TO: Mayor and Commissioners
FROM: Hugh B. Dunkley, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: May 7, 2024
Title
QUARTERLY FINANCIAL REVIEW THROUGH MARCH 31, 2024
Body
Recommended Action:
Recommendation
N/A - Presentation item.
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Background:
Attached are the financial reports for the quarter ending March 31, 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 (69% of Budget Collected):
Total Revenue Budget: $187,773,534
Total Actual Revenue YTD: $130,194,081
§ Taxes {86% collected}
Year-to-date the City has collected $97.6 million in tax revenue (property taxes, utility service taxes, general business tax receipts, etc.). Of this total, $90.5 million represents property tax revenues; $4.3 million is for electric utility taxes; $1.7 million is for communications services taxes and $775 thousand collected represents business tax receipts. This reflects an almost $8 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 almost $624 thousand from the previous year’s collection.
§ Permit Fees and Special Assessments {60% collected}
$5.4 million collected year-to-date represents 60% of budgeted revenue for this category. Electric franchise fees constitute the largest revenue source within this category with $3.3 million collected YTD; $3.1 million was collected at this same time last fiscal year. The YTD amounts received for this revenue source represents 54% of the total amount budgeted of $6 million.
§ Intergovernmental Revenue {50% 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, alcoh...
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