Updated Revenue Projections Fiscal Year 2012 Hampton City Council March 23, 2011 Revenue Projections 2012

Finance Dept. 03/23/11City Council Presentation Revenues - Updated Projections for FY2012 Total General Fund Revenues  The overall projected decrease in General Fund revenues is $468,000 or.20%.  Staff has consulted with the Commissioner of Revenue, Treasurer and other staff in developing the revised revenue projections.  The state revenues have been updated based on the approved budget by the General Assembly. Slide 2

Finance Dept. 03/23/11City Council Presentation Net Change in Revenue Projections Since Update on February 23, 2011 Slide 3 Revenues – Updated Projections for FY2012 Total Revenue Projections FY12, February 23, ,083,764 Current real estate taxes(600,000) We are required by state code to now provide real estate exemption for veterans who have a 100 percent service-connected, permanent and total disability. Current personal property taxes 521,875 Increased the collection rate from 95% to 97.5% due to Treasurer’s additional collection efforts from an aggressive lien program. Schools will receive a share of this additional revenue. Delinquent personal property taxes 180,000 Additional revenue is due to Treasurer’s additional collection efforts from an aggressive lien program. Net Change for General Property Taxes Classification 101,875

Finance Dept. 03/23/11City Council Presentation Net Change in Revenue Projections Since Update on February 23, 2011 Slide 4 Revenues - Updated Projections for FY2012 EMS fees100,000Adjusted to total collections of $3.1 million for FY10. Corresponding increase goes to the Fire Department Net Change for Charges for Services Classification 100,000

Finance Dept. 03/23/11City Council Presentation Net Change in Revenue Projections Since Update on February 23, 2011 Slide 5 Revenues - Updated Projections for FY2012 HB 599 funds for the Police Department 469,898General Assembly approved budget restored funding to the program Jail per diem revenues22,978Based on the Compensation Board estimate released March 11, 2011 Constitutional Officers(46,239)General Assembly approved budget reduced additional funds Healthy Families(131,153)General Assembly approved budget reduced funding by 24% Net Change for State/Federal Revenues Classification 315,484 Net Change in Total Revenues 517,359 Total Revenue Projections, March 23, ,601,123

Finance Dept. 03/23/11City Council Presentation Revenues - Updated Projections for FY2012 Total General Fund Revenues  The overall projected decrease in General Fund revenues is $468,000 or.20%.  Staff has consulted with the Commissioner of Revenue, Treasurer and other staff in developing the revised revenue projections.  The state revenues have been updated based on the approved budget by the General Assembly. Slide 6