Travis County Commssioners Court
April 29, 2003
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Item 39
39. Receive and discuss the fy 2003 mid-year revenue report. Make try to squeeze in another one and take the legislative item up next.
>> [indiscernible] [laughter]
>> how are you doing?
>> for today the mid year revenue report for fiscal 2003. Sort of the unofficial kickoff of the revenue process that we go through in coordination with the budget. But we have a summary in the -- [inaudible - no mic] we have given you the general fund by category. Then the other funds just -- just one line for each fund. The general fund is doing pretty well. It -- it would -- we seem to be pretty much on course there. A little bit of 9% of the budget revenue for the end of March, that's a little better than last year. Last year we were about 88%. Current property taxes we are 98.72% of budget. Last year we were at 98 98.74 per budget. So we are doing very well there. Very well on delinquent taxes. We have already surpassed what we estimated for that.
>> there are a couple of things that we have not built into this obviously or we haven't anticipated. But there's always a possibility. One is something may come down from the legislature that -- that may affect this year that something we don't know about it yet. The other is that -- that it's possible we might have to book some more [indiscernible] liability as we see the assessed valuation slip some. We hope not. We are not looking for that right now, but that's always a possibility. Even still we are doing -- I think that we are doing quite well on our -- on our current property taxes. All of the other categories in the general fund are doing pretty well. We always have our [indiscernible] interest category, a little better than last year, but not terribly good. We had hoped interest rates would inch up a little bit, they night yet. But they -- might yet. But they haven't so far. I do recall last year when we finished the process, saying we have low interest, we don't know that it matters much anymore, we just don't have much revenue in interest anymore. So it's a little better than last year. But unless things kick up, we might very well not make what we estimate for interest. I would point out the last category, other financing sources or transfers. That -- that historically doesn't happen much this time of year. That's mostly -- obviously that's your transfers, the big one is the corporations, that comes at the end of the year. So we usually don't have a whole lot of revenue this time of year. We have -- imaired compared to last year, looked kind of down in reality. That should be pretty well taken care of by the time we get to the end of the year. As I said, overall the general fund looks -- looks pretty good right now. And at this point we anticipate being pretty close to what we estimated for revenue for the fund.
>> so you need this trend to continue, what I’m hearing, through the end of the fiscal year we would be pretty well in shape.
>> we like this trend. It's a good trend we would like to stay with it. We think that we will do pretty well. The last three pages are the other funds. They are doing pretty well. We did highlight a couple in the cover memo. One is road and bridge. Auto registrations. Down in March, but doing well in April, we think that one is going to be all right. That's an important fund. Talking about $20 million. The one fund that -- that we think is struggling in revenue, is probably not going to get to where we thought is the expo center. You may have seen last week there was an article in the sports page about -- about the ice bats attendance being down. Seems to be a -- to be an economy thing. It's true all through the lying. I have met with the folks at the expo center and they are doing their best, but we thought it would be about a million in new revenue. It's not going to be that much. We think. This fund doesn't have much of a beginning balance. So they are pretty much operating on current revenue. They are aware of the situation. That's the one fund that -- that -- that we don't think is going to get what we thought. We hope next year it picks up. The rest of them I think they are doing pretty well. Pretty close to what we thought. A lot of times the differences from last year are time knowledge differences. That's just the nature of the beast sometimes. But we would be glad, I would say we because carolyn is here, too. I’m not speaking [indiscernible], we will be glad to answer any questions that you may have.
>> questions? When you give us these reports, this first one, every month --
>> every month from now on. Next month the first revenue estimate who is just a one page general fund quick ballpark of what the ballpark of where we think we will be there. Then starting the next month we will give you a full blown revenue estimate at least every month.
>> okay. Thank you very much.
>> thanks. [multiple voices]
>> appreciate it.
Last Modified: Wednesday, April 30, 2003 1:52 PM