Title
Discussion of issues relating to the Quarterly Financial Report for the Fiscal Year 2015-2016 Third Quarter ending June 30, 2016.
Body
Summary:
Review and discussion of the City's quarterly financial report for the Fiscal Year 2015-2016 third quarter ended June 30, 2016. A few highlights are as follows:
The City's quarterly financial report for the Fiscal Year 2015-2016 third quarter ended June 30, 2016 reports the results for the first nine months of the fiscal year (October 2015 - March 2016). In summary, the fiscal year-to-date revenues of the Governmental Funds - primarily the General Fund, but also including the Debt Service, Golf Course Lease, Special Revenue, and Capital Improvement Bond Funds - are approximately $57.1 million. The annual budget for these revenues, as amended, is $44.8 million. Revenues primarily represent ad valorem (property) taxes. These tax collections for residential and commercial properties, including delinquent taxes and associated penalties and interest, are $16.3 million through June 30, 2016 and exceed the annual budget by 5.2 percent. The industrial in-lieu of taxes revenues of approximately $13.1 million through June 30, 2016 represent 102.0% of the amount budgeted for these revenues. The City's sales tax revenues of $3.7 million for the fiscal year-to-date through the third quarter compare favorably to the prior year exceeding those collections by 10.6 percent. Total expenditures of the Governmental Funds are approximately $42.2 million for the nine months ended June 30, 2016. Utility Fund revenues, including the Water/Sewer Fund and the Storm Water Fund, total approximately $7.7 million through June 30, 2016. These revenues are 7.2 percent higher than the prior year's fiscal year-to-date results at the end of the third quarter. Total expenses of these enterprise funds are approximately $6.4 million for the fiscal year-to-date. Expenditures in the Capital Improvements Fund total approximately $268,000 thro...
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