Town Council Regular Session


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  Item # 3.       
Meeting Date: 09/16/2020  
Presentation and possible discussion of the Town's Fiscal Year 2019/20 Financial Update through June 2020 (year-end, unaudited)

Subject
Presentation and possible discussion of the Town's Fiscal Year 2019/20 Financial Update through June 2020 (year-end, unaudited)
Summary
Attached hereto are the preliminary, unaudited Fiscal Year 2019/20 year-end financials for the General Fund, Highway Fund and Community Center Fund through June 2020, as well as a consolidated year-end summary for all Town funds. Please note that figures are subject to final adjustments.   

In the General Fund, total actual revenues for the year came in over budget by approximately $2.3 million or 5.9%. Expenditures for the year were under budget by approximately $2.1 million or 5.0%. The General Fund ended the year with an overall increase in fund balance of $1,803,929. The estimated FY 19/20 year-end fund balance in the General Fund is $21.4 million, which reflects 50.9% of total FY 19/20 estimated expenditures.

In the Highway Fund, total actual revenues for the year came in over budget by approximately $272,000 or 7.2%. Expenditures for the year were under budget by roughly $12,000 or 0.3%. Overall, the Highway Fund ended the year with a decrease in fund balance of $53,343 (note that the planned budgeted decrease in fund balance was $337,241). The estimated year-end fund balance in the Highway Fund is approximately $813,500.

In the Community Center Fund, total actual revenues for the year came in under budget by approximately $174,000 or 2.6%. Expenditures for the year were under budget by about $285,000 or 4.4%. The estimated year-end fund balance in the Community Center Fund is approximately $904,000, which represents an increase of approximately $408,000.
 
BACKGROUND OR DETAILED INFORMATION:

GENERAL FUND RECAP
General Fund actual revenues totaled $41,662,051. Local sales taxes, licenses and permits, and interest income came in significantly over budget, while grants and intergovernmental revenues came in under budget. Overall, General Fund revenue collections came in $2.3 million over the adopted budget amount. Additional information regarding local sales tax collections for the year is provided below:

Retail tax collections totaled $7.3 million for the fiscal year, up 4.6% or $317,000 over last fiscal year.

Restaurant and bar tax collections totaled $1.7 million for the fiscal year, down 9.4% or $181,000 compared to last fiscal year.

Construction tax collections totaled $5.6 million for the fiscal year, down 6.9% or $415,000 compared to last fiscal year.

Utility tax collections totaled approximately $3.0 million for the fiscal year, down 1.1% or $32,000 from last fiscal year.

General Fund fiscal year expenditures totaled $39,858,122 or approximately $2.1 million under the budgeted amount of $41.9 million. O&M and personnel savings totaled approximately $1.8 million. Capital outlay expenditures came in about $300,000 under budget due to project cost savings, deference of non-essential capital items, as well as grant capacity that was not utilized.
 
HIGHWAY FUND RECAP
The largest revenue source in the Highway Fund, Highway User Revenue Fund (HURF) gas taxes, totaled $3,694,044 or approximately $90,000 over the budget amount of $3.6 million. Expenditures in the Highway Fund came in under budget by about $12,000 or 0.3%. The slight overage in the Transportation Engineering division was due to roadway damages caused by traffic accidents. These costs were covered by additional insurance proceeds received related to these accidents.
 
COMMUNITY CENTER FUND RECAP
Contracted operating revenues from Troon came in over budget by roughly $42,000 or 1.3%, due to golf related revenues.
Contracted operating expenditures from Troon totaled $4.9 million, which is approximately $153,000 or 3.1% under the budget amount of $5.0 million, which was mainly due to savings in personnel costs. The overall contracted operating expenditures exceeded overall contracted operating revenues by approximately $1.6 million. This net operating loss was more than offset by $2.5 million collected in dedicated half cent sales tax proceeds for the year.

Town operating revenues totaled $674,511, about $371,000 or 35.5% under the budget amount of $1,046,280. This drop in revenue was due to facility closures and limited capacity due to COVID-19.

Town operating expenditures totaled $906,240, $148,000 or 14.1% under the budget amount of $1,054,694. Similar to the revenue portion, both personnel and O&M costs are down to COVID-19 related closures.

Local sales tax revenues from the dedicated half-cent sales tax totaled $2,584,916 or 4.3% over budget. This was due to retail and online collections.

Capital outlay expenditures totaled $123,002, compared to the budget amount of $106,500, which was anticipated due to costs related to fencing for the pickleball courts.

The overall ending fund balance in the Community Center Fund is estimated at $904,370, which includes accounting for the annual loan repayment amounts of $120,000 back to the General Fund to repay that fund for the $1.2 million transferred to the Community Center Fund for start-up operational and capital costs when the facility was initially acquired in 2015. 
 
All revenue and expenditure 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.
Attachments
Attachment A - General Fund
Attachment B - Highway Fund
Attachment C1 - Community Center Fund
Attachment C2 - Troon Cash Flow
Attachment C3 - Troon F&B
Attachment D - Summary All Funds
Attachment E - General Fund Sales Tax
Staff Presentation


    

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