Focus on 5 major Revenue categories: 1) Ad Valorem Property Taxes 2) Building Permits 3) Half-Cent Sales Tax

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City of Key West

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  1. City of Key West Second Quarter Fiscal Year 2009 Revenue / Expenditure Update General Fund May 27, 2009

  2. City of Key West 2nd Qtr ReviewFY 2009 • Focus on 5 major Revenue categories: 1) Ad Valorem Property Taxes 2) Building Permits 3) Half-Cent Sales Tax 4) Cruise Ship Revenue 5) Parking Meters

  3. City of Key West 2nd Qtr ReviewFY 2009 Ad Valorem Property Taxes Change from the July estimated taxable value to final taxable value after VAB Adjustments resulted in a total decrease of $184M in assessed value - a decrease of $403K in budgeted revenue.

  4. City of Key West 2nd Qtr ReviewFY 2009 • Building Permits Permit fee revenue is projected at nearly 49% below the budgeted amount of $1.751M – down $854K. This projection is based on 2nd Qtr. actual collections at 23.8% of budget vs. 46.4% of total collected at 6 mos. last year.

  5. City of Key West 2nd Qtr ReviewFY 2009 Half-Cent Sales Tax The Department of Revenue has reduced their revenue projections three times this FY. Based on our collections at 5 months, year end estimates are below budget $507,000. The most recent monthly payment was 19% below this time last year.

  6. City of Key West 2nd Qtr ReviewFY 2009 Cruise Ships The table below does not include an additional 19 port calls (ships redirected due to swine flu pandemic) with an estimated 43,000 passengers due in during May, 2009. Additional revenue approx. $193k.

  7. City of Key West 2nd Qtr ReviewFY 2009 Parking Meters • Parking revenue is anticipated to be right on target with 49.4% of budget collected compared to 49.2% for the same period last fiscal year.

  8. City of Key West 2nd Qtr ReviewFY 2009 General Fund Cash Reserves FYE 2008 FYE 2008 Unadjusted $14.1M Receivables - Cruiseships $ .287M Receivables - Grant / State $ .357M Wages Payable ($.657M) Accts. Payable ($.685M) FEMA Payable ($.473M) Underfunded Insurance Fund ($.300M) – 75% Probability FYE 2008 Adjusted $12.63M Approx. 120 Days @ $105,000 Per Day

  9. City of Key West 2nd Qtr ReviewFY 2009 General Fund Cash Reserves FYE 2009 (Projected) FYE 2008 Adjusted $12.63M Duck Tours Settlement & Costs ($ 8.40M) Reduction From Operating Loss ($ .350M) FYE 2009 (Projected) $ 3.88M Approx. 37 Days @ $105,000 Per Day

  10. City of Key West 2nd Qtr ReviewFY 2009 SUMMARY & RECOMMENDATION • The 5 major revenue sources have a total projected shortfall of $1,552,000 at the end of the 2nd quarter. However, other General Fund revenues collectively are estimated to pick up $302,000 over budget. This leaves a net projectedshortfall of $1,250,000 in the General Fund. • Expenditure Actions • Fuel - Possible FY Savings of $300K • Eliminate FY 09 Reserve for Pay Increases • Eliminate Four (4) Filled Positions – Effective June 1 • Reduce Operating Expenditures • Cash Reserves • FYE 2008 120 Days • FYE 2009 (Projected) 37 Days Approx.

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