HomeMy WebLinkAbout11-04-19 City Commission Packet Materials - SP1. First Quarter Financial Report for FY20FISCAL YEAR 2020
1st
Quarter
Financial
Report
Ending 1st Quarter,
9/30/19
Issued: 11/04/2019
By: Kristin Donald, Finance Director
Information is unaudited and is as of date pulled
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1ST QUATER FINANCIAL REPORT / PAGE 2
Our Financial Highlights
After the first quarter, the City is in line to stay on budget for the Fiscal Year 2020.
Revenue recorded during the first quarter of the fiscal year totaled $61M. This
represents 29% of the total revenue budgeted.For all City funds, there remains more
than 75% of budget allocations for all categories.
210
1ST QUARTER FINANCIAL REPORT / PAGE 3
Q1 Budget Breakdown-
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 first 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 first quarter the General fund has received $7.4M of the estimated $35M or 26% 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 will be received in the second quarter.
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1ST QUARTER FINANCIAL REPORT / PAGE 4
Q1 Budget Breakdown-
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 $750k or 39% of budgeted
revenues. Fund expenditures
amounted to $473k through the 1st quarter,
or 18% 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 $353K through the 1st quarter,
or 25% of budgeted revenues for the year. Community Development Fund expenditures amounted to
$295K through the 1st quarter, or 25% of the budgeted $1.8M for the fiscal year.
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1ST QUARTER FINANCIAL REPORT / PAGE 5
Q1 Budget Breakdown-
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 many capital
projects that will begin in the third and fourth quarter.
213
1ST QUARTER FINANCIAL REPORT / PAGE 6
Impact Fee update
Impact Fees go towards capacity expanding improvements
Total revenue from Impact Fees was $4.4 Million through the 1st quarter of FY20 or
32% 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 FY19 projects have carried over for these funds to be
completed in FY20. Wastewater has a major project funded through debt service,
which is the Norton East Ranch Interceptor.
214
1ST QUARTER FINANCIAL REPORT / PAGE 7
Additional Resources
The City website under Government Departments, the Finance page has posted
under Budget and Financial Reports the last five years of Approved Budgets and
Capital Improvement Plans. Also available, are the Annual Financial Reports and
Quarterly Financial reports.
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