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  Item # B.       
Meeting Date: 12/17/2014  
Requested by: Stacey Lemos Submitted By: Wendy Gomez, Finance
Department: Finance  

Information
SUBJECT:

Fiscal Year 2014/15 Financial Update through October 2014

RECOMMENDATION:
This item is for information only.
EXECUTIVE SUMMARY:
In the General Fund (see attachment A), revenues collected through October totaled $9.9 million, or 30.8% of the budget amount of $32.3 million.  Year-to-date expenditures through October totaled $9.8 million, or 30.3% of the budget amount of $32.5 million. The adopted FY 2014/15 General Fund budget included a transfer out of one-time revenues in the amount of $2.5 million to the General Government CIP Fund for capital projects. Please note that year-to-date expenditures now include approximately one-third of this budgeted transfer out to the General Government CIP Fund of approximately $883,000. 

In the Highway Fund (see attachment B), revenues collected through October totaled $990,248, or 33.4% of the budget amount of $3.0 million.  Year-to-date expenditures through October totaled $1,062,635, or 24.4% of the budget amount of $4.4 million.  It is important to note that the Highway Fund budget includes the planned use of $1.4 million in reserves, as all construction sales tax revenues are now fully accounted for in the General Fund.

In the Bed Tax Fund (see attachment C), revenues collected through October totaled $246,506, or 26.0% of the budget amount of $949,000.  Year-to-date expenditures through October totaled $328,656, or 34.2% of the budget amount of $961,000.
BACKGROUND OR DETAILED INFORMATION:
GENERAL FUND

Attachment A shows General Fund revenues and expenditures through October, as well as year-end estimates for each category.  The estimated year-end projections in the General Fund are as follows:

Revenues                                                    $32,425,324
Less:
Expenditures                                              ($32,305,219)

Est. Increase in Fund Balance                    $    120,105
 

General Fund Revenues
  • Local sales tax collections in the General Fund total $4.8 million or 30.4% of the budget amount of $15.7 million.  Sales tax collections in the General Fund are estimated to come in on budget at this time.  Please see Attachment E for a monthly tracking of General Fund local sales tax collections, including construction and utility sales tax.    
  • Federal Grant revenues are estimated to come in over budget by about $83,000 or 13.9%, due to grant funds received for a Police DUI Tahoe and hosting of collision investigation training classes, funded by the Governor's Office of Highway Safety. 
     
  • Charges for Services revenues are estimated to come in over budget by about $82,000 or 4.9%, due primarily to revenue trends at the Aquatic Center and zoning & subdivision fees.
     
  • Fine revenues are estimated to come in under budget by about $16,000 or 8.9%, based on current trends and citation filings. 
Staff will continue to monitor revenue collections and may adjust the year-end estimates based on actual trends.


General Fund Expenditures
  • Expenditures are estimated to come in under budget by nearly $152,000 or 0.5%, due to projected vacancy savings.  Note that these savings are estimates and are subject to change.     

HIGHWAY FUND

Highway Fund Revenues

  • State shared highway user funds total $917,180, or 33.3% of the budget amount of $2.8 million and are estimated to come in on budget at this time. 


Highway Fund Expenditures

  • Expenditures are estimated to come in under budget by about $6,000 or 0.1%, due to projected vacancy savings.  Note that these savings are estimates and are subject to change.


BED TAX FUND

Bed Tax Revenues

  • Bed tax revenues total $245,091, or 25.9% of the budget amount of $945,000 and are estimated to come in on budget at this time.

Bed Tax Fund Expenditures
  • Expenditures are estimated to come in on budget at this time. 
     
Please see Attachments A, B, and C for additional details on the General Fund, Highway Fund and Bed Tax Fund respectively.  See Attachment D for a fiscal year-to-date consolidated summary of all Town funds.  In addition, as noted earlier, Attachment E includes a breakdown of monthly local sales tax collections for the General Fund.  

FISCAL IMPACT:
N/A
SUGGESTED MOTION:
This item is for information only.
Attachments
Attachment A - General Fund
Attachment B - HW Fund
Attachment C - Bed Tax Fund
Attachment D - Summary All Funds
Attachment E - GF Local Sales Tax


    

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