Montgomery Township

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Quarter 2013 Budget Report

General Fund Fund Balance

The fund balance for the General Fund at the end of the 2nd Quarter 2013 is $6.6M. This is an increase of $786K over the 2nd Quarter balance for fiscal year 2012.

This increase is a combination of better than expected revenues, led by Earned Income Tax receipts, and expenditures below budget.

GENERAL FUND BALANCE 2012 ACTUAL VS 2013 PROJECTION AS OF JUNE 30, 2013
$8,000,000 $7,000,000 $6,000,000 $6,666,874.58

FUND BALANCE

$5,814,794.06

$5,000,000
$4,000,000 $3,000,000 $3,060,868.65 $2,000,000 $1,000,000 $0
2012 2013

$4,568,716.60

$3,608,735.79

$4,508,794.97

MONTH 3

General Fund Revenues

At the end of the 2nd Quarter of 2013 revenues are 5.9% above prior year and approximately 2.6% above the 2nd Quarter anticipated budget. The two most significant revenue streams contributing to the increase over prior year are the earlier receipt of Real Estate Tax returns and the increase in the Earned Income Tax (EIT) receipts. The increase in EIT receipts appears to be a combination of receipts collected earlier, and more timely distributions of collected funds to municipalities and school districts. Permit fee receipts are below prior year receipts however, this was anticipated in the budget and receipts through the 2nd Quarter are on target with the 2013 budget. Businesses Tax receipts are below prior year receipts which appears to be a combination of lower than estimated gross receipts in final Business Tax returns for 2012 and the re-location of two sizeable Business Tax payers from the Township.
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GENERAL FUND REVENUE COMPARISON 2nd Quarter 2013 vs. 2nd Quarter 2012
2013 Actual Tax Revenues $ 7,267,813 2012 Actual $ 6,786,312 Percent Above 2012 7.1%

Permits & Licenses Revenues

Other Sources Of Revenue Total Revenues

699,126

759,470

(7.9%)

168,665

139,753

20.7%

$ 8,135,604

$ 7,685,536

5.9%

Local Enabling Tax Revenue Comparison 2012 - 2013 As of June 30, 2013
$7,000,000

$6,000,000
$5,334,965

$5,774,509

$5,000,000
2012 Revenues

$4,000,000
2013 Revenues

$3,000,000

$2,774,230 $2,137,358

$2,000,000

$1,867,106

$1,755,441

$1,000,000
$226,655 $226,543

$794,775 $705,460

$273,711 $276,700

$35,360 $36,136

$0

EXPENSE COMPARISON
2nd Quarter 2013 vs. 2nd Qtr 2012
2013 Actual Administration Finance Police Code Public Works Total Expenditures $ 476,451 351,441 2,477,469 303,699 745,036 $4,354,096 2012 Actual $ 482,185 368,559 2,429,309 341,763 786,062 $4,407,879 Percent Above (Below) 2012 (1.2%) (4.6%) 2.0% (11.1%) (5.2%) (1.2%)

Summary of 2nd Quarter 2013

Overall Township revenues are exceeding prior year by 5.9% led primarily by Earned Income Tax receipts. This increase is related to the timing of receipt collections and some one-time events. Expenses are tracking below prior year by 1.2% and are tracking below budget at the end of the 2nd Quarter. Overall, it has been a solid 2nd Quarter. Staff is optimistic that the balance of the 2013 fiscal year will progress according to the approved budget.
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