Financial Report - Moreno Valley

188
City of Moreno Valley
Key Revenues, General Fund
Last Ten Fiscal Years
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Utility Users Tax $ 9,078,814 $ 9,718,667 $ 10,980,848 $ 12,527,514 $ 13,811,740 $ 15,463,291 $ 15,186,616 $15,081,286 $15,358,341 $15,317,439
Property Tax 5,192,833
Property Tax In-Lieu of VLF -
Vehicle License In-Lieu Fees 8,459,660
Sales Tax 7,194,055
Property Tax In-Lieu of Sales Tax -
Development Services 4,186,830
Notes:
5,710,105
-
9,239,894
8,171,861
-
5,478,729
6,354,247
-
7,283,124
9,100,608
-
7,992,934
7,230,082
8,644,834
3,478,877
8,696,776
3,057,018
10,968,374
11,930,618
12,068,070
1,275,342
8,623,390
2,694,451
12,592,569
14,022,135
14,150,000
943,313
9,472,304
3,643,967
12,976,965
14,361,253
16,728,600
800,667
7,942,982
3,751,543
12,790,196
16,791,078
865,718
7,135,246
3,067,138
9,917,734
13,703,197
In late FY 2004 due to budget constraints the State of California discountinued the back-fill of the Vehicle In-Lieu fees which accounted for approximately two-thirds of the total amount
paid to local government. In 2005 this "gap" amount was repaid to local agencies which for the City of Moreno Valley amounted to $2,547,036.
9,092,514
7,442,475
547,188
6,952,123
2,346,173
5,243,215
9,431,578
13,055,796
The FY 03/04 State of California budget withheld a portion of the Vehicle License Fee backfill owed to cities. Under the terms of the borrowing the Vehicle License Fee gap loan, as it was
known, was to be repaid in FY 06/07. The City of Moreno Valley, along with a number of other cities, sold the rights to the receivable to a third party, California Communities, in order to
receive the cash on a more timely basis. The agreement resulted in the city receiving a discounted amount or $2,347,317 of the original receivable amount of $2,547,036 in FY 04/05.
In FY 2005 in order to provide collateral for the Budget Deficit Bonds the State of California began withholding twenty five percent of the city's sales tax and replaced it with a like amount
from the ERAF fund. This switch was one of the components of the "Triple-flip" and unlike the switch of vehicle license fees, which is permanent, only lasts until the bonds are repaid or
mature.
Source: City of Moreno Valley Finance Department
887,331
8,113,635
3,169,800
4,746,772