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  Item # B.       
Meeting Date: 10/03/2018  
Requested by: Stacey Lemos Submitted By: Wendy Gomez, Finance
Department: Finance  

Information
SUBJECT:
Fiscal Year 2018/19 Financial Update through July 2018
RECOMMENDATION:
This item is for information only.
EXECUTIVE SUMMARY:
In the General Fund (see Attachment A), revenues collected through July totaled $2.9 million or 7.5% of the budget amount of $38.9 million. Year-to-date expenditures through July totaled $2.8 million or 6.6% of the budget amount of $42.0 million.

In the Highway Fund (see Attachment B), revenues collected through July totaled $287,348 or 7.0% of the budget amount of $4.1 million. Year-to-date expenditures through July totaled $150,286 or 3.2% of the budget amount of $4.6 million.

In the Community Center Fund (see Attachments C-1, C-2 and C-3), revenues collected through July totaled $453,701 or 6.8% of the budget amount of $6.7 million. Year-to-date expenditures through July totaled $619,333 or 9.4% of the budget amount of $6.6 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                                                    $39,274,329

Less:
Expenditures                                             ($41,316,714)


Estimated Decrease in Fund Balance    ($2,042,385)


General Fund Revenues
  • Local sales tax collections in the General Fund total $1.5 million or 7.9% of the budget amount of $19.4 million. Please see Attachment E for a monthly tracking of General Fund local sales tax collections, including construction, utility and bed tax collections. 
  • License and permit revenues total $182,445 or 8.5% of the budget amount of $2.1 million.
  • State shared revenues total $863,755 or 7.4% of the budget amount of $11.7 million.    
  • Charges for services revenues total $252,246 or 10.5% of the budget amount of $2.4 million.
  • Federal grant revenues total $11,082 or 1.9% of the budget amount of $596,162. These revenues are estimated to come in under budget by about $154,000 or 25.8%, due to previous Counter Narcotics Alliance task force officers returning to the Town's Police Department operations. 
  • Other intergovernmental revenues total $7,292 or 0.4% of the budget amount of $1.8 million. These revenues are estimated to come in under budget by about $98,000 or 5.4%, due to the discontinued school resource officer contract with Pusch Ridge Christian Academy. This loss is offset by a corresponding reduction in estimated personnel expenditures for the Police Department.

General Fund Expenditures
  • General Fund expenditures are estimated to come in under budget by about $668,000 or 1.6%. Of this amount, about $339,000 is due to estimated personnel and O&M savings. The remainder is due to an estimated reduction in the transfer out to the Highway Fund, which is the result of an increase in expected highway user (HURF) revenues. Please refer to the Highway Fund discussion below.

HIGHWAY FUND

Highway Fund Revenues
  • State shared highway user funds total $280,897 or 8.5% of the budget amount of $3.3 million. These revenues are estimated to come in over budget by about $328,000 or 10.0%, per the League of Arizona Cities and Towns. This is due to a one-time allocation called for in state statute, as well as partial elimination of the annual HURF sweep to fund Department of Public Safety operations. 
  •  As a result of the additional HURF funding, the subsidy transfer from the General Fund has been reduced by approximately $328,000.
  • All other Highway Fund revenues are projected to come in on budget at this time.


Highway Fund Expenditures

  • Highway Fund expenditures are estimated to come in under budget by about $10,000, due to anticipated personnel savings.


COMMUNITY CENTER FUND

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

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

Attachment C-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 $453,701 or 6.8% of the budget amount of $6.7 million. Contracted operating revenues from Troon total $189,428 and Town operating revenues total $84,735. Local sales tax revenues from the dedicated half-cent sales tax total $179,538 or 7.5% of the budget amount of $2.4 million.
  • Local sales tax revenues and Town operating revenues are estimated to come in on budget at this time.
  • Contracted operating revenues from Troon are estimated to come in over budget by about $14,000 or 0.5%.

Community Center Expenditures
  • Expenditures in the Community Center Fund total $619,333 or 9.4% of the budget amount of $6.6 million, and are estimated to come in about on budget at this time.
All estimates are subject to change. Please see Attachments A and B for additional details on the General Fund and Highway Fund. See Attachments C-1, C-2 and C-3 for additional details on the Community Center Fund. See Attachment D for a fiscal year-to-date consolidated summary of all Town Funds. See Attachment E 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-1 Community Center Fund
Attachment C-2 Troon Cash Flow
Attachment C-3 Troon F&B
Attachment D - Summary All Funds
Attachment E - Gen Fund Local Sales Tax


    

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