FY 2011-12 Adopted Budget - City of Oviedo

REVENUE TRENDS
MAJOR REVENUE SOURCES
The State Revenue Sharing (SRS) pool for Florida municipalities is comprised of the One Cent Municipal Gas Tax
(29%) and the State Sales Tax collections (71%). These funds are distributed back to municipalities based on a
formula involving population, sales tax collections and the municipality's relative ability to raise revenue. Since the
high watermark year in FY 07-08, SRS revenues have been declining commensurate with the recessionary
economy. FY 09-10 revenues did surpass budget projections by $57,219 or almost 9% as the City received an
unexpected one-time true-up of revenues in August 2010. The FY 11 revenue projection of $737,685 was based on
the actual for FY 10 of $710,749 plus 3.9%, which may be understated. The FY 11-12 State estimate for the City of
Oviedo is $767,192, which would reflect a reversal of the downward trend if the estimate materializes.
Trend↑
$950,000
State Revenue Sharing
Revenue Trends
$850,000
$750,000
$749,548
$719,997
$710,049
$737,685
$767,192
$650,000
FY 08 Actual FY 09 Actual FY 10 Actual FY 11 Projection FY 12 Budget
The Local Government Half-Cent Sales Tax generates the largest amount of revenue among the state-shared
revenues. Half Cent Sales Tax revenues are distributed based on a population-based formula that returns
estimated taxable sales within Seminole County back to the County and its 7 cities. Approximately 62% of estimated
taxable sales are distributed to the County and the balance is remitted to the 7 municipalities. As reflected in the
chart below, there has been a consistent decline in sales tax revenue that began in FY 06-07, which was
commensurate with the start of the recession. The FY 11-12 budget estimate of $1,879,955 is based on a 3%
growth rate over the FY 11 projection.
Trend↔
State-Shared 1/2 Cent Sales Tax
Revenue Trends
$2,500,000
$2,250,000
$2,000,000
$2,104,240
$1,843,028 $1,797,094 $1,825,199
$1,879,955
$1,750,000
$1,500,000
$1,250,000
$1,000,000
FY 07-08
Actual
FY 08-09
Actual
FY 09-10
Actual
FY 10-11
Projection
FY 11-12
Budget
59