07-14-2025 - Agenda Packet City Council - regular meeting

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Second Quarter Financial Report July 14, 2025 Enterprise Fund The Enterprise Funds includes the following: Water, Sewer, Recycling, Golf Course, Cable, and Stormwater Funds. Water Fund revenue is at 36.5% and expenditure is at 46.9% of budget. Water Fund revenue is captured more in the summer time due to water usage for irrigation. June water usage was lower than anticipated due to being a rainy month. Sewer Fund revenue is at 48.9% and expenditure is at 47.3% of budget; Stormwater Fund revenue is at 52.6% and expenditure is at 46% of budget; Recycling Fund revenue is at 48.1 % and expenditure is at 54% of budget. These funds are on track and are approximately around the current earmark of 50%. Golf Course Fund revenue is at 42.4% and expenditure is at 42% of budget. Golf course opened in April. Cable Franchise Fund revenue is at 19.3% and expenditure is at 72.6% of budget. Franchise fee makes up the revenue in the Cable Franchise Fund with second quarter fees to be received in July. Cable usage is down from year prior causing the shortfall in revenue. In terms of expenditure, cable fund pays for Council streaming and agenda management software in the first half of the year. Remaining expenditure is minimal for the remainder of the year. Enterprise Funds are financed and operated from the fees and charges designed to cover its cost, which includes potential years of net loss or any future improvements needed to maintain and sustain the systems. Internal Service Funds Internal Service Funds includes: Fleet, Insurance, and IT Funds. Fleet Fund revenue is currently at 58.2% with expenditures at 52.5%. Revenue includes transfers in and passthrough charges to other governmental entities for work performed, offset by the cost of the repairs on the expenditure budget. Insurance Fund revenue is at 54.2% with expenditures at 91.9%. Revenue consists of transfers in from each department for its share of insurance costs, along with reimbursement for claims. Expenditures are almost at 100% of budget. This is due to workers compensation coverage premium paid in full for the year and 67% of property and casualty premium paid to date. Additional cost that will cause budget to go over stems from legal fees related to the special election litigation. IT Fund revenue is at 50.7% with expenditures at 69.1%. Revenue consists of transfers in from each department for IT services. Meanwhile, expenditures are over the 50% earmark for the year. This is correction of general ledger coding for IT related items, such as servers and software subscription. Additionally, majority of software licensing dues are paid within the first portion of the year, thus causing current year-to-date expenditure to exceed the 50% budget mark for the year. Page 2 of 3 155