01-27-2025 CC Agenda Packet - Laserfiche WebLink

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To: Mayor and Council From: Maggie Jin, Finance Director Subject: Fourth Quarter Financial Report Date: January 27, 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 The fourth quarter 2024 year-to-date budget to actual comparisons are included with this memo. The numbers are unaudited and intended for the information and use of management and City Council. Revenues are currently at 102.58% of budget with expenditures at 97.68% of budget. Both detailed and summary data is being presented for review. General Fund Revenues Currently, General Fund revenue is at 102.58%. As anticipated, revenues will finish the year over budgeted levels. The largest General Fund revenue is the property tax levy, which represents 56.9% of the revenue budget. Tax collections are currently at 98.67% of budget. The second largest source of revenue for the City is Charges for Service, currently at 102.21% of the budget. This includes services provided to other cities, including police service contracts and public works service contract. The third largest source of revenue is Licenses and Permits, which is at 127.99% of the budget. Building permits are over what was anticipated in the budget. As the City has very few vacant lands for development, this line item has been budgeted conservatively as best practice. Other Governmental revenue is currently at 162.85%. Interest is at 63.17% of budget; the City’s portfolio still contains investments locked in at low interest rates from 2021 and 2022. A revenue graph is included with this memo for comparison with previous years. General Fund Expenditures General Fund expenditures are currently at 97.68% of the budget, which is less than budgeted. Public Works is trending overbudget at 120.62%. This is due to right-of-way tree maintenance and street maintenance. Public Works – Spring Park is slightly over at 106.89% due to wages. The expenses in this department are offset by the revenues earned from providing the service. Special Services is another department that is running high but also has offsetting revenues associated with the expenditures. All other departments are trending below or at budget. General Fund expenditures are anticipated to end the year slightly under budget. Enterprise Fund The Enterprise Funds includes the following: Water, Sewer, Recycling, Golf Course, Cable, Stormwater. Currently, Water Fund is at 107.2% of budget, Sewer is at 123.2% of budget, Recycling is at 103.6%, Golf Course is at 118.6% of budget, Cable Fund is at 141.7% of budget, and Stormwater is at 168.7% of budget. In 2024, total expenditures in these funds are running overbudget due to prior year corrections and unbudgeted transfer. Operating expenditure in the Water, Sewer and Stormwater Funds are 57