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MEMORANDUM <br />To: Mayor and Council <br />From: Ron Olson, Finance Director <br />Subject: Budget Update <br />Date: October 26, 2015 <br />Attachments: <br />1.Revenue Summary <br />2.Revenue Detail <br />3. Expenditure Summary <br />4.Expenditure Detail <br />5.Investment Summary <br />6.Investment Detail <br />The third quarter General Fund summaries are included with this memo. They are as of the end <br />of September which represents 75% of the year. Revenues are at 60.8% of budget with <br />expenditures at 73.4% of budget. The revenue totals are the actual amounts collected through <br />9/30/15. Expenditures amounts are based on payments through 10/12/15 with adjustments made <br />for known 3rd quarter expenditures that were not paid by that date. <br />General Fund Revenues <br />Property taxes at 53.0% of the budget are the primary revenue source for the General Fund. <br />With the addition of delinquent collections, the property tax category is currently at 50.9%. <br />When the 2nd half tax settlement is received in December, it is expected that property tax revenue <br />will be at 100% of budget. Licenses and Permits are at 95.8% and are forecast to exceed 100% <br />at year’s end. This is the result of a significant increase in permit revenue that is expected to <br />continue as the Stonebay and Lakeview developments move ahead. Charges for services are at <br />94.7% of budget. Construction related line items (Plan Check and Conditional Use-Varience) <br />are already well over budget and the category as a whole will finish the year over 100% of <br />budget. Other Governmental revenue is only at 13.5% of budget, however the police State Aid <br />Reimbursement was received in October and the category is now over budget for the year. Golf <br />Course revenue was is at 146% of budget as the course as the combination of excellent weather, <br />decreased competition, and improvements at the course combined for the best revenue year in <br />over a decade. The overall revenue budget will exceed 100% at the end of the year. <br />General Fund Expenditures <br />At 73.8%, the overall expenditure amounts are right on target for the year. Assessing is currently <br />at 76.92% of budget. This department will finish the year over budget by $6,000 which is 104% <br />of budget. This overage was discussed as part of the 2nd report and is the result of increased <br />building activity and the charges associated with new home construction. Human Services is at <br />Item No: 19