Title
Financial Update Through the Month of June 2020
Brief Description: Staff will present updated financial information through June 2020 to City Council. The focus of the discussion will be on the income tax revenue and other key revenue areas that have been impacted by the COVID-19 virus.
Body
Legislative History
None.
Purpose & Explanation
The purpose of the presentation and discussion is to give City Council up-to-date financial information through June 2020. This will assist in determining if the budget reductions and deferral of purchases and projects is still sufficient to offset the revenue losses due to COVID-19.
2020 Income Tax Revenue
This graph shows the 2020 monthly income tax revenue received by the City as compared to the monthly budgeted amount. Through the end of June, the City was $1,468,176 below budget. However, an estimated $1,609,451 income tax revenue is deferred until later in 2020 due to the tax filing extension from April 15 to July 15. This leaves a Net Impact of positive $141,275 as compared to budget.
Fund Impact
This graph shows the City's income tax budget and actual along with the deferred revenue broken down by Fund. Income tax revenue is distributed to the General Fund, Hudson Parks, Hudson Fire/EMS and Hudson City School District. The graph also accounts for the "Expense Deferrals" which include budgeted expenses that have been deferred or reduced in response to the COVID-19 impact. The overall "Fund Net Impact", is a positive $4,588,028 including $1,329,039 in the General Fund.
Gas Tax
June 2020 was $34,193 below estimate for the month. This put our year to date as $38,783 below estimate. Going forward, we anticipate gas tax revenue to rebound some as people begin to drive more however, we won't know the full impact for at least a few more months.
Ellsworth Meadows Golf Course
June 2020 was the golf course's largest revenue month ($316,615) in the 23 year history of the course. This put the year to date revenue as a...
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