HomeMy WebLinkAbout10-27-20 City Commission Packet Materials - SP1. 1st Qtr Financial Report1st Quarter
Financial
Report
Issued: 10/27/20 By: Kristin Donald, Finance Director
Information is unaudited and is as of date pulled
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City of Bozeman Quarterly Budget Report
Fiscal Year 2021
Ending 1st Quarter, 9/30/2020
Issued: 10.27.2020 By: Kristin Donald, Finance Director
Information is unaudited
All City Funds
After the first quarter, the City is in line to stay on budget for the Fiscal Year 2021. For all City funds, there remains more
than 75% of budget allocations for all categories with $39 million expended or 17% of the budget.
Revenue recorded during the first quarter of the fiscal year totaled $30M. This represents 22% of the total revenue
budgeted.
23%23%18%
2%
17%
77%77%82%
98%
83%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Personnel Operations Capital* Debt Service Transfers
City as a Whole - Expenditures Through 1st
Qtr FY21
Budget Allocation Used Remaining
24%
0%2%
101%
30%
2%
32%
2% 2%
76%
100%98%
-1%
70%
98%
68%
98% 98%
-20%
0%
20%
40%
60%
80%
100%
City as a Whole - Revenues Through 1st QTR
FY21
Received Estimated 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.
Expenditures
As of the first quarter, spending is in line to stay under
budget. As of the first quarter $8.9 million has been
expended or 28% on the budget. Majority of the capital
is due to the finishing of the Anderson Pavilion at Bogert
Park.
Revenues
As of the end of the first quarter the General fund has
received $2M of the estimated $32M or 15% 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 are typically received from Gallatin
County in December. The second largest source is the
State Entitlement Share, which will also be received in
the second quarter. Many of these sources have a
seasonal component that effects collections at this point
in the year. Charges for services are impacted by COVID
and we had reduced our estimates as part of the budget
process and they are where we expected them to be and
will continue to monitor them closely.
24%20%
47%
21%
76%80%
53%
79%
0%
20%
40%
60%
80%
100%
120%
Personnel Operations Capital Transfers
General Fund- Expenditures
Through 1st Qtr FY21
Budget Allocation Used Remaining
19%24%36%25%
81%76%64%75%
0%
20%
40%
60%
80%
100%
120%
Personnel Operations Capital Transfers
General Fund- Expenditures
Through 1st Qtr FY20
Budget Allocation Used Remaining
29%0% 0%
23%16%27%13%
71%
100% 100%
77%84%73%87%
0%
20%
40%
60%
80%
100%
120%
General Fund- Revenue Through
1st QTR FY21
Received Estimated Remaining
27%1%14%22%44%53%
15%
73%99%86%78%56%47%
85%
0%
20%
40%
60%
80%
100%
120%
General Fund- Revenue Through
1st QTR FY20
Received Estimated Remaining
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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 first
quarter $776k or 38% of budgeted revenues. Fund
expenditures amounted to $642k through the 1st quarter,
or 20% of the budgeted $3.2M 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 $328K through the 1st quarter, or 20% of
budgeted revenues for the year. Community
Development Fund expenditures amounted to $507K
through the 1st quarter, or 20% of the budgeted $2.5M
for the fiscal year.
Impact Fee Fund update
Total revenue from Impact Fees was $3 Million through
the 1st quarter of FY21 or 23% of the budgeted revenues
for Street, Fire, Water and Wastewater Impact Fees
combined. The nature of impact fees make the revenue
collected a difficult number to estimate accurately. The
projects for these funds are prepared as part of the
Capital Improvement Plan. Several FY20 projects have
carried over for these funds to be completed in FY21.
**Budget Actual
% Collected/
Expended
Revenues 1,965,831$ 632,780$ 32%
Expenditures 8,540,317$ 561,384$ 7%
**Budget Actual
% Collected/
Expended
Revenues * 6,500,674$ 390,195$ 6%
Expenditures 13,529,721$ 1,342,705$ 10%
** Expenditure budget includes 2020 carry forward project budgets
* Includes other funding sources for debt
Water Impact Fees
Waste Water Impact Fees
**Budget Actual
% Collected/
Expended
Revenues 4,061,000$ 1,899,542$ 47%
Expenditures 13,784,529$ 1,401,479$ 10%
Budget Actual
% Collected/
Expended
Revenues 470,000$ 126,012$ 27%
Expenditures 22,500$ 6,208$ 28%
** Expenditure budget includes 2020 carry forward project budgets
Street Impact Fees
Fire Impact Fees
Electrical
7%Plumbing
10%
Plan
Checks
53%
Building
Permits
30%
Building Inspection Revenue
24% 24%0%26%21%
76% 76%100%74%79%
0%20%40%60%80%100%120%
Comminuty Development
Revenues
% Collected % Remaining
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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.
Expenditures
All funds are in line to stay on budget with $6 million of
the $29 million budget or 21% expended.
Revenues
For this point of the year revenues are in line with
estimates with $8.4 million received of the $29.7 million
estimated or 28%.
19%23%22%14%20%
81%77%78%86%80%
0%
20%
40%
60%
80%
100%
120%
Enterprise Funds Expenditures
QTR FY21
Budget Allocation Used Remaining
17%17%19%14%17%
83%83%81%86%83%
0%
20%
40%
60%
80%
100%
120%
Enterprise Funds
Expenditures QTR FY20
Budget Allocation Used Remaining
34%25%26%25%20%
66%75%74%75%80%
0%
20%
40%
60%
80%
100%
120%
Enterprise Funds Revenue
Recieved QTR1 FY21
Received Estimated Remaining
36%31%37%33%28%
64%69%63%67%72%
0%
20%
40%
60%
80%
100%
120%
Enterprise Funds Revenue
Recieved QTR1 FY20
Received Estimated Remaining
77