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end of the second quarter marks the midyear <br />point, staff performed a more thorough <br />"Midyear Review." <br /> <br />Honorable Mayor and Members of the Council: <br /> <br />B~CKGROUND <br /> <br />The purpose of this report is to present the status of operating <br />and capital improvement budgets. Actual revenues and expenditures <br />to date have been analyzed and compared to budgeted revenues and <br />expenditures, respectively.. Taking seasonal variations into <br />account, projections for the next six months were then made to <br />enable staff to update.the budget for the entire fiscal year. By <br />midyear, we have a good basis (six previous months) upon which to <br />revise our projections. Because additional time was spent on this <br />year's midyear review, staff actually had two additional months <br />(January and February) upon which to analyze our current budget <br />position. Therefore, this analysis is based on eight months of <br />actual results (July 1991-February 1992) and only four months of <br />projected outcome (March 1992-June 1992). Furthermore, since staff <br />is in the process of preparing next fiscal year's operating budget <br />and capital improvement program, updating the current year's <br />projections provides a good starting point for projecting next <br />year. <br /> <br />OVERVIEW OP SECOND QUA~tTB~t 1991-92 <br /> <br />Although building permit revenue increased in November through <br />January, actuals to date are still behind projections. The <br />County's latest estimates of property tax and documentary stamp tax <br />revenues are also down from last summer's projections. State <br />subvention revenues have also fallen short of projections. <br />However, sales tax and Capital Improvement Fund revenues are <br />essentially on target. <br /> <br />Staff has met the challenge of overall reduced revenue projections <br />by filling vacant positions only when absolutely necessary, <br />delaying the purchase of some equipment, sharing resources of both <br />personnel and equipment between departments, reviewing 'overtime <br />closely, temporary help, travel, dues, subscriptions, and suppIy <br />expenditures. <br /> <br />The City will receive two one-time revenues this fiscal year. which <br />were not in the original projections. They are $888,000 in PERS <br />Credits resulting frOmthe State's changes implemented last summer; <br />and $182,990 as final settlement from the railroads for their <br />participation in the grade separation and consolidation project <br /> <br />SR92:125 <br /> <br />2 <br /> <br /> <br />