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Home My WebLink AboutFS 2013-03-19 COMPLETE AGENDA PACKETW" City of Tukwila Finance and Safety Committee O Dennis Robertson, Chair O Verna Seal O De'Sean Quinn AGENDA TUESDAY, MARCH 19, 2013 — 5:30 PM CONFERENCE Room #3 (at east entrance of City Hall) Distribution: D. Robertson V. Seal D. Quinn K. Hougardy Mayor Haggerton D. Cline P. McCarthy C. O'Flaherty S. Kerslake K. Matej Item Recommended Action Page 1. PRESENTATION(S) 2. BUSINESS AGENDA a. 2012 4th Quarter cash and investment report. a. Information only. Pg.1 Peggy McCarthy, Finance Director b. 2012 4th Quarter sales tax and miscellaneous revenue report. b. Information only Pg.7 Peggy McCarthy, Finance Director 3. ANNOUNCEMENTS 4. MISCELLANEOUS Next Scheduled Meeting: Tuesday, Aprll2, 2013 16. The City of Tukwila strives to accommodate individuals with disabilities. Please contact the City Clerk's Office at 206 - 433 -1800 or (TukwilaCityClerk @TukwilaWA.gov) for assistance. p TO: City of Tukwila Jim Haggerton, Mayor INFORMATIONAL MEMORANDUM Mayor Haggerton Finance and Safety Committee FROM: Peggy McCarthy, Finance Director BY: Vicky Carlsen, Deputy Finance Director DATE: March 13, 2013 SUBJECT: Fourth Quarter 2012 Cash & Investment Report ISSUE The fourth quarter Investment Report is included with this memorandum and is discussed below. BACKGROUND City funds are invested to earn a reasonable return while preserving principal and allowing sufficient liquidity to meet the City's operating needs. To achieve these objectives investments are diversified by type, by financial institution, and by maturities in compliance with the City Investment Policy. DISCUSSION Portfolio Components At December 31, 2012, the portfolio totaled $37.5 million comprised of $27.1 million in cash and cash equivalents and $10.4 in longer term investments. The portfolio balance declined by $0.7 million from September 30, 2012 balance of $38.2 million. One municipal bond matured with a par value of 185,000 in the 3rd quarter of 2012. Funds received were not reinvested in long-term investment vehicles but were rolled into cash & cash equivalents for cash flow purposes. Portfolio Performance The portfolio weighted average yield at year end was .92%. Considering the portfolio's weighted average maturity was 1.3 years, and the yield on the cash & cash equivalent accounts was .36%, the portfolio yield of .92% is quite favorable. The yield has been sustained by the 4.22% average yield on the municipal bond investments, the 1.42% yield on the certificate of deposits, and the .50% earnings credit on the US Bank depository account. Investment income through 4th quarter 2012 is $357,643 and has exceeded the 2012 budget of $182,585. However, investment income for 2012 is less than 2011 investment income of $439,128 due to a decline in the portfolio balance. Market value changes have no realized effect on the portfolio performance because investments are held to maturity consistent with the City's policy. However, it is worth rioting that, because of the decline in interest rates of the year, the market value of the portfolio increased from a market value gain of $299,416 at December 31, 2011 to a market value gain of $426,071. 1 INFORMATIONAL MEMO Page 2 Policy Compliance and Liquidity Analysis As of the end of the 4th quorter, the portfolio profile is well within the range of all the investment policy parameters. There is currently a healthy mix of investments with a range of maturity dates. Current investments allow for adequate cash flow requirements. Fund Cash & lnvestment Balances The General Fund balance shows a moderately healthier year-end balance in cash and investments than the previous 2 years. This can be attributed to an increase in sales tax revenue in 4th quarter that beat projections and continued restraint on spending. The Arterial Street Fund balance shows a continual decline which was anticipated as funds have been expended for the Southcenter Access P ject (LID) and the Southcenter Parkway p jecta. Due to the economic situation of the last several yearo, cash and investment balances for governmental funds, in total, have been trending downward. If reimbursement for the LID had occurred in 2012 rather than 2013. year-end balances would have been at levels comparable with 2010 and 2011. Investment Environment Interest rates have remained low throughout 2012 and are expected to remain low until 2015. Reports have indicated that Fed Officials are temporarily tying the interest rate to the unemployment rate. Current plans are to keep the federal funds rates near zero until the jobless rates drops to 6.5 percent, as long as inflation expectations remain around 2 percent. The portfolio will be managed to take advantage of investment opportunities as they arise. RECOMMENDATION Presentation is for information only. ATTACHMENTS Cash and lnvestment Report Policy Compliance & Liquidity Analysis Cash and lnvestment Balances by Fund Treasury Rates and Yield Curves W:11 Repot Info Memo Investment Report 2012Q4.clocx 2 Agency / Issuer CITY OF TUKWILA CASH & INVESTMENT REPORT December 31, 2012 (a) (c) (d) Rating Purchase Maturity Term Par Book Yield to Annualized Moodys Investment Type Date Date Yrs Value Balance Maturity Return CASH & CASH EQUIVALENTS US Bank Washington State Treasurer Columbia Bank Depository Various (b) $ 3,654,594 $ 3,654,594 (e) 5 54.574 LGIP Investment Pool Various Money market Various (b) (b) 0.5% 9,410,376 9,410,376 (f) 9,482 0.23% 14,055,527 14,055,527 (f) 33,793 0.3% Total Cash & Cash Equivalents 27,120,497 27,120,497 0.36% 97,850 INVESTMENTS Certificates of Deposit US Bank Certificate of Deposit 2/15/2010 2/15/2013 3.0 3,450,000 3,450,000 1.44% 49,680 Sound Community Bank Certificate of Deposit 3/4/2011 3/4/2014 3.0 3,000,000 3,074,090 1.40% 42,000 Regal Bank Certificate of Deposit 6/20/2012 12/20/2014 2.5 250,000 250,000 1.30% 3,250 CERTIFICATES OF DEPOSIT -- TOTAL 3.0 6,700,000 6,774,090 1.42% 94,930 Taxable Municipal Bonds City of Marysville, sinking Al LTGO Refunding 11/23/2010 12/1/2017 5.5 535,000 583,012 3.37% 19,647 2014 -2017, ave 5.5 years Washington State Convention Aa3 Lodging Tax Bonds 11/30/2010 7/1/2016 5.6 500,000 505,073 3.60% 18,183 Center Facility UW Biomedical Center Aal Revenue Bonds 12/14/2010 7/1/2017 6.6 500,000 504,793 4.05% 20,444 UW Biomedical Center Aal Revenue Bonds 12/14/2010 7/1/2019 8.6 500,000 504,775 4.70% 23,724 Douglas County, ESD, sinking Aal UTGO 12/23/2010 12/1/2020 8.9 1,135,000 1,152,336 4.55% 52,431 2018 -2020, ave 9 yrs Port of Anacortes Al LTGO 12/17/2010 9/1/2020 9.7 340,000 329,484 5.00% 16,474 TOTAL MUNICIPAL BONDS 7.6 3,510,000 3,579,473 4.22% 150,904 Total Investments 4.6 10,210;000 0,353,563 2.3 7% 245,834 TOTAL CASH, CASH EQUIVALENTS & INVESTMENTS 1.3 $ 37,330,497 $ 37,474,060 0.92% 1 $ 343,684 Current Portfolio Yield (a) On calleable bonds, term is calculated to final maturity even though call date may occur first; term of liquid investments is one day; on sinking fund bonds, average maturity is used to calculate term. (b) No fixed maturity, funds are available within one day. (c) Yield to Maturity represents average rate for the year for various investment vehicles. (d) Annualized Return represents actual earnings for the fiscal year. (e) Represents earning credit from US Bank. City earns interest up to the amount of fees. (f) Represents rate in effect for period ending this report. 3 CITY OF TUKWILA Policy Compliance & Liquidity Analysis CASH & INVESTMENT REPORT December 31, 2012 Liquidity Analysis & Maturity Diversification Funds immediately available Fixed Maturity Investments, maturing n: 0-90 days after Report Date 91-180 days after Report Date Investments maturing in 1 year or less Investments maturing Investments maturing Investments maturing Investments maturing in 1-3 years in 3-5 years in 5-7 years in 7-10 years Investments maturing in more than 1 year and less than 10 years. TOTALS Investment Policy Parameters Funds available within 1 year Funds available within 5 years Funds available in 5- 10 years r&A":$104,111411relchori ff ANANriPtai, 'OAAN 1101k, A ,11.1"+11,1i110101:;111 Portfolio Amount $ 27,120,497 3,450,000 3,450,000 3,324,090 1,592,878 504,775 1,481,820 6,903,563 $ 37,474,060 Liquidity Requirements and Funds Available for Investing: (a) no 4 Funds immediately available Restrictions & designations: Operating liquidity (a) 14,000,000 Liquidity threshold 14,000,000 Funds available for longer term investing $ 13,120,497 Represents largest one month decline in portfolio balance over the most recent 36 month period doubled; or the Available Within 1 Year $ 27,120,497 3,450,000 $ 30,570,497 82% POLICY LIMIT PORTFOLIO 30.0% min 82% 80.0% min 95% 20.0% max 6% Tirki0A'0, $ 27,120,497 1,}1; As of Report Date Available Available in Within 5 5 - 10 Years Years $ 27,120,497 3,450,000 3,324,090 1,592,878 504,775 1,481,820 $ 35,487,465 $ 1,986,595 95% 6% Policy Met? Yes Yes Yes equivalent of a 100% cushion. faM1MBEM, 114 .444i WWI 010.1104114,14'11 Financial Institution Diversification US Bank Washington State Treasurer Columbia Bank Sound Community Bank Other financial institutions Total Investment Mix Depository State Investment Pool Money market Certificate of Deposit US Agency Municipal Bonds Total 11; PAO; *4411. Weighted Average Maturites: Certificates of deposit Municipal bonds Total Investments Total Portfolio POLICY MAXIMUM Policy Met? Portfolio Amount $ 7,104,594 9,410,376 14,055,527 3,074,090 3,829,473 $ 37,474,060 Portfolio Amount 3,654,594 9,410,376 14,055,527 6,774,090 3,579,473 37,474,060 Years 3.0 7.6 4.6 1.3 3.5 Yes 11/01.01,1151r, ;"%'. Note: Cash and cash equivalents are available within one day and are factored into the Total Portfolio weighted average maturity. % of Total 19.0% 25.1% 37.5% 8.2% 10.2% 100.0% % of Total 9.8% 25.1% 37.5% 18.1% 0.0% 9.6% 100.0% :1"i";0111410.1,441,ii POLICY MAXIMUM 50.0% 75.0% 50.0% 50.0% 50.0% POLICY MAXIMUM insured by PDPC 75.0% insured by PDPC insured by PDPC 75.0% no limit specified in policy 4:A1 Performance Analysis Current portfolio yield Benchmarks: 6 month treasury 2 year treasury Local Govt Invst Pool ;or Policy Met? Yes Yes Yes Yes Yes Policy Met? Yes Yes Yes Yes Yes Yes 0.92% 0.11% 0.25% (f) 0.23% CITY OF TUKWILA Cash & Investment Balances By Fund and Fund Group CASH & INVESTMENT REPORT December 31, 2012 Governmental Funds iteit General Total 3,910,343 10.0% 3,554,218 Special Revenue Total 4,026,683 -52.9% 8,556,188 Debt Service Total 3,291,381 -1.2% 3,330,312 Capital Project Total 3,692,185 -19.1% 4,565,730 Grand TotaJ 14,920,592 ; ekiiat 2.6% 3,462,672 -34.6% 13,083,348 109077.7% 3,050 -46.0% 8,457,000 —Addligliii 1: ' ' difir -17.7% 4,208,419 -45.8% 7,759,376 • 62.9% 8,029,596 -34.0% 12,172,369 -101.3% (239,393) -124.5% 975,129 25.1% 6,762,348 14.2% 5,921,555 --"''70,tol60ro7onMeki•o* 429 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 Total Cash & Investments Governmental Funds 2008 Enterprise and Internal Service Funds 2009 2010 2011 2012 Enterprise 400 UTILITY ON ACCT (cnerpayments) $ 13,700 $ 14,551 $ 401 WATER 4,636,192 4,533,184 5,767,311 5,790,806 5,895,729 4O2 SEWER 1,584,312 997,382 1,726,671 1,662,379 2,079,181 404 WATER/SEWER REVENUE BONDS - 209,313 208,910 405 BOND RESERVE - 393,547 393,547 411 FOSTER GOLF COURSE 309,581 32,012 57,199 181,626 395,908 412 SURFACE WATER 2,344,887 2,097,280 2,273,623 2,045,265 3,410,121 Enterprise Total 8,874,973 7,659,857 9,838,504 10,297,487 12,383,395 Internal Service 501 EQUIPMENT RENTAL 4,143,781 3,515,168 3,324,596 3,321,879 3,513,780 502 INSURANCE 5,988,312 6,435,672 5,678,846 4,548,635 2,786,419 503 INSURANCE - LEOFF I 1,921,032 1,822,186 1,657,049 1,347,955 1,053,348 Internal Service Total 12,053,124 11,773,025 10,660,491 9,218,469 7,353,547 Graflii T 1 20 0007 19,432,882 20,498,996 19,515,957 19,736,942 14,000,000 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 Total Cash & Investments Enterprise and Internal Service Funds 2008 2009 2010 2011 2012 Enterprise El Internal Serivce 5 CITY OF TUKWILA Treasury Rates and Yield Curves CASH & INVESTMENT REPORT December 31, 2012 Rates at December 31, 2012 3mo pmt 1 2Yr 3Yr 10Yr 0.05% 0.16% 0.36% 1.78% Source: US Department of the Treasury 3.50% t--- 3.00% F. 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 6 Rate % Change Change 0.03% 60% 0.05% 45% 0.04% 25% 0.00% 0% 0.00% 0% -0.11% -15% -0.11% -6% 0.06% 2% Rates at December 30, 2011 3mo Smc 1 Yr 2Yr 3Yr r 10Yr Comparison of Treasury Rates 3mo 6 mo 1 yr 2 yr 3 yr 5 yr 10 yr 30 yr 0.02% 0.12% 0.36% 1.89% 12/31/2012 12/30/2011 ■r TO: City of Tukwila Jim Haggerton, Mayor INFORMATIONAL MEMORANDUM Mayor Haggerton Finance and Safety Committee FROM: Peggy McCarthy, Finance Director BY: Jennifer Ferrer -Santa Ines, Senior Fiscal Coordinator DATE: March 12, 2013 SUBJECT: Sales Tax and Miscellaneous Revenue Report - 4th Quarter 2012 Schedule I - Sales Tax in 1,000's 2012 SALES TAX REVENUE BUDGETED ANNUAL SALES TAX REVENUE SURPLUS IN SALES TAX REVENUE 15,043 14,413 $ 630 Total sales tax collections for the fourth quarter were $145K above the same quarter in the previous year. Annual sales tax revenue exceeded budget by $630K or 4 %. 7 III�IIIIIIIIIIIIIIIIIIIIIIIIII 2011 IIII a 1111111111111 III IIII 0° IIII ° 2012 111111111111111111 111 ° 1111111111211,21,21111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 Variance -- Month -- Collected Recd New � Construction Other i Total Industries New � Construction Other � Total Industries New Construction i Other Industries � Amount % I Amount % Total Amount % Jan Mar $ 54 $ 985 $ 1,039 $ 85 $ 944 $ 1,029 $ 31 57 %I $ (41) -4 %I $ (10) -1% Feb Apr 76 967 1,043 63 1,036 1,099 (13) -17 %� 69 7 %� (2,142) 5% Mar May 118 1,335 1,453 48 1,174 1,222 (70) -59 %; (161) -12 %: (2,675) -16% Q -1 Totals $ 248 I 3,287 I $ 3,535 $ 196 I 3,154 I $ 3,350 $ (52) -21%! (133) -4 %1 (185) -5% Apr Jun 134 1,118 1,252 58 1,070 1,128 (76) -57 %� (48) -4 %� (2,380) -10% May Jul 148 : 1,059 : 1,207 58 : 1,128 : 1,186 (90) -61 %., 69 7 %., (2,393) -2% Jun Aug 125 1,262 1,387 73 1,204 1,277 (52) -42%! (58) -5%! (2,664) -8% Q -2 Totals $ 407 3,439 $ 3,846 $ 189 3,402 $ 3,591 $ (218) -54 %� (37) -1 %� (255) -7% Jul Sep 135 : 1,146 : 1,281 73 : 1,164 : 1,237 (62) -46 %. 18 2 %. (2,518) -3% Aug Oct 108 1,108 1,216 71 1,215 1,286 (37) -34 %I 107 10 %I (2,502) 6% Sep Nov 125 1,202 1,327 113 1,181 1,294 (12) -10 %' (21) -2 %' (2,621) -2% Q -3 Totals $ 368 3,456 $ 3,824 $ 257 3,560 $ 3,817 $ (111) -30 %. 104 3 %. (7) 0% Oct Dec 145 1,076 1,221 106 1,100 1,206 (39) -27 %I 24 2 %I (2,427) -1% Nov Jan 108 1,093 1,201 92 1,230 1,322 (16) -15 %� 137 13 %� (2,523) 10% Dec Feb 114 1,604 1,718 123 , 1,634. 1,757 9 8 %. 30 2 %! (3,475) 2% Q -4 TctaIs of $ 367 o 77 „1 ' $,,,,,4,140 $ 321 1 ' ;3,9641 4,285 , $ - (46) -13 %J 1 1 ' 5%l ' 145 4"/ 2012 SALES TAX REVENUE BUDGETED ANNUAL SALES TAX REVENUE SURPLUS IN SALES TAX REVENUE 15,043 14,413 $ 630 Total sales tax collections for the fourth quarter were $145K above the same quarter in the previous year. Annual sales tax revenue exceeded budget by $630K or 4 %. 7 8 INFORMATIONAL MEMO Page 2 The City has collected $1,127,394 in sales tax mitigation to date which is 94% of the annual mitigation budget of $1.2 million, a decline of $90K compared to the previous year due to the State's 3.4% reduction for the 2012 -2013 biennium, ending on June 30th and a reduction in base mitigation. The following is a schedule of mitigation payments for 2011 -2012. N Ii_J 03/31/2011 $ 305 986 $ 305,986 06/30/2011 305 295 305,295 09/30/2011 305 850 305,850 12/31/2011 300 287 300,287 $ 1,217,418 03/31 /2012 $ 301,763 $ 301,763 06/30/2012 301,470 (41,119) * 260,351 09/30/2012 301,197 (10, 241) ** 290,956 12/31/2012 283,978 (9,655) ** 274,323 $ (41,119) $ (19,896) $ 1,127,393 *Annual reduction from the State was taken out of the 6/30/12 mitigation payment in total "3.4% reduction per quarter reflected in the adjusted payments beginning with the 9/30/12 mitigation W: \FIN Projects \Sales Tax Information\2012 \Info Memo Sales Tax- Q4- 12312012.docx INFORMATIONAL MEMO Page 3 Below is a graph of businesses by type of industry showing overall change from previous year revenue receipts collected to date. 80.0% 60.0% 40.0% 20.0% 0.0% -20.0% -40.0% -60.0% -80.0% - 100.0% $ 430 022 Construction $147,822 % ChangeYTD by Category $ 12,092 Transp /Whsng $19,128 Automotive IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII — — ' " ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° ° °° $(38,958) $(81,328) WhIsl Trade Retail Trade Ulf Services IIIIII $(171.0 -15 Misc New construction sales tax collections for fourth quarter were $46K or 13% below the same quarter in the previous year. Year to date through the fourth quarter, collections from new construction sales tax were $427K or 31% below the prior year. Sales tax collected through the amnesty program in effect in 2011 was recorded in the Miscellaneous category. The program was only in effect during 2011 which accounts for the decline in this category in 2012 compared to last year. W: \FIN Projects \Sales Tax Information\2012 \Info Memo Sales Tax- Q4- 12312012.docx 9 10 INFORMATIONAL MEMO Page 4 Schedule II shows the year -to -date sales tax from the top ten industry classifications. Food Services had the highest year over year increase at $133,816 or 10% followed by Miscellaneous Store Retailers, an increase of $92,001 or 18 %. Schedule II YTD YTD Dollar Group Name Current Prior Diff. Diff. * 448 Clothing and Accessories $ 2,089,896.84 $ 2,037,642.78 $ 52,254 2.56% * 452 General Merchandise Stores $ 2,000,864.85 $ 2,003,946.63 $ (3,082) -0.15% * 722 Food Services, Drinking Places $ 1,470,883.54 $ 1,337,067.28 $ 133,816 10.01% * 443 Electronics and Appliances $ 1,146,202.89 $ 1,399,871.25 $ (253,668) - 18.12% * 423 Wholesale Trade, Durable Goods $ 945,496.96 $ 1,008,366.41 $ (62,869) -6.23% * 441 Motor Vehicle and Parts Dealer $ 621,634.76 $ 603,008.63 $ 18,626 3.09% * 453 Miscellaneous Store Retailers $ 599,191.58 $ 507,190.86 $ 92,001 18.14% * 451 Sporting Goods, Hobby, Books $ 588,019.31 $ 642,610.38 $ (54,591) -8.50% 236 Construction of Buildings $ 539,906.52 $ 849,322.36 $ (309,416) - 36.43% * 444 Building Material and Garden $ 516,862.17 $ 487,835.88 $ 29,026 5.95% * Mitigated NAICS Code Schedule III shows the ten largest declines in sales tax revenue for industries with over $10,000 collected year -to -date. There is less activity related to construction this year, which explains this category experiencing the greatest decline over other industries. Schedule III YTD YTD Dollar Group Name Current Prior Diff. Diff. 236 Construction of Buildings $ 539,906.52 $ 849,322.36 $ (309,416) - 36.43% * 443 Electronics and Appliances $ 1,146,202.89 $ 1,399,871.25 $ (253,668) - 18.12% 999 Nonclassifiable Establishments $ 54,529.03 $ 224,338.47 $ (169,809) - 75.69% 238 Specialty Trade Contractors $ 359,935.32 $ 449,302.68 $ (89,367) - 19.89% * 423 Wholesale Trade, Durable Goods $ 945,496.96 $ 1,008,366.41 $ (62,869) -6.23% * 451 Sporting Goods, Hobby, Books $ 588,019.31 $ 642,610.38 $ (54,591) -8.50% 518 Internet Service Providers $ 41,958.64 $ 85,638.58 $ (43,680) - 51.00% 237 Heavy and Civil Construction $ 61,598.16 $ 92,837.01 $ (31,239) - 33.65% 621 Ambulatory Health Care Service $ 54,144.16 $ 77,509.29 $ (23,365) - 30.14% * 446 Health and Personal Care Store $ 195,546.77 $ 214,626.03 $ (19,079) -8.89% * Mitigated NAICS Code W: \FIN Projects \Sales Tax Information\2012 \Info Memo Sales Tax- Q4- 12312012.docx INFORMATIONAL MEMO Page 5 Below is Schedule IV which shows quarterly gambling tax receipts for last year, and the current year to date. Schedule IV - Gambling Tax ** 2012 Sales 2011 2012 Prorated Quarter Actual Actual Budget INCREASE (DECREASE) 2012 to 2011 Actuals 2012 to 2012 Budget Amount % Amount Q1 $ 475,118 $ 465,494 $ 625,536 Q2 $ 382,817 $ 495,196 $ 625,536 Q3 $ 387,236 $ 454,973 $ 625,536 Q4 $ 218,916 $ 508,515 $ 625,534 Totals $ 1,464,087 $ 1,924,178 $ 2,502,142 $ (9,624) -2.03% $ (160,042) - 25.58% $ 112,379 29.36% $ (130,340) - 20.84% $ 67,738 17.49% $ (170,563) - 27.27% $ 289,599 132.29% $ (117,019) - 18.71% $ 460,091 31.43% $ (577,964) - 23.10% ** gambling tax currently includes card games, punch boards, pull tabs, and amusement games Gambling receipts for the 4th quarter are 132% higher compared to gambling revenue for the same quarter in the previous year and 19% below budget. In 2011, one casino did not pay 4th quarter taxes and paid only a portion of its 2nd quarter taxes. All casinos remitted their gambling taxes in full for each quarter in 2012 explaining the large increase in 4th quarter actuals year over year. To date, all back taxes due from this casino have been receipted with the majority being collected in 2012 and the remainder in 2013. In addition, a portion of back taxes for pull tab gambling activity was recovered through a lien and foreclosure process. The City received $100,000 in February 2013 and will receive $25,000 by the end of March. Schedule V shows monthly admission tax receipts for the prior year and current year to date. Schedule V - Admissions Tax * ** 2012 Sales 2011 2012 Prorated Quarter Actual Actual Budget INCREASE (DECREASE) 2012 to 2011 Actuals 2012 Actuals to 2012 Budget Amount % Amount cyo Q1 $ 101,316 $ 122,478 $ 146,750 Q2 124,974 135,241 146,750 Q3 121,907 127,694 146,750 Q4 111,030 142,715 146,750 $ 21,162 10,267 5,787 31,685 20.89% $ (24,272) 8.22% (11,509) 4.75% (19,056) 28.54% (4,035) - 16.54% - 7.84% - 12.99% - 2.75% Totals $ 459,227 $ 528,128 $ 587,000 $ 68,901 15.00% $ (58,872) - 10.03% * ** excludes golf course admissions tax Admission tax receipts are currently 10% below budget for the year, and about 15% above prior year actual receipts. Attachments • Sales Tax Summary W: \FIN Projects \Sales Tax Information\2012 \Info Memo Sales Tax- Q4- 12312012.docx 11 12 SALES TAX SUMMARY 2012 Collections YTD thru 12 -31 -2012 (Received in March 2012 - February 2013) NAICS CONSTRUCTION 236 Construction of Buildings 237 Heavy & Civil Construction 11 TOTAL 849,322 92,837 238 Specialty Trade Contractors 449,303 TOTAL CONSTRUCTION $ 1,391,462 $ Overall Construction Change from Previous Year 11 YTD 849,322 92,837 449,303 1,391,462 $ 12YTD 539,907 61,598 359,935 961,440 ($430,022) -30.9% YTD % Diff -36.4% -33.6% -19.9% NAICS AUTOMOTIVE 11 TOTAL 11 YTD 12YTD YTD % Diff 441* Motor Vehicle & Parts Dealer 603,009 603,009 621,635 3.1% 447* Gasoline Stations 68,068 68,068 68,570 0.7% NAICS TOTAL AUTOMOTIVE $ 671,077 $ Overall Automotive Change from Previous Year RETAIL TRADE 11 TOTAL 671,077 $ 11 YTD 690,204 $19,128 12YTD 2.9% % Diff YTD MANUFACTURING 11 TOTAL 11 YTD 12 YTD % Diff 442* Furniture & Home Furnishings 371,512 371,512 390,277 5.1% 443* Electronics & Appliances 1,399,871 1,399,871 1,146,203 -18.1% 311 Food Manufacturing 3,913 3,913 5,093 30.1% 312 Beverage & Tobacco Products 3,638 3,638 1,302 -64.2% 313 Textile Mills 661 661 473 -28.4% 314 Textile Product Mills 11,723 11,723 11,796 0.6% 315 Apparel Manufacturing 544 544 458 -15.7% 316 Leather & Allied Products 12 12 0 - 100.0% 444* Building Material & Garden 487,836 487,836 516,862 6.0% 445* Food & Beverage Stores 122,949 122,949 157,235 27.9% 446* Health & Personal Care 214,626 214,626 195,547 448* Clothing &Accessories 2,037,643 2,037,643 2,089,897 2.6% 451* Sporting Goods, Hobby, Books 642,610 642,610 588,019 -8.5% 452* General Merchandise Stores 2,003,947 2,003,947 2,000,865 -0.2% 321* Wood Product Manufacturing 1,777 1,777 2,678 50.7% 453* Miscellaneous Store Retailers 507,191 507,191 599,192 18.1% 322* Paper Manufacturing 21,239 21,239 23,817 12.1% 454* Nonstore Retailers 141,173 141,173 163,934 16.1% 323* Printing & Related Support 39,915 39,915 33,732 -15.5% TOTAL RETAIL TRADE $ 7,929,358 $ 7,929,358 $ 7,848,030 324 Petroleum & Coal Products 325 Chemical Manufacturing 326 Plastic & Rubber Products 1,066 8,549 3,288 1,066 8,549 3,288 5 5,997 1,627 -99.5% -29.8% -50.5% 327* Nonmetallic Mineral Products 5,843 5,843 5,388 -7.8% 331 Primary Metal Manufacturing 332 Fabricated Metal Mfg Products 333 Machinery Manufacturing 197 14,421 3,318 197 14,421 3,318 139 19,444 2,802 -29.3% 34.8% -15.6% I 334* Computer & Electronic Products 18,739 18,739 18,241 -2.7% 335 Electric Equipment, Appliances 336 Transportation Equipment Mfg 198 112,148 198 112,148 1,141 264,570 476.6% 135.9% 337* Furniture & Related Products 10,936 10,936 9,119 -16.6% 339* Miscellaneous Manufacturing 11,577 11,577 13,701 18.4% TOTAL MANUFACTURING $ 273,702 $ Overall Manufacturing Change from Previous Year TRANSPORTATION & WAREHOUSING 481 Air Transportation 482 Rail Transportation 484 Truck Transportation 485 Transit and Ground Passengers 487 Scenic and Sightseeing Tran 488 Transportation Support 491 Postal Services 492 Couriers & Messengers 11 TOTAL 73 1,892 6,937 17,288 844 31,327 223 38 273,702 $ 11 YTD 73 1,892 6,937 17,288 844 31,327 223 38 421,524 $147,822 12YTD 5 2,818 5,528 1,264 1,136 35,239 227 254 54.0% YTD % Diff 0.0% 49.0% -20.3% -92.7% 0.0% 12.5% 0.0% 570.2% I 493* Warehousing & Storage 926 926 983 6.2% TOTAL TRANSP & WHSING $ 59,547 $ Overall Transportation Change from Previous Year WHOLESALE TRADE 11 TOTAL 59,547 $ 11 YTD 47,454 ($12,092) -20.3% 12 YTD YTD % Diff 423* WhIs Trade - Durable Goods 1,008,366 1,008,366 945,497 -6.2% 424* WhIs Trade - Nondurable Goods 108,078 108,078 131,084 21.3% 425* Wholesale Electronic Markets 2,199 2,199 3,105 41.2% WHOLESALE TRADE TOTAL $ 1,118,644 $ Overall Wholesale Change from Previous Year * Sales Tax Mitigation NAICS Codes (!.% 03/13/2013 Overall General Retail Change from Previous Year SERVICES 51X Information 52X Finance & Insurance 53X Real Estate, Rental, Leasing 541 Professional, Scientific, Tech 551 Company Management 56X Admin, Supp, Remed Svcs 611 Educational Services 62X Health Care Social Assistance 71X Arts & Entertainment 11 TOTAL 503,025 74,831 434,933 216,619 109 140,347 66,745 102,103 120,156 11 YTD 503,025 74,831 434,933 216,619 109 140,347 66,745 102,103 120,156 ($81,328) 12YTD 511,718 88,697 448,360 251,831 937 145,227 60,357 81,829 135,779 -1.0% YTD % Diff 1.7% 18.5% 3.1% 16.3% 762.4% 3.5% -9.6% -19.9% 13.0% I 72X* Accommodation & Food Svcs 1,796,673 1,796,673 1,958,861 9.0% 81X Other Services 92X Public Administration TOTAL SERVICES 177,493 41,251 $ 3,674,285 $ Overall Services Change from Previous Year MISCELLANEOUS 11 TOTAL 000 Unknown 41 111 -115 Agriculture, Forestry, Fishing 411 211 -221 Mining & Utilities 2,934 999 Unclassifiable Establishments 224,338 MISCELLANEOUS TOTAL $ 227,724 $ Overall Miscellaneous Change from Previous Year 11 TOTAL 177,493 41,251 3,674,285 $ 11 YTD 41 411 2,934 224,338 227,724 $ 11 YTD 201,648 52,206 3,937,451 $263,166 13.6% 26.6% 7.2% YTD 12 YTD % Diff 0 - 100.0% 330 -19.9% 1,850 -36.9% 54,529 -75.7% 56,709 ($171,015) -75.1% 12YTD YTD % Diff GRAND TOTALS $15,345,798 $15,345,798 $15,042,499 Grand Total Change from Previous Year 1,118,644 $ 1,079,686 Grand Total Change from Previous Year- Without New Construction ($38,958) -3.5% ($303,299) -1.98% $126,723 TUK Sales Tax Rp1201212Q4.xlsx 0.91% 14