02-12-2024 CC Agenda Packet - Laserfiche WebLink

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To: Mayor and Council From: Maggie Jin, Finance Director Subject: Fourth Quarter Financial Report Date: February 12, 2024 Attachments: 1.General Fund Revenue Summary 2.General Fund Revenue Detail 3.General Fund Revenue Graph 4.General Fund Expenditure Summary 5.General Fund Expenditure Detail 6.Enterprise Fund Detail 7.New Investment Listing The fourth quarter General Fund year-to-date budget to actual comparisons are included with this memo. Revenues are currently at 71.5% of budget with expenditures at 75.2% of budget. There has been a change in the General Fund presentation. Both revenues and expenditures have been removed from the presentation. The Golf Course is being moved to an Enterprise Fund and will no longer be reported in the General Fund. The fourth quarter 2023 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 2023 audit. It is anticipated that any changes will be minor in relation to the overall budget. With the presentation, the change made in third quarter of 2023 in regards to the Golf Course is also shown where both revenue and expenditure have been removed due to the Golf Course moving to an Enterprise Fund. General Fund Revenues Revenues have finished the year exceeding budgeted level by 4.49%. Investment earnings have not yet been allocated so further increase will occur once the entry is booked. The largest General Fund revenue is the property tax levy representing 51.5% of the revenue budget. Tax collections have ended at 99.35% with remainder to be collected in future years. Licenses and Permits and Other Governmental have exceed budget for the year. This is related to building permits and activity that were not anticipated, and higher than expected Police State Aid and the Toward Zero Deaths police grant. The Toward Zero Death police grant revenue is a pass-through to other local agencies and correlates to the expenditure. Charges for Service have also finished the year over budgeted levels. Interest on investments is allocated at year-end will be close to or at budget numbers. A revenue graph is included with this memo for comparison with previous years. 210