TO: Mayor and Commissioners
FROM: Hugh B. Dunkley, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: February 6, 2024
Title
QUARTERLY FINANCIAL REVIEW THROUGH DECEMBER 31, 2023
Body
Recommended Action:
Recommendation
N/A - Presentation item.
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Background:
Attached are the financial reports for the quarter ending December 31, 2023. 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 (54% of Budget Collected):
Total Revenue Budget: $186,454,481
Total Actual Revenue YTD: $101,079,854
§ Taxes {76% collected}
Year-to-date the City has collected $86.1 million in tax revenue (property taxes, utility service taxes, general business tax receipts, etc.). Of this total, $81.9 million represents property tax revenues; $2.4 million is for electric utility taxes; $831 thousand is for communications services taxes and $721 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 $400 thousand from the previous year’s collection.
§ Permit Fees and Special Assessments {31% collected}
$3.0 million collected year-to-date represents 31% of budgeted revenue for this category. Total YTD collections for this revenue source is in line with the total collections from the previous year. Electric franchise fees makes up the largest revenue source within this category with $1.9 million collected YTD; $1.7 million was collected at this same time last fiscal year.
§ Intergovernmental Revenue {26% 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 rev...
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