TO: Mayor and Commissioners
FROM: Henry M. Dachowitz, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: December 17, 2024
Title
PRELIMINARY QUARTERLY / YEAR END FINANCIAL REVIEW THROUGH SEPTEMBER 30, 2024
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Recommended Action:
Recommendation
N/A - Presentation item.
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Background:
Attached are the preliminary year-end / quarterly financial reports for fiscal year 2023-24 ending September 30, 2024. The staff summary below gives a brief overview of the budgetary performance for the City’s major revenue sources as well as an analysis of the year-to-date (YTD) performance.
General Fund Revenue Summary (94% of Budget Collected):
Total Budget: $191,385,185
Total Actual YTD: $179,718,650
§ Taxes {100% collected}
Year-to-date the City has collected $113.5 million in tax revenue (property taxes, utility service taxes, general business tax receipts, etc.). Of this total, $100.4 million represents property tax revenues; $8.8 million is for electric/gas utility taxes; $3.4 million is for communications services taxes and $931 thousand collected represents business tax receipts. This reflects a $9.8 million increase from the amount of property taxes that were collected last fiscal year. Electric/gas utility tax collections increased by $267 thousand from the previous year’s collection.
§ Permit Fees and Special Assessments {98% collected}
$9.6 million collected year-to-date represents 98% of budgeted revenue for this category. Electric franchise fees constitute the largest revenue source within this category with $6.2 million collected.
§ Intergovernmental Revenue {99% collected}
This revenue category represents funds received by the City for federal, state, and local grants as well as state revenue sharing funds (half-cent sales tax, state-shared revenue, alcoholic beverage license tax receipts). The City has received $14.1 million or 99% of the total budgeted revenues within this category.
§ Charges for Services {90% collected}
Total charges for City services reflect approximately $16.3 million or 90% collection year to date as compared to total FY2023/24 budgeted amount of $18.0 million. This revenue category represents user fees and charges for services that are rendered for general government, public safety, culture and recreation and other City services.
§ Judgements, Fines & Forfeitures {66% collected}
Collections for judgements, fines and forfeitures represent collections of $1.1 million of total budgeted collections of $1.6 million. The lower collections YTD reflect a decrease in the amount of fees for parking violations, late fees and school crossing guard fines.
§ Miscellaneous Revenue {114% collected}
This revenue source is comprised of investment earnings, rents and royalties, contributions from the CRA and administrative fees to enterprise funds.
§ Other Sources {40% collected}
This revenue source is comprised of administrative fees that are paid to the General Fund by the City’s other funds; budgeted cash carryover of $10.3 million and prior year’s encumbrances brought forward into the new fiscal year. The lower percentage of revenue incorporates the cash carryover and encumbrances brought forward from the previous year.
General Fund Expenditures Summary (97% of Budget Spent):
Total Budget: $191,385,185
Total Actual YTD: $186,101,193
General Fund Expenditures are approximately 97% of budget. Personnel service expenditures, which represent about 60% of total General Fund expenditures are at 101% of budget year-to-date. Operating expenditures are at 88% of budget, whereas Capital Outlay expenditures reflect only 56% of budget year-to-date.
The Grants and Aid category is at 100% of budget primarily because of payment of tax incremental revenue to the CRA. The Non-operating expenditure category (which is at 100% of budget) is comprised primarily of interfund transfers to other funds for bond debt service, capital projects, and general construction funds.
Revenues (Prior Year Comparison) - All Funds:
Total revenues received to date of $328.9 million for all of the City’s budgeted funds increased by $29.3 million from the previous year, due primarily to increases in ad valorem tax revenue; increased user charges for water & sewer, stormwater utility and sanitation charges due to rate adjustments for the various enterprise funds; increased user charges to participating departments by the internal service funds (Insurance and Central Garage) also attributed to increased revenues for the City’s funds.
Expenditures (Prior Year Comparison) - All Funds:
Total expenditures to date of $326.9 million for all of the City’s budgeted funds increased by $35.0 million from the previous year, due primarily to increases in personnel service expenditures as a result of increased salaries and benefits; increases in operating expenditures in the City’s General Fund, Special Revenue Fund and Enterprise Funds.
City Attorney Review:
N/A
Funding Source/Financial Impact:
N/A
Time Sensitive:
N/A