TO: Mayor and Commissioners
FROM: Hugh B. Dunkley, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: September 3, 2024
Title
QUARTERLY FINANCIAL REVIEW THROUGH JUNE 30, 2024
Body
Recommended Action:
Recommendation
N/A - Presentation item.
Body
Background:
Attached are the financial reports for the quarter ending June 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 of each fund and department.
General Fund Revenue Summary (82% of Budget Collected):
Total Budget: $191,366,918
Total Actual YTD: $156,844,136
§ Taxes {96% collected}
Year-to-date the City has collected $108.8 million in tax revenue (property taxes, utility service taxes, general business tax receipts, etc.). Of this total, $98.8 million represents property tax revenues; $6.2 million is for electric utility taxes; $2.5 million is for communications services taxes and $825 thousand collected represents business tax receipts. This reflects a $10 million increase from the amount of property taxes that were collected at this same time last fiscal year. Electric utility tax collections YTD increased by $500 thousand from the previous year’s collection.
§ Permit Fees and Special Assessments {73% collected}
$7.2 million collected year-to-date represents 73% of budgeted revenue for this category. Electric franchise fees constitute the largest revenue source within this category with $4.6 million collected YTD; $4.5 million was collected at this same time last fiscal year. The YTD amounts received for this revenue source represents 77% of the total amount budgeted of $6 million.
§ Intergovernmental Revenue {73% 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...
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