Title
Discussion of issues relating to the Quarterly Financial Report for the Fiscal Year 2017-2018 first quarter ending December 31, 2017.
Body
Summary:
Review and discussion of the City's quarterly financial report for the Fiscal Year 2017-2018 first quarter ending December 31, 2017. A few highlights are as follows:
The City's quarterly financial report for the Fiscal Year 2017-2018 first quarter ended December 31, 2017 reports the results for the first three months of the fiscal year (October - December). In summary, the fiscal year-to-date revenues of the Governmental Funds - the General, Debt Service, Golf Course Lease, Special Revenue, and Capital Improvement Bond Funds - are approximately $22.8 million. The annual budget for these revenues is $52.3 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 $9.8 million through December 2017. The industrial in-lieu of taxes revenues of $10.5 million through December 2017 represent 92.4% of the amount budgeted for these revenues. The City's first quarter sales tax revenues of $603,700 are higher than the prior year by 15.7%, which is a favorable result considering the general decline in these revenues statewide. Total expenditures of the Governmental Funds are approximately $8.2 million for the quarter. Utility Fund revenues, including the Water/Sewer Fund and the Storm Water Fund, total $1.9 million through December 2017, a slight 1% below the prior year's first quarter. Total expenses of these enterprise funds are approximately $1.3 million for the quarter. Expenditures in the Capital Improvements Fund of $940,900 through December 2017 primarily represent costs for the new City Hall but also include $22,700 for street and sidewalk projects. First quarter revenues for the special revenue districts (Crime Control and Prevention District and the Fire Con...
Click here for full text