Laserfiche WebLink
AGENDA ITEM <br />Prepared By:RJO Reviewed By: A. Carlson Approved By: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. The purpose of this item is update the Council on the year-to-date budget compared to <br />actual revenues and expenditures. <br /> <br />2. Background. The third quarter General Fund year to date budget to actual comparisons are included <br />with this memo. They are as of the end of September which represents 75% of the year. Revenues are <br />currently at 57.3% of budget with expenditures at 48.33% of budget. <br /> <br />3. General Fund Revenues. At 71% of revenues the City is currently on pace to exceed revenues for <br />the year. For comparison purposes, 2021 revenues at the end of the 2nd quarter were 72% and finished the <br />year at 108% of budget. Tax revenues (50% of the revenue budget) are at 50% of budget compared to <br />49% last year. Tax collections are received twice per year and tend to be higher during the 2nd half of the <br />year. It is projected that tax collections will be at 99%-100% for the year. Other revenues, are also on <br />pace to meet or exceed budget by the end of the year. In particular, Other Governmental and Golf <br />revenues already exceed the budgeted amounts. Building and the Golf Course will exceed budget by <br />season’s end. <br /> <br />4. General Fund Expenditures. At 75%, the overall expenditure amounts are on target for the year. <br />The amounts included in the attachments have been adjusted for wages. Most General Fund departments <br />are around 75% or less of budget for the year and are not of concern. Finance is at 83% of budget and <br />will finish the year over budget. This is the result reallocating position the Asset Management Technician <br />from Public Works to Finance after the final budget was adopted. The additional wages in Finance are <br />being offset by a reduction in Professional Services in the Central Services and wages in the Public <br />Works budget. Fire protection will be $15,000 over budget as a result of their budget overage in 2021 <br />that was paid in 2022. Due to increasing disposal costs, the Brush Site budget is over budget. Golf will <br />also be over budget this year, however this amount is being offset by an overage in revenues for the <br />course. <br /> <br />5. Summary. In summary, the overall General Fund budget is looking good through the 3rd quarter. <br />Revenues are trending over budget, while expenditures are trending towards budgeted levels. <br /> <br />COUNCIL ACTION REQUESTED <br />No action is required. <br /> <br />Exhibits <br />A. Revenue Summary <br />B. Expenditure Summary <br />Item No.: 16 Date: November 14, 2022 <br />Item Description: Third Quarter Financial Report <br />Presenter: Ron Olson <br />Finance Director <br />Agenda <br />Section: <br />Finance Director Report