Title
Acceptance of the Quarterly Financial Report for the Fiscal Year 2020-2021 fourth quarter ended September 30, 2021.
Body
Summary:
The City's quarterly financial report for the Fiscal Year 2020-2021 fourth quarter ended September 30, 2021 reports the preliminary and unaudited results for the fiscal year (October 2020 - September 2021). Note: The revenue and expenditure accounts for all funds do not yet include final entries for year-end accruals, interfund transfers, or audit adjustments, but do include some estimates.
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 $108.1 million, which includes almost $50.4 million from the recent Series 2021 Certificates of Obligation and Series 2021 General Obligation Bonds and $1.4 million from the Series 2020 Limited Tax Refunding Bonds (note: bond fund revenues are not budgeted). Net of these bond proceeds, these revenues total approximately $56.3 million. The annual budget for these revenues, as amended, is $56.5 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 $22.2 million for the fiscal year and exceed the annual budget by 2.7 percent. The industrial in-lieu of taxes revenues of approximately $12.7 million represent 102.6 percent of the amount budgeted for these revenues for the fiscal year. The City's sales tax revenues of $7.0 million for the fiscal year are 21.5 percent higher than budgeted, the budget projections being particularly conservative given the unknowns related to the impact of Covid-19. As compared to the prior year, these results are a slight 0.6 percent lower. Total fiscal year expenditures of approximately $58.3 million for the Governmental Funds include approximately $9.7 million of bond fun...
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