04-23-2018 Council Packet - Laserfiche WebLink

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To: Mayor and Council From: Ron Olson, Finance Director Subject: Budget Update Date: April 23, 2018 Attachments: 1. Revenue Summary 2. Revenue Detail 3. Revenue Graph 4. Expenditure Summary 5. Expenditure Detail (Unadjusted) 6. Investments 7. Vendor Payment Listing The first quarter General Fund year to date budget to actual comparisons are included with this memo. They are as of the end of March which represents 25% of the year. Revenues are currently at 17.9% of budget with expenditures at 22.5% of budget. General Fund Revenues The low revenue percentage is normal for the first quarter. The timing of revenue streams account for the low revenue percentage for the quarter. The first property tax receipts, representing 53.2% of the budget, will not be received until June. Various state grants (Other Governmental) will also not be received until later in the year. For comparison purposes, 2016 and 2017 1St quarter revenues were at 16.5% and 14.2% of budget. Both years ended with revenues exceeding their budgets. A revenue graph is included to illustrate the typically low 1St quarter revenues. Building related revenues are off to a strong start in 2018. Building Permits are currently at 48.2% of budget; Mechanical Permits are at 40.6%; and Plan Check/Site Exam Fees are at 41.5%. These three line items will easily exceed budget for the year. The major reason for this are permit fees paid by the Orono School District. Fees paid by the district represent 35% of the building related revenues. The follow table compares the number of permits issued in 2018 compared to 2017. Permit revenue is based on the value of the work being performed, so the number of permits issued is not a direct indication of permit revenue. However, it is definitely worth noting the new home permits have increased by 38% with total permits increasing 27%. March YTD New home Total permits Zoning New Home Total permits Zoning 2018 5 161 12 18 374 28 2017 5 118 7 13 295 36