Second Quarter Report – 2006
Purpose of Report
The following information
summarizes the financial activities of the City of
I.
BUDGETARY HIGHLIGHTS
General Fund
● General Fund revenues are 63.3%
of budget with six months remaining in 2006.
This represents an increase of 7%, or $1,982,718, over the first half of
2005.
● Revenue from property taxes
increased by 1.7% over the first half of last year. This can be attributed to growth in assessed
valuation and a 1.0 mill decrease in the levy.
● Sales tax revenues
increased $557,000 over the same period in 2005. City and county sales tax distributions to
date are almost $80,000 over projections for this year.
● Other significant increases
in the General Fund include an increase of 44% in licenses and permits and a
110% increase in service charges over the same period in 2005. The majority of the increase in service
charges can be attributed to the timing of the payment from
● Interest rates continue to
rise, resulting in an increase in revenue of 162% over the first half of
2005. $722,626 of interest earnings exceeds
the amount budgeted for all of 2006 by more than 80%.
● Total General Fund
expenditures in the first half of 2006 were equal to 49.0% of the annual budget. This represents an increase of 12% over the
same period last year. If encumbrances
are excluded, General Fund expenditures in the first half of 2006 were equal to
44.6% of budget.
● There are six divisions that
have expended over 50% of their general fund budget at the end of the first
half of 2006. The table below shows General Fund expenditures in those divisions
at the end of the second quarter and expenditures as a percentage of budget. It also shows expenditures as a percentage of
budget if encumbrances are excluded.
|
ACCOUNT DESCRIPTION |
ANNUAL BUDGET |
Y-T-D EXP |
ENCUMBRANCES |
% BUDGET W/ENCUMB |
% BUDGET W/O |
|
CITY
MANAGER |
314,845.00 |
172,173.95 |
14.20 |
55 |
55 |
|
PLANNING |
1,148,910.00 |
508,650.73 |
103,347.01 |
53 |
44 |
|
RISK
MANAGEMENT |
602,715.00 |
219,557.31 |
198,985.71 |
69 |
36 |
|
MUNICIPAL
COURT |
651,514.00 |
295,591.27 |
51,523.03 |
53 |
45 |
|
HEALTH |
974,355.00 |
389,865.50 |
109,215.69 |
51 |
40 |
|
PUBLIC
WORKS |
6,279,099.00 |
2,313,344.72 |
1,520,000.72 |
61 |
37 |
● Some of the encumbrances
include the contract with Matrix Consulting Group for review of the development
process in the Planning Department; vehicle, property, and other insurance
premiums in Risk Management; lease of Office Space for Municipal Court; janitorial
and other contractual services for the Community Health building; and contracts
for curb repair, crack sealing, and mill and overlay in public works. These funds have already been encumbered but
will be spent throughout the remaining months of 2006.
Special
Revenue Funds
● Recreation Fund service
charges were $36,600 more than the same period last year. Outdoor pool revenue increased $9,000 over
the first half of 2005 and indoor pool revenues increased $21,000 over this
period last year.
● Recreation Fund
expenditures were 14% above the same period in 2005 but only 43.2% of
budget.
● The mill levy in the
Transportation Fund was reduced, resulting in significantly lower property tax
revenues in 2006 than in the first half of 2005. However, fare box revenue and other service
charges were up almost 19% from the same period last year and were 61% of
budget. Overall, revenues are 73% of
budget. Public Transportation Fund
expenditures were 34% of budget.
● Water and Sewer Fund
revenue increased 15.3% over the same period last year. The increase was primarily the result of a
10% increase in service charges and a 357% increase in interest earnings over
the same period in 2005.
● Water and Sewer Fund
expenses were less than 50% of budget as of the end of the first half of the
year and were down significantly from the same period last year. It should be noted that in 2005 an increase was
made in the transfer to cash finance capital projects. This transfer was reduced in 2006.
● Golf Course Fund revenues
were 46% of budget; an increase of 10% over the same period last year.
● Golf Course Fund expenses
were also 46% of budget. This is an
increase of 25% over the first half of 2005.
Most of this difference is due to the March bond payment that was made
in March of this year. In 2005, the
March payment was deferred until September.
● Revenues in both the
Sanitation and Stormwater Funds were above first half of 2005 levels and above
50% of budget. Expenditures were below
50% in both funds.
II.
REVENUE – EXPENDITURE TABLES
Second Quarter Fund Analysis
|
|
|
2005
2nd Qtr. |
% of budget |
2006 2nd Qtr. |
% of budget |
|
General Fund |
|
|
|
|
|
|
|
Revenue Source |
|
|
|
|
|
|
Taxes |
$12,293,425 |
76.8 |
$12,504,745 |
75.6 |
|
|
Sales
Tax |
10,274,188 |
51.4 |
10,831,450 |
51.9 |
|
|
Licenses
& Permits |
448,386 |
58.2 |
647,233 |
69.7 |
|
|
Intergovernmental |
371,215 |
57.8 |
341,283 |
51.2 |
|
|
Service
Charges |
291,710 |
75.9 |
611,564 |
108.0 |
|
|
Fines |
1,333,946 |
66.0 |
1,283,607 |
59.0 |
|
|
Interest |
275,889 |
69.0 |
722,626 |
180.7 |
|
|
Miscellaneous |
1,853,969 |
56.3 |
2,149,744 |
60.8 |
|
|
Transfers |
826,137 |
52.0 |
859,331 |
52.8 |
|
|
Total Revenue |
27,968,866 |
62.0 |
29,951,584 |
63.3 |
|
|
|
|
|
|
|
|
|
Expenditures |
|
|
|
|
|
|
General Government |
7,815,404 |
47.8 |
$8,907,358 |
47.8 |
|
|
Public
Safety |
9,963,529 |
42.9 |
12,005,180 |
47.6 |
|
|
Public
Works |
2,913,431 |
45.1 |
2,313,345 |
61.0 |
|
|
Parks
& Recreation |
1,267,115 |
43.4 |
1,400,677 |
44.9 |
|
|
Total Expenditures |
21,959,479 |
45.5 |
24,626,560 |
49.0 |
|
|
|
|
|
|
|
|
|
Revenues over Expenditures |
6,009,387 |
|
5,325,024 |
|
|
|
|
2005
2nd Qtr. |
% of budget |
2006 2nd Qtr. |
% of budget |
Recreation Fund
|
|
|
|
|
|
|
|
Revenue Source |
|
|
|
|
|
|
Taxes |
$269,991 |
86.2 |
$282,061 |
81.0 |
|
|
Service
Charges |
793,927 |
58.4 |
830,520 |
61.7 |
|
|
Miscellaneous |
2,017 |
|
|
|
|
|