HomeMy WebLinkAbout05-14-18 City Commission Packet Materials - SP1. Quarterly Financial Report
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City of Bozeman Quarterly Budget Report
Fiscal Year 2018
Ending 3rd Quarter, 03/31/2018
Issued: 05/14/18 By: Kristin Donald, Finance Director and Anna Rosenberry, Assistant City Manager
Information is unaudited
All City Funds
Expenditures: After the third quarter, the City is in line to stay on budget for the Fiscal Year 2018. For all
City funds, there remains adequate budget allocations for this point in time for all categories.
Personnel, the most predictable element of the budget, ended the quarter at 72% of the yearly budget. We
will see an increase in personnel costs related to the hiring of part-time summer employees in the coming
months. We have expended 63% of the operating budget. Capital spending is at 35% of the adjusted budgeted
amounts with the construction season to begin in the early fourth quarter.
Revenues: Revenue recorded through the third quarter of the fiscal year totaled $74.2M. This represents 89%
of the total revenue budgeted. Our revenues include an unexpected $1 million settlement of a legal dispute
and the short-term rental fees, which is a new license started in the beginning of the third quarter. Charges
for Services are currently exceeding budget estimates. The Building Inspection Fund is seeing strong permit
revenue thus far. Charges for Services include impact fees, which are exceeding estimates due to large
building projects throughout the City.
72%63%
35%42%51%
28%37%
65%58%49%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Personnel Operations Capital Debt Service Transfers
City as a Whole ‐ Expenditures Through 3rd Qtr FY18
Budget Allocation Used Remaining
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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 third quarter, spending is on track to stay within budget.
As of the end of the third quarter the General fund has received $18.8M of the estimated $30.2M or 62% of
budgeted revenues. The largest single source of revenue for the general fund is tax dollars which are
assessed/collected twice during the fiscal
year. The first collection was in November
and the second collection will occurin May.
Many of these sources have a seasonal
component that effects collections at this
point in the year.
The General Fund has spent $20.8 million of
its $31.7 million budget as of the end of
March. This amounts to 59% of the budget
spent by the end of the 3rd quarter. There
are numerous capital expenditures slated
for spring project starts such as the
irrigation project at the cemetery and the
Story Mill Community Center upgrade.
Revenues Budget Estimate Revenues Unfunded %Received
Charges for Services 46,220,501$ 42,118,950 4,101,551 91%
Taxes 23,215,664$ 13,672,561 9,543,103 59%
Intergovernmental Revenue 8,885,279$ 4,505,565 4,379,714 51%
Other Financing Sources 8,543,787$ 4,386,959 4,156,828 51%
Other Revenues 1,945,992$ 2,947,292 (1,001,300) 151%
Fines & Forfeitures 1,504,450$ 1,175,381 329,069 78%
Licenses & Permits 2,492,637$ 2,559,067 (66,430) 103%
Special Assessments 2,344,656$ 2,151,627 193,029 92%
Interest Income & Loan Repayments 563,756$ 702,093 (138,337) 125%
TOTAL 95,716,722$ 74,219,495$ 21,497,227$ 89%
Expenditures Budget Allocation Expenditures Unused Allocation
Allocation
Used
Personnel 33,035,112$ 23,792,340 9,242,772 72%
Operations 34,051,256$ 21,340,407 12,710,849 63%
Capital 39,234,245$ 13,545,187 25,689,058 35%
Debt Service 5,696,985$ 2,388,411 3,308,574 42%
Transfers 6,873,461$ 3,516,611 3,356,850 51%
TOTAL 118,891,059$ 64,582,956 54,308,103 52%
All City Fund Combined 3QTR FY2018
Budget Actual Remaining
Revenues 30,298,623 18,802,823 11,495,800
Expenditures 31,771,619 20,817,589 10,954,030
72%
54%
34%
75%
28%
46%
66%
25%
0%
20%
40%
60%
80%
100%
120%
Personnel Operations Capital Transfers
General Fund‐ Expenditures Through 3rd
Qtr FY18
Budget Allocation Used Remaining
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Other Governmental Funds- Special Revenue Funds
Special Revenue Funds are used to account for
the proceeds of a 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. Revenues and expenditures are
statutorily restricted to amounts that support
the division. At this time, the fund has
collected $1.4M or 85% of budgeted revenues.
Fund expenditures amounted to $1.48M
through the 3rd quarter, or 71% of the
budgeted $2M for the fiscal year.
The Community Development Fund is
a separate fund that accounts for
revenues and expenditures related to
planning and zoning operations.
Total revenues amounted to $1M
through the 3rd quarter, or 85% of
budgeted revenues for the year.
Community Development Fund
expenditures amounted to $911K
through the 3rd quarter, or 61% of
the budgeted $1.5M 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.
Estimated Revenue Received
%
Received Budget Expenditures
%
Remaining
Water 12,099,248 8,887,145 73% 11,967,455 4,389,334 63%
Wastewater 8,806,698 6,733,294 76% 9,214,281 4,347,111 53%
Solidwaste 3,818,402 2,940,508 77% 3,742,257 2,753,553 26%
Stormwater 1,437,753 1,096,334 76% 1,488,630 573,357 61%
Parking 982,590 1,122,675 114%968,230 654,900 32%
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Impact Fee Funds
Total revenue from Impact Fees was $7.9 Million through the 3rd quarter of FY18 or 120% of the budgeted
revenues for Street, Fire, Water & Wastewater Impact Fees combined. The nature of impact fees make the
revenue a difficult number to estimate accurately because it depends on the size and attributes of various
building permits that are issued. Spending on projects within these funds are part of the Capital Improvement
Plan. Several FY17 projects have carried over for these funds to be completed in FY18.
**Budget Actual
% Collected/
Expended **Budget Actual
% Collected/
Expended
Revenues 1,798,400$ 1,959,236$ 109% Revenues 3,224,710$ 4,411,275$ 137%
Expenditures 5,616,548$ 263,924$ 5% Expenditures 12,572,489$ 5,507,106$ 44%
**Budget Actual
% Collected/
Expended Budget Actual
% Collected/
Expended
Revenues 1,221,150$ 1,224,830$ 100% Revenues 372,250$ 366,926$ 99%
Expenditures 3,303,746$ 39,313$ 1% Expenditures 50,000$ 28,812$ 58%
Water Impact Fees
Waste Water Impact Fees
Street Impact Fees
Fire Impact Fees
** Expenditure budget includes 2017 carry forward project budgets
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