HomeMy WebLinkAbout08-25-20 City Commission Packet Materials - SP1. 4th Qtr Financial Update4th Quarter
Preliminary
Financial
Report
Issued: 08/25/20 By: Kristin Donald, Finance Director
Information is unaudited and is as of date pulled
136
PRELIMINARY AND UNAUDITED FY20 4TH QUARTER FINANCIAL REPORT 1
FY20 QTR4 UNAUDITED AND PRELIMNARY
Final Entries and work to create the financials for the audit is still in progress
For the quarter ending 6/30/20 (4th quarter), the City appears to be within budget and most revenue sources are close to
estimates. We have not completed the final close of FY20 and are still in progress with the audit and preparation of the
FY20 financial statements. Please see final FY20 Comprehensive Financial Annual Report, when released, for the best
representation of FY20.
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.
Revenues
The General fund revenue for FY20 is $32M of the estimated $33M or 97% 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 occur in May. We do receive a final tax payment for recovered delinquent
taxes and our final local option usually in September for the fiscal year. The revenue pictured below includes the estimate
for the final September payment from the County.
Expenditures
The General fund has stayed within budget. There are still some pending capital projects that will carry forward
administratively into FY21.
3,119,676
17,596,875
6,982,254 2,476,617 430,965 1,083,059 369,334 (203,639)
106,318
983,739
272,866
(320,465)
38,941 45,641
(5,000,000)
-
5,000,000
10,000,000
15,000,000
20,000,000General Fund- Preliminary FY0 Revenue Received Estimated Remaining
22,105,998
6,674,523
1,440,033 355,000
628,717
3,474,589
659,474
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
Personnel Operations Capital Transfers
General Fund- Preliminary FY20 Expenditures Expenditures Unused Allocation
137
PRELIMINARY AND UNAUDITED FY20 4TH QUARTER FINANCIAL REPORT 2
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 the Building Inspection fund
and the Community Development fund since they are good indicators of the local economy.
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. The fund has collected $2.1M or 110% of the
estimated revenues. Fund expenditures amounted to $2.3M, or 90% of the budgeted $2.6M for the fiscal year.
The Community Development Fund (Planning Fund) is a separate fund that accounts for revenues and expenditures
related to planning and zoning operations. Total revenues amounted to $1.3M, or 115% of the estimated revenues for the
year. Community Development Fund expenditures amounted to $1.7M, or 92% of the budgeted $1.87M 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.
Revenues
Water and wastewater are in line and we have large reserves in these funds because of their infrastructure to support.
Water saw less revenue due to the mild summer at the start and end for FY20.
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
Revenues Expenditures
Building Inspection Fund 115 Budget Building Inspection Fund 115 Actual
-
500,000
1,000,000
1,500,000
2,000,000
Revenues Expenditures
Planning Fund 100 Budget Planning Fund 100 Actual
138
PRELIMINARY AND UNAUDITED FY20 4TH QUARTER FINANCIAL REPORT 3
Expenditures
All funds are in line to stay on budget. There are still many capital projects that have started and will continue into FY21
and will be carry forward administratively into FY21.
Conclusion
The City stayed within budget and came close to achieving its revenue estimates. COVID had impacted our economy and
the current economic down turn started differently than previous recessions so we might have to have different
responses. The housing market was impacted greatly in the last recession but right now we have not seen a slowdown in
local development. With this extreme uncertainty of how this recession will work the need for healthy reserves to ensure
the City’s ability to weather these types of economic down turns that COVID has presented.
PLEASE NOTE: We are still in the process of our audit and drafting of the FY20 financial
statements. Please see final FY20 Comprehensive Financial Annual Report when released for
the best representation of FY20.
10,680,322 9,374,041
4,697,909
1,518,700 1,089,683
1,266,254
662,353
(532,228)(40,293)(26,343) (2,000,000)
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
Water Wastewater Solidwaste Stormwater Parking
Enterprise Funds FY20 Revenue Received Estimated Remaining
6,055,957 5,891,589 4,356,553
860,005 872,600
4,115,777
3,233,023
798,224
800,516 210,069
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
Water Wastewater Solidwaste Stormwater Parking
Enterprise Funds FY20 Expenditures Expenditures Remaining
139