Title
Discussion of issues relating to the Quarterly Financial Report for the Fiscal Year 2017-2018 fourth quarter ending September 30, 2018.
Body
Summary:
Review and discussion of the City's quarterly financial report for the Fiscal Year 2017-2018 fourth quarter ended September 30, 2018. A few highlights are as follows:
The City's quarterly financial report for the Fiscal Year 2017-2018 fourth quarter ended September 30, 2018 reports the preliminary and unaudited results for the fiscal year (October 2017 - September 2018). 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 $52.8 million. The annual budget for these revenues, as amended, is $53.1 million, which includes a $3.6 million transfer from prior year fund balance not yet recorded. Total revenues also include approximately $3.7 million in the bond funds (note: these revenues are not budgeted). Governmental Fund revenues primarily represent ad valorem (property) taxes. These tax collections for residential and commercial properties, including delinquent taxes and associated penalties and interest, are $18.8 million for the fiscal year and exceed the annual budget by 3.62 percent. The industrial in-lieu of taxes revenues of approximately $11.3 million represent 99.95 percent of the amount budgeted for these revenues. The City's sales tax revenues of $6.6 million for the fiscal year are approximately 3.33 percent higher than the prior year's results. Total expenditures of the Governmental Funds are approximately $66.0 million for the fiscal year, which includes approximately $23.3 million of bond fund expenditures. Since bond fund expenditures are not budgeted, the total expenditure variance is misleading as the other individual governmental fund expenditures for the fiscal year are all less than budgeted. Utility Fund revenues, including the Water/Sewer Fu...
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