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HomeMy WebLinkAbout02-04-19 City Commission Packet Materials - SP2. FY19 Second Quarter Financial Report1 | Page City of Bozeman Quarterly Budget Report Fiscal Year 2019 Ending 2nd Quarter, 12/31/2018 Issued: 02/04/2019 By: Kristin Donald, Finance Director Information is unaudited All City Funds After the second quarter, the City is in line to stay on budget for the Fiscal Year 2019. 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 FY19 Budget Allocation Used Remaining 71% 57% 36% 39% 59% 47% 70% 91% 88% 29% 43% 64% 61% 41% 53% 30% 9% 12% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% City as a Whole - Revenues Through 2nd QTR FY19 Received Estimated Remaining 93 2 | Page 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. As of the end of the second quarter the General fund has received $14.3M of the estimated $31.8M or 45% 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. 47% 37% 36% 67% 53% 63% 64% 33% 0% 20% 40% 60% 80% 100% 120% Personnel Operations Capital Transfers General Fund- Expenditures Through 2nd Qtr FY19 Budget Allocation Used Remaining Expenditures Budget Allocation Expenditures Unused Allocation Personnel $ 21,964,788 10,334,813 11,629,975 Operations $ 9,745,623 3,630,928 6,114,695 Capital $ 1,832,717 664,920 1,167,797 Transfers $ 491,188 328,688 162,500 TOTAL $ 34,034,316 14,959,349 19,074,967 Revenues Budget Estimate Revenues Unfunded Charges for Services $ 2,940,941 1,594,800 1,346,141 Taxes $ 16,621,534 8,318,645 8,302,889 Intergovernmental Revenue $ 7,642,511 2,236,608 5,405,903 Other Financing Sources $ 3,011,619 1,256,982 1,754,637 Other Revenues $ 83,450 116,162 (32,712) Fines & Forfeitures $ 1,131,000 535,491 595,509 Licenses & Permits $ 409,475 269,403 140,072 TOTAL $ 31,840,530 $ 14,328,091 $ 17,512,439 94 3 | Page 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 $1M or 59% of budgeted revenues. Fund expenditures amounted to $1M through the 2nd quarter, or 38% of the budgeted $2.6M 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 $749K through the 2nd quarter, or 58% of budgeted revenues for the year. Community Development Fund expenditures amounted to $632K through the 2nd quarter, or 42% 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. There are capital projects that will begin in the third and fourth quarter. Electrical 7% Plumbing 12% Moving Permits 0% Demolition Permits 0% Plan Checks 47% Building Permits 34% Penalties 0% Building Inspection Revenue 47% 57% 54% 103% 69% 53% 43% 46% -3% 31% -20% 0% 20% 40% 60% 80% 4 | Page Impact Fee Fund update Total revenue from Impact Fees was $4.3 Million through the 2nd quarter of FY19 or 27% of the budgeted revenues for Street, Fire, Water and 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 FY18 projects have carried over for these funds to be completed in FY19. Wastewater has two major projects funded through debt service, which are the Davis Lift Station and the Front Street Interceptor. **Budget Actual % Collected/ Expended **Budget Actual % Collected/ Expended Revenues $ 1,888,070 $ 1,033,692 55% Revenues $ 4,342,250 $ 2,452,563 56% Expenditures $ 5,382,844 $ 858,947 16% Expenditures $ 10,612,358 $ 3,438,574 32% **Budget Actual % Collected/ Expended Budget Actual % Collected/ Expended Revenues $ 9,287,208 $ 473,387 5% Revenues $ 392,363 $ 353,471 90% Expenditures $ 9,450,319 $ 1,169,135 12% Expenditures $ 8,000 $ 5,259 66% Water Impact Fees Waste Water Impact Fees Street Impact Fees Fire Impact Fees ** Expenditure budget includes 2018 carry forward project budgets 29% 34% 54% 28% 65% 71% 66% 46% 72% 35% 0% 20% 40% 60% 80% 100% 120% Enterprise Funds Expenditures QTR FY19 Budget Allocation Used Remaining 52% 50% 47% 49% 39% 48% 50% 47% 49% 39% 0% 20% 40% 60% 80% 100% 120% Enterprise Funds Revenue Recieved QTR2 FY19 Received Estimated Remaining 96 100% 120% Comminuty Development Revenues 95