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<br />To: Mayor and Council <br />From: Ron Olson, Finance Director <br />Subject: Budget Update <br />Date: October 25, 2021 <br /> <br />Attachments: <br />1. Revenue Summary <br />2. Revenue Detail <br />3. Expenditure Summary <br />4. Expenditure Detail <br /> <br />The third quarter General Fund year-to-date budget to actual comparisons are included with this <br />memo. They are as of the end of September which represents 75% of the year. Revenues are <br />currently at 74.2%% of budget with expenditures at 74.5% of budget. <br /> <br />General Fund Revenues <br />At 70.3% of revenues the City is currently on pace to meet revenues for the year. For <br />comparison purposes, 2019 revenues at the end of the 3rd quarter were 71.4% and finished the <br />year at 101% of budget. Tax revenues are at 53.1% of budget compared to 48.8% last year. <br /> <br />Other revenue categories are also trending positively. Building permit revenues are currently at <br />84.5%; the Licenses and Permits category as a whole is at 83.6%. Golf Course Revenue is <br />following up a record year in 2020 with another excellent year and are at 189% of budget <br />compared to 187% in 2020. <br /> <br />For Other Government Revenue, the City is only at 15% compared to 161% in 2020. This is due <br />to the CARES Act grant that was received in July 2020. Since the end of the quarter, we have <br />received our Police State Aid allocation of $231,000 which will bring the category over 100%. <br /> <br />Other revenue categories are on pace to be at budget levels. Revenues are estimated to finish the <br />year around 101% of budget. <br /> <br />General Fund Expenditures <br />At 74.5%, the overall expenditure amounts are running a little higher than in the past years and <br />will likely end the year over budget. Although some adjustments have been made, the <br />expenditure statement should be view as non-adjusted. Two departments are currently over <br />budget for the year. The first one is Engineering; with the overage being in large part to an <br />unbudgeted expenditure of $10,000 to survey Big Island and locate suitable dock sights. The <br />second is the Golf Course, but as discussed in the revenue section, revenues for the course <br />remain well above budget and will offset the overage in expenditures. <br /> <br />A few departments are currently over 75% of budget. Assessing is at 98% of budget, there will <br />be no only minimal addition expenses recorded and the department is expected to be around