08192008 Regular Meeting - Laserfiche WebLink

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from expenses related to Debt Service payments, which will occur in February and August each year. This category comprises approximately 48.21% of the total FY 2008 Budget or $667,318. Waste Collection Fund The Waste Collection Fund revenues for the second quarter of FY08 totaled $ 936,394 which represents approximately 75% of total budgeted revenues. The major source is charges from current services. The major expense for this fund is contracted services. Actual expenditures for contracted services at quarter end totaled $ 839,891 or 67.11% of total expenditures budgeted for FY08. Debt Service Fund Debt Service Fund revenues for the second quarter of FY08 totaled $13.1 Million.. The major source of funding is Ad Valorem Taxes at $ 7.0 Million and Capitalized Interest of $ 5.7 Million. The majority of ad valorem taxes are received in the first half of the year. The Debt Service portion of this tax rate is 32.96 cents per $100 assessed value. Expenditures at quarter end totaled approximately $1.3 Million of the $7.1 Million budgeted. The budgeted debt payments were processed in February and another payment is schedule for August 2008. Hotel Occunancy Tax Fund Hotel Tax Fund revenues collected for this period totaled $ 634,548 which represents 49% of total budgeted revenues. The major source of revenue is Hotel Occupancy Tax at $ 594,665. Hotel Motel Taxes are not due until July 31s`; therefore, revenues for the third quarter have not been included. Actual expenditures at quarter end totaled $ 491,335. Personnel services make up 13.82% of total expenditures for the quarter. Payments to recipients of hotel/motel taxes funds are not processed until actual tax payments have been received and all required reports have been submitted. • • t