Title
Discussion of issues relating to the Quarterly Financial Report for the Fiscal Year 2019-2020 third quarter ended June 30, 2020.
Body
Summary:
Review and discussion of the City's quarterly financial report for the Fiscal Year 2019-2020 third quarter ended June 30, 2020. A few highlights are as follows:
The City's quarterly financial report for the Fiscal Year 2019-2020 third quarter ended June 30, 2020 reports the preliminary and unaudited results for the first nine months of the fiscal year (October 2019 - June 2020). 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 $57.8 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 $20.9 million through June 2020. The industrial in-lieu of taxes revenues of approximately $12.7 million through June 2020 represent 104.6 percent of the amount budgeted for these revenues. The City's sales tax revenues of $4.3 million through the third quarter and, despite the impact of Covid-19, are 4.5 percent higher than the prior year's third quarter due to the favorable results earlier in the fiscal year. Total expenditures of the Governmental Funds are approximately $45.1 million for the third quarter to-date.
Utility Fund revenues, including the Water/Sewer Fund and the Storm Water Fund, total approximately $8.4 million through June 2020, which is 7.9 percent higher than the prior year's third quarter results. This difference reflects the 10 percent increase in water and sewer rates in the current fiscal year and also the slight 1.1 percent increase in water usage for the first nine months of the fiscal year. Total expenses of these enterprise funds are $8.9 mill...
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