Title
Discussion of issues relating to the Quarterly Financial Report for the Fiscal Year 2017-2018 second quarter ending March 31, 2018.
Body
Summary:
Review and discussion of the City's quarterly financial report for the Fiscal Year 2017-2018 second quarter ending March 31, 2018. A few highlights are as follows:
The City's quarterly financial report for the Fiscal Year 2017-2018 second quarter ended March 31, 2018 reports the preliminary and unaudited results for the first six months of the fiscal year (October - March). 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 $36.6 million. The annual budget for these revenues, as amended, is $52.5 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 $18.2 million through March 2018 and exceed the annual budget by a slight 0.68 percent. The industrial in-lieu of taxes revenues of $11.3 million through March 2018 represent 99.8 percent of the amount budgeted for these revenues. The City's sales tax revenues of $2.3 million for the fiscal year-to-date through the second quarter are higher than the prior year by 9.5 percent. Total expenditures of the Governmental Funds are approximately $27.2 million for the six months to-date. Utility Fund revenues, including the Water/Sewer Fund and the Storm Water Fund, total $4.7 million through March 2018, which is 12.7 percent below the prior year's second quarter to-date. This difference reflects the reduction in water usage for the first six months of the fiscal year. Total expenses of these enterprise funds are approximately $5.0 million for the fiscal year-to-date. Expenditures in the Capital Improvements Fund of $2.4 million through March 2018 primarily represent costs for the...
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