Gabriel Engeland, City Manager Honorable Mayor & City Council ...
MEMO
TO:
Gabriel Engeland, City Manager Honorable Mayor & City Council
FROM: Cheryl Navarette, Finance Director DATE: November 15, 2016 RE: Financial Reports - Expense & Revenue Period ending September 30, 2016 General Fund Revenues year-to-date at September 30, 2016 were $8,534,359 (38.5% or $2,371,638 over budget and 16.3% over revenues from the same period of 2015.) Property taxes have been collected at 44% more than budgeted for 2016 at $1,096,634 of the $1,015,400 budgeted for 2016 (the majority of property taxes are collected in the first six months of the year). Motor Vehicle taxes are up 48.2% or $122,919 more than budgeted. Sales taxes were up 22.7% or $649,939 which includes the impact from the 4% general sales tax on Marijuana). Specific Marijuana city taxes were $942,749 against an annual budget of $255,097. All other revenues are 22.5% or $2,205,738 over budget. Total Expenses year-to-date at September 30, 2016 were $6,785,422 (3.3% or $230,396 under budget) resulting in net revenues exceeding expenditures for the period by $1,748,937 compared to a net revenue over expenditures of $753,258 for the same period of 2015. Power & Light Fund Revenues year-to-date at September 30, 2016 were $5,691,355 (0.5% or $28,381 under budget). Expenses were $5,616,119,(3.7% or $217,311 under budget) for a net of revenues exceeding expenditures by $75,237 for 2016 compared to revenues exceeding expenditures by $579,249 for the same period of 2015. Water & Sewer Fund Operating Revenues at September 30, 2016 year-to-date were $3,840,577 (2.1% or $81,683 under budget). Operating expenses were $3,539,826 (6.7% or $255,379 under budget) for an operating result of net revenues exceeding expenditures by $300,751 for 2016 compared to revenues exceeding expenditures by $44,243 (net Water & Sewer)for the same period of 2015. Gas Fund Revenues at September 30, 2016 year-to-date were $3,316,112 (5.6% or $176,310 over budget). Commercial & residential sales as well as penalties & sales tax commissions were all over budget. Expenses at September 30, 2016 were $3,041,512 (0.2% or $6,864 under budget), which includes
deferred gas costs of $970,559. The result is net revenues exceeding expenditures by $274,601 for 2016 compared to net revenues exceeding expenditures by $772,137 for the same period of 2015. Lottery Fund Lottery Receipts at September 30, 2016 year-to-date were $68,932. Revenues are 10.9% or $6,757 over budget. Expenses at September 30, 2016 were $33,525 (26.7% or $12,225 under budget). The result is net revenues exceeding expenditures by $35,407 compared to net expenditures exceeding revenues$102,925 for the same period of 2015. Estimated undesignated fund balance is a positive $56,485 based on uncollected revenues and remaining project budgeted commitments for 2016. Tourism Fund Year-to-date revenues at September 30, 2016 were $216,456 (37.4% or $58,956 over budget). Expenses were $184,544 (17.2% or $27,044 over budget). The result is net revenues exceeding expenditures by $31,912 compared to net revenues exceeding expenditures by $14,138 for the same period of 2015. Estimated undesignated fund balance is a positive $220,425 based on uncollected revenues and remaining project budgeted commitments for 2016. Capital Projects Fund Revenues at September 30, 2016 year-to-date were $1,316,822 (46.3% or $416,822 over budget) excluding Grant data). Project expenses at September 30, 2016 were $3,378,925 (2.7% or $90,300 over budget). Grant funded projects are billed on a quarterly basis. The third quarter billing process is currently underway and amounts were not made available at the time of this report; therefore comparisons would be incorrectly calculated and thus not reported.
TO:
Gabriel Engeland, City Manager Honorable Mayor & City Council
FROM: Cheryl Navarette, Finance Director DATE: November 15, 2016 RE: Financial Reports - Expense & Revenue Period ending September 30, 2016 General Fund Revenues year-to-date at September 30, 2016 were $8,534,359 (38.5% or $2,371,638 over budget and 16.3% over revenues from the same period of 2015.) Property taxes have been collected at 44% more than budgeted for 2016 at $1,096,634 of the $1,015,400 budgeted for 2016 (the majority of property taxes are collected in the first six months of the year). Motor Vehicle taxes are up 48.2% or $122,919 more than budgeted. Sales taxes were up 22.7% or $649,939 which includes the impact from the 4% general sales tax on Marijuana). Specific Marijuana city taxes were $942,749 against an annual budget of $255,097. All other revenues are 22.5% or $2,205,738 over budget. Total Expenses year-to-date at September 30, 2016 were $6,785,422 (3.3% or $230,396 under budget) resulting in net revenues exceeding expenditures for the period by $1,748,937 compared to a net revenue over expenditures of $753,258 for the same period of 2015. Power & Light Fund Revenues year-to-date at September 30, 2016 were $5,691,355 (0.5% or $28,381 under budget). Expenses were $5,616,119,(3.7% or $217,311 under budget) for a net of revenues exceeding expenditures by $75,237 for 2016 compared to revenues exceeding expenditures by $579,249 for the same period of 2015. Water & Sewer Fund Operating Revenues at September 30, 2016 year-to-date were $3,840,577 (2.1% or $81,683 under budget). Operating expenses were $3,539,826 (6.7% or $255,379 under budget) for an operating result of net revenues exceeding expenditures by $300,751 for 2016 compared to revenues exceeding expenditures by $44,243 (net Water & Sewer)for the same period of 2015. Gas Fund Revenues at September 30, 2016 year-to-date were $3,316,112 (5.6% or $176,310 over budget). Commercial & residential sales as well as penalties & sales tax commissions were all over budget. Expenses at September 30, 2016 were $3,041,512 (0.2% or $6,864 under budget), which includes
deferred gas costs of $970,559. The result is net revenues exceeding expenditures by $274,601 for 2016 compared to net revenues exceeding expenditures by $772,137 for the same period of 2015. Lottery Fund Lottery Receipts at September 30, 2016 year-to-date were $68,932. Revenues are 10.9% or $6,757 over budget. Expenses at September 30, 2016 were $33,525 (26.7% or $12,225 under budget). The result is net revenues exceeding expenditures by $35,407 compared to net expenditures exceeding revenues$102,925 for the same period of 2015. Estimated undesignated fund balance is a positive $56,485 based on uncollected revenues and remaining project budgeted commitments for 2016. Tourism Fund Year-to-date revenues at September 30, 2016 were $216,456 (37.4% or $58,956 over budget). Expenses were $184,544 (17.2% or $27,044 over budget). The result is net revenues exceeding expenditures by $31,912 compared to net revenues exceeding expenditures by $14,138 for the same period of 2015. Estimated undesignated fund balance is a positive $220,425 based on uncollected revenues and remaining project budgeted commitments for 2016. Capital Projects Fund Revenues at September 30, 2016 year-to-date were $1,316,822 (46.3% or $416,822 over budget) excluding Grant data). Project expenses at September 30, 2016 were $3,378,925 (2.7% or $90,300 over budget). Grant funded projects are billed on a quarterly basis. The third quarter billing process is currently underway and amounts were not made available at the time of this report; therefore comparisons would be incorrectly calculated and thus not reported.
