02-23-2015 Council Packet - Laserfiche WebLink

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MEMORANDUM To: Mayor and Council From: Ron Olson, Finance Director Subject: Budget Update Date: February 9, 2015 Attachments: 1) Revenue Summ 2) Expenditure mary 3) Revenu etail 4) E diture Detail 5 nvestment Listing The 4th quarter General Fund summaries are included with this memo. The summaries represent revenues and expenditures incurred through December 31 S`. Because we are still receiving and processing some transactions from 2014, the amounts should be considered preliminary. It is not anticipated that the amounts included in this report will change significantly prior to the closing of the year. Current projections have revenues 104.64%of budget and expenditures at 97.97% of budget. In net dollars, revenues are projected to exceed expenditures by $319,577. General Fund Revenues Attached with this memo are both the General fund revenue summary by category, and the revenue line item detail. Property taxes represent 53.8%of the total revenues and are the single most important revenue source. Current year property tax collections (Current Ad Valorem, Fiscal Disparities, and Personal Property) are at 100%. The collection of delinquent taxes, penalties, and interest bring the total property tax revenue for the year to 101.7%. Licenses and Permits finished the year at 117.42% of budget. The Building Permit line item came in at $296,041 which is 113.9% of budget. Other Governmental Revenues finished the year at 120.2% of budget; a major portion of the overage is the result higher than anticipated Police State Aid. Charges for Service were at 107.6%. The primary reason for this are the construction related revenue lines which were all over 100% of budget. These four revenue categories represent 95.1%of the revenue budget. Other minor categories that were over 100% of budget are other Sources& Transfers at 108.8% and the Golf Course at 120%of budget. Fine revenue only reached 77.5%of budget. A major reason for this was the lack of a distribution from the drug task force in 2013. This line item was budgeted for$30,000. We did however receive a Federal disbursement of$40,000, but due to requirements associated with the payment; this amount was credited to the Permanent Improvement Revolving(PIR) Fund. Investment interest will be over budget for the year. This is the result of a Government Accounting Standards Board(GASB) requirement to mark our investments to the current market