Town Council Regular Session


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  Item # C.       
Meeting Date: 09/20/2017  
Requested by: Stacey Lemos Submitted By: Wendy Gomez, Finance
Department: Finance  

Information
SUBJECT:
Fiscal Year 2017/18 Financial Update through July 2017
RECOMMENDATION:
This item is for information only.
EXECUTIVE SUMMARY:
In the General Fund (see Attachment A), revenues collected through July totaled $2.8 million or 7.6% of the budget amount of $36.3 million. Year-to-date expenditures through July totaled $2.2 million or 6.0% of the budget amount of $36.7 million.

In the Highway Fund (see Attachment B), revenues collected through July totaled $267,394 or 7.0% of the budget amount of $3.8 million. Year-to-date expenditures through July totaled $128,665 or 2.6% of the budget amount of $4.9 million.

In the Bed Tax Fund (see Attachment C), revenues collected through July totaled $83,762 or 7.4% of the budget amount of $1.1 million. Year-to-date expenditures through July totaled $241,049 or 19.2% of the budget amount of $1.3 million.

In the Community Center Fund (see Attachments D-1, D-2 and D-3), revenues collected through July totaled $448,149 or 6.9% of the budget amount of $6.5 million. Year-to-date expenditures through July totaled $502,746 or 7.7% of the budget amount of $6.5 million.
BACKGROUND OR DETAILED INFORMATION:
GENERAL FUND

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


Revenues                                                  $36,335,537

Less:
Expenditures                                           ($36,725,371)

Less:
Council-Approved Use of Contingency:
- Regional Municipalities Veteran's
  Treatment Court                                          ($75,000)

Estimated Decrease in Fund Balance     ($464,834)


General Fund Revenues
  • Local sales tax collections in the General Fund total $1.4 million or 8.3% of the budget amount of $17.2 million. Please see Attachment F for a monthly tracking of General Fund local sales tax collections, including construction and utility sales tax. 
  • License and permit revenues total $142,336 or 6.9% of the budget amount of $2.1 million.
  • State shared revenues total $870,827 or 7.5% of the budget amount of $11.6 million.    
  • Charges for Services revenues total $213,721 or 9.7% of the budget amount of $2.2 million.
  • All General Fund revenues are projected to come in on budget at this time.

General Fund Expenditures
  • All General Fund expenditures are projected to come in on budget at this time.

HIGHWAY FUND

Highway Fund Revenues
  • State shared highway user funds total $251,207 or 7.5% of the budget amount of $3.4 million.
  • All Highway Fund revenues are projected to come in on budget at this time.


Highway Fund Expenditures

  • All Highway Fund expenditures are projected to come in on budget at this time.



BED TAX FUND

Bed Tax Revenues

  • Bed tax revenues total $81,076 or 7.2% of the budget amount of $1.1 million.
  • All Bed Tax Fund revenues are projected to come in on budget at this time.

Bed Tax Fund Expenditures
  • All Bed Tax Fund expenditures are projected to come in on budget at this time.


COMMUNITY CENTER FUND

Attachment D-1 shows the consolidated financial status of the Community Center Fund with all revenues and expenditures from Troon and Town-managed operations.

Attachment D-2 shows the monthly line item detail for the Troon-managed operations, specifically revenues and expenditures associated with the golf, tennis and food and beverage operations. The totals in the revenue and expenditure categories in Attachment D-2 tie to the Contracted Operating Revenues and Expenditures in Attachment D-1.

Attachment D-3 shows the revenues and expenditures for the Troon-managed food and beverage operations only. 

Community Center Fund Revenues
  • Revenues in the Community Center Fund total $448,149 or 6.9% of the budget amount of $6.5 million. Contracted operating revenues from Troon total $187,874 and Town operating revenues total $81,005. Local sales tax revenues from the dedicated half-cent sales tax total $179,270 or 7.8% of the budget amount of $2.3 million.
  • Local sales tax revenues from the dedicated half-cent sales tax are estimated to come in on budget at this time.
  • Contracted operating revenues from Troon are estimated to come in on budget at this time.
  • Town operating revenues are estimated to come in over budget by $2,700 or 0.3%, due to facility rental income.

Community Center Expenditures
  • Expenditures in the Community Center Fund total $502,746 or 7.7% of the budget amount of $6.5 million. Contracted operating expenditures from Troon total $430,339 and Town operating expenditures total $72,407. There were no capital outlay expenditures in July.
  • Contracted operating expenditures from Troon are estimated to come in on budget at this time.
  • Town operating expenditures are projected to come in on budget at this time.
  • Capital outlay is projected 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. See Attachments D-1, D-2 and D-3 for additional details on the Community Center Fund. See Attachment E for a fiscal year-to-date consolidated summary of all Town Funds. See Attachment F for 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 - Highway Fund
Attachment C - Bed Tax Fund
Attachment D-1 Community Center Fund
Attachment D-2 Troon Cash Flow
Attachment D-3 Troon F&B
Attachment E - Summary All Funds
Attachment F - Gen Fund Local Sales Tax


    

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