03-08-2021 Council Packet - Laserfiche WebLink

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To: Mayor and Council From: Maggie Ung, Acting Finance Director Subject: Budget Update Date: March 8, 2021 Attachments: 1. Revenue Summary 2. Revenue Detail 3. Revenue Graph 4. Expenditure Summary 5. Expenditure Detail 6. 4th Quarter Vendor Listing 7. YTD Top 100 Paid Vendor Listing The fourth quarter 2020 budget to actual comparisons are included with this memo. Both detailed and summary data is being presented for review. The amounts being presented should be considered preliminary numbers and may change as staff prepares for the 2020 audit. It is anticipated that any changes will be minor in relation to the overall budget. Although some adjustments have been made, both revenue and expenditure statement should be view as non- adjusted. Also included are the 2020 vendor listings. General Fund Revenues At 101.14% of revenues, the City’s total revenue collect is slightly over budget, which continues the trend of ending the year over budget. Once investment earnings are allocated to the various city funds, revenue will increase by approximately $70,000. In the total, General Fund Revenues will exceed budget by approximately $170,000. Property tax revenues, which accounts for 51% of the revenue budget, are at 99.12% of budget compared to the previous year of 99.86%. For Other Government Revenue, the City is at 131% compared to 159.78% in 2019. The main variances are the receipt of Cares Act funding, and a reduction in the Towards Zero Death grant funds received not that the City is not administering the grant. The Golf Course Revenue is also exceeding budget at 203.06% compared to 102.74% in 2019. COVID-19 also play a large role in this revenue item as many indoor social gatherings were advised against and therefore, there has been an uptick in individuals taking to outdoor activities, such as golfing. For the last few years at year end, Licenses and Permits have exceeded budget. Due to COVID- 19 this year, the City has collected 93.78% of the budgeted revenue compared to 141.56% in 2019. One factor for this decrease is due to less developments occurring within the city. Another likely factor is COVID-19 and having government mandated shutdowns throughout the year.