HomeMy WebLinkAbout03-05-18 City Commission Packet Materials - SP1. Quarterly Financial Report1 | Page
City of Bozeman Quarterly Budget Report
Fiscal Year 2018
End of 2nd Quarter, 12/31/2017
Issued: 02/26/2018 By: Kristin Donald, Finance Director and Anna Rosenberry, Assistant City Manager
Information is unaudited
All City Funds
After the second quarter, the City is in line to stay on budget for the Fiscal Year 2018. For all City funds, there
remains more than 50% of budget allocations for all categories.
Revenue recorded during the first half of the fiscal year totaled $58.9M. This represents 62% of the total
revenue budgeted.
48% 49% 43%
40% 35%
52% 51% 57%
60% 65%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Personnel Operations Capital Debt Service Transfers
City as a Whole - Expenditures Through 2nd Qtr
FY18
Budget Allocation Used Remaining
Revenues Budget Estimate Revenues Unfunded %Received
Charges for Services $ 46,220,501 33,024,412 13,196,089 71%
Taxes $ 23,215,664 13,241,684 9,973,980 57%
Intergovernmental Revenue $ 8,885,279 3,161,494 5,723,785 36%
Other Financing Sources $ 8,543,787 3,289,906 5,253,881 39%
Other Revenues $ 1,945,992 1,151,075 794,917 59%
Fines & Forfeitures $ 1,504,450 709,750 794,700 47%
Licenses & Permits $ 2,492,637 1,753,653 738,984 70%
Special Assessments $ 2,344,656 2,141,454 203,202 91%
Interest Income & Loan Repayments $ 563,756 495,081 68,675 88%
$ 95,716,722 $ 58,968,509 $ 36,748,213 62%
Expenditures Budget Allocation Expenditures Unused Allocation
Allocation
Used
Personnel $ 33,035,112 15,792,953 17,242,159 48%
Operations $ 34,051,256 16,584,508 17,466,748 49%
Capital $ 39,234,245 17,065,121 22,169,124 43%
Debt Service $ 5,696,985 2,264,539 3,432,446 40%
Transfers $ 6,873,461 2,417,996 4,455,465 35%
TOTAL $ 118,891,059 54,125,117 64,765,942 43%
All City Fund Combined 2QTR FY2018
92
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General Fund
The General Fund is used to account for all financial resources of the City, except for those required to be
accounted for in another fund. As of the
second quarter, spending is in line to stay
under budget. There are numerous capital
expenditures slated for spring project
starts such as the irrigation project at the
cemetery and the Story Mill Community
Center upgrade.
As of the end of the second quarter the
General fund has received $14.6M of the
estimated $30.2M or 48% of budgeted
revenues. The largest single source of
revenue for the general fund is tax dollars
and first-half payments of over 50% of
budget were received from Gallatin
County in December. The second largest
source is the State Entitlement Share, which has been received on-time and on-budget. Lagging collections
are the County Option Tax, Recreation Program revenues, Cemetery revenues and other items. Many of these
sources have a seasonal component that effects collections at this point in the year.
General Fund Budget Actual Remaining
Revenues $30,298,623 $14,610,681 $15,687,942
Expenditures $31,771,619 $14,445,820 $17,325,799
Other Governmental Funds- Special Revenue Funds
Special Revenue Funds are used to account for the proceeds of specific revenue source, usually required to
be restricted by statute or ordinance. While we have
dozens of special revenue funds, of note are the
Building Inspection fund and the Community
Development fund.
The Building Inspection Fund is supported entirely by
the revenue from building fees and permits.
Revenue and expenditures are statutorily restricted
to amounts that support the division. The fund has
collected as of the second quarter $976k or 56% of
budgeted revenues. Fund expenditures amounted to
$1M through the 2nd quarter, or 51% of the budgeted
$2M for the fiscal year.
48% 43%
19%
50%
52% 57%
81%
50%
0%
20%
40%
60%
80%
100%
120%
Personnel Operations Capital Transfers
Genral Fund- Expenditures Through 2nd
Qtr FY18
Budget Allocation Used Remaining
Electrical
8%
Plumbing
14%
Moving
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The Community Development Fund is a
separate fund that accounts for revenues and
expenditures related to planning and zoning
operations. Total revenues amounted to $805K
through the 2nd quarter, or 66% of budgeted
revenues for the year. Community
Development Fund expenditures amounted to
$632K through the 2nd quarter, or 42% of the
budgeted $1.2M for the fiscal year.
Enterprise Funds
Enterprise Funds are used to account for operations that are financed and operated in a manner similar to
private business enterprises. Enterprise Funds account for the City's water, wastewater, solid waste,
stormwater and parking services. All funds are in line to stay on budget and revenue estimates are on course.
Impact Fee Fund update
Total revenue from Impact Fees was $5.1 Million through the 2nd quarter of FY18 or 77% of the budgeted
revenues for Street, Fire, Water & Wastewater Impact Fees combined. The nature of impact fees make the
revenue collected a difficult number to estimate accurately. The projects for these funds are prepared as
part of the Capital Improvement Plan. Several FY17 projects have carried over for these funds to be completed
in FY18.
Estimated Revenue Received Budget Expenditures
Water 12,099,248 7,070,354 11,967,455 4,389,334
Wastewater 8,806,698 5,224,284 9,214,281 3,915,593
Solidwaste 3,818,402 2,294,717 3,742,257 2,162,309
Stormwater 1,437,753 838,866 1,488,630 981,878
Parking 982,590 946,649 968,230 535,420
**Budget Actual
% Collected/
Expended **Budget Actual
% Collected/
Expended
Revenues $ 1,798,400 $ 1,238,269 69% Revenues $ 3,224,710 $ 2,899,001 90%
Expenditures $ 5,616,548 $ 134,280 2% Expenditures $ 12,572,489 $ 5,245,835 42%
**Budget Actual
% Collected/
Expended Budget Actual
% Collected/
Expended
Revenues $ 1,221,150 $ 789,447 65% Revenues $ 372,250 $ 219,476 59%
Expenditures $ 3,303,746 $ 9,429 0% Expenditures $ 50,000 $ 18,376 37%
Water Impact Fees
Waste Water Impact Fees
Street Impact Fees
Fire Impact Fees
** Expenditure budget includes 2017 carry forward project budgets
40%
72% 62%
50% 69%
60%
28% 38%
50% 31%
0%
20%
40%
60%
80%
100%
120%
Comminuty Development Revenues
94
Permits
0%
Demolition
Permits
0%
Plan Checks
46%
Building
Permits
32%
Penalties
0%
Building Inspection Revenue
93