Title
Presentation of June General Fund Financial Dashboard
Body
Issue/Request:
Presentation of June General Fund Financial Dashboard
Key Issues:
The FY16 Monthly Financial Report for June is the YTD budget performance of the General Fund as of June 30, 2016. Preliminary unaudited total revenues are $63,100,910. This is $1,913,550 (3.1%) over projected total revenue. Unaudited actual total expenses for FY2016 is $58,691,273. Total expenditures are $3,085,116 (5.0%) under budget.
As of July 22, 2016, It is estimated the FY2016 General Fund ran a surplus of $4,409,637. There are transactions that are yet to post for FY2016 which will alter the net income figure, likely downward.
Proposed Committee Motion:
N/A
Background:
Revenue Details:
Franchise tax, in aggregate, is 4.4% below projections. Natural Gas (-20.8%) and Telephone (-11.4%) in particular dragged the Franchise Tax below expectations. Natural Gas is weather-dependent, and we have experienced mild weather for much of the year. Telephone Franchise Tax base has been in decline for the past couple of years.
Licenses Permits & Fees are projected to be 53.9% over projections this year. There have been a number of big projects file for permits such as the Wal-Mart, which boosts this revenue.
Charges for Service came in 17.8% ($635,939) over projections in part due to the change to the schedule of fees, which was in effect for a quarter of the year.
Expenditure Details:
Other Supplies and Services is estimated to be $1,430,176 (16.9%) under budget for the year. The savings are concentrated in three categories: Professional Fees Expense, Bad Debt Expense, and Salt/Sand Control. The bad debt expense is yet to be written off for FY16. It is estimated the total bad debt will be at minimum $600,000.
The mild weather also helped to keep Utilities under budget for this year. Utility expenses are projected to be 14.8% under budget ($253,244).
Fuels & Lubricants: Low gas prices enabled the City to come in ...
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