07-23-2018 Council Packet - Laserfiche WebLink

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Budget Update July 20, 2018 Page 2 General Fund Expenditures At 50.52%, the overall expenditure amounts are on target for the year. This compares favorably to 2017 when we were at 52.0% of budget on 6/30/17 and ended the year at 96%. Although some adjustments have been made, the expenditure statement should be view as non -adjusted. The Mayor and Council Department is at 60.3%; this is the result of the timing of payments for memberships. Law and Legal Services are trending over budget at 64.1 %. This is the result of a higher than normal use of the City Attorney in Personnel matters, an increase in the amount of ordinance amendments, and a lawsuit that the City is named in. Central Services is at 64.3% at this time. This is higher than anticipated, but many of this department's line items are not evenly spent over the course of the year. At this time last year the department was at 77.45 and it finished the year at 100.6%. Fire protection is at 74.88%, but payment has been made for three quarters of the year. Engineering is currently at 72.4 percent for the year. Expenditures for this department will need to be reduced in the 2nd half of the year. Golf is currently at 62.6% of budget. The wages for the new Park/Golf Course supervisor were budgeted at the starting step. When the position was filled, it was filled at step 5 of the pay scale. The final department that is trending over budget is Special Services. This department's expenditures are passed through to the entity that uses the service. Any overage in expenditures is offset by additional revenues. Investments A listing of the City's investment portfolio is included for your review. The City's total investment portfolio is 18,008,951.34. New investments made since the end of March are highlighted in yellow. Interest earned through 6/30/2018 is $74,297.47. The interest earnings do not include any adjustments for the current market value of the portfolio. In summary, the overall General Fund budget is looking good through the 2nd quarter. Revenues are at 69.1% of budget. This is significantly higher than recent years, however the prepayment of taxes only effects the first half settlement; overall collections will be around 100%. Overall expenditures are on track to be at budgeted levels, however some individual departments show signs of being over budget.