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HomeMy Public PortalAbout08.5_9A_Presentation_3rd Quarter Financial Report FY213RD QUARTER FINANCIAL REPORT FISCAL YEAR 2020-2021 May 4, 2021 RECOMMENDED ACTIONS •Receive and file the Fiscal Year (“FY”) 2020-2021 (“20/21”) 3rd Quarter Financial Report and related documents; and •Authorize staff to revise revenue and expenditure budgets for FY 20/21. 2 PRESENTATION OVERVIEW •Analysis •Revenues – General Fund •Expenditures – General Fund •Fund Balance – General Fund •Conclusion •Outlook 3 ANALYSIS •General Fund Overview Underbudget •Revenues •Expenditures •Non-General Fund Overview Most Funds on Track COVID-19 Pandemic Restrictions 4 ANALYSIS (continued) •Budget Amendments – General Fund (GF) •Total Proposed •Revenues = $300,235 Reduction •Expenditures = $973,595 Reduction •Estimated Net Operating Surplus = $507,420 •w/ One-Time Expenditures = $429,420 Estimated Year-End GF Fund Balance = $20.53 Million 5 ANALYSIS (continued) •Major Factor of Estimated Surplus •CARES Act of $446,349 •w/o Allocation GF Deficit of $16,929 6 REVENUES-GENERAL FUND 7 Current Proposed Revised Budget Budget Budget Revenue Description Amount Adjustment Amount Explanation Court Fines $311,030 ($81,030)$230,000 Lower collections projected. Franchise Fees - In-Lieu 0 150,000 150,000 Athens Services Agreement. In Lieu VLF 5,018,620 178,655 5,197,275 Higher collections projected. Plan Check Fees 554,350 94,330 648,680 Higher activities projected. Recreation Fees 252,500 (252,500)0 Cancellation of classes/events. Sales Tax 1,823,420 (198,420)1,625,000 Lower collections projected. Temp Parking Permit Fees 75,000 (75,000)0 Suspension of enforcement. Zoning Fees 168,320 (98,470)69,850 Lower activities projected. PROPOSED FY 20/21 3RD QUARTER MAJOR REVENUE BUDGET AMENDMENTS REVENUES (continued) 8 GF - Current vs. Proposed Sales Tax (-$198,420) Property Tax -no change Misc. Revenues +$184,370 In-Lieu VLF +$178,655 Licenses & Permits (-$194,545) Charges for Services (-$255,795) $500,000 $1,500,000 $2,500,000 $3,500,000 $4,500,000 $5,500,000 Current Proposed $14,354,980 $14,069,245 Current Proposed Revised Budget Budget Budget Department/Program Desc Amount Adjustment Amount Explanation MSD-Emergency Services: Special Dept Supplies $10,000 $75,000 $85,000 COVID-19 mitigation supplies. MSD-Law Enforcement: Law Enf.-Special Services 200,855 (100,000)73,755 Lower expenditures. Law Enf.-Special Services (27,100)Transfer to Special Equipment. Law Enf.-Special Equipment 0 27,100 27,100 Purchase of radios. CDD-Infrastructure & Maint.-Street Maint. Capital Improvement 210,000 (210,000)0 Carryover project to FY 2021-22. Street Maintenance 210,000 (210,000)0 Carryover project to FY 2021-22. P&R-Human Services: Recreation Specialists 61,500 (61,500)0 Cancellation of classes. Salaries-Part-Time 381,330 (150,000) 231,330 Salary savings-program & event cancellations. Special Programs 110,500 (80,000)30,500 Cancellation of major programs. PROPOSED FY 20/21 3RD QTR MAJOR EXPENDITURE BUDGET AMENDMENTS EXPENDITURES-GENERAL FUND 9 EXPENDITURES (continued) 10 GF - Current vs. Proposed General Government - no change Public Safety (-$25,000) Community Development (-$160,000) Parks & Recreation (-$381,130) Public Works (-$449,095) $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000 $6,000,000 $6,500,000 Current Proposed $14,619,420 $13,645,825 FUND BALANCE-GENERAL FUND 11 Current 3rd Quarter Revised Budget Revisions Estimates FY 2020-21 Operating Revenue Budget $14,354,980 ($285,735)$14,069,245 FY 2020-21 Operating Expenditure Budget (14,219,420) 651,595 (13,567,825) Transfers In/(Out)20,500 (14,500)6,000 FY 2020-21 Estimated Operating Surplus/(Deficit)$156,060 $351,360 $507,420 FY 2020-21 One-Time Expenditure ($190,000) $112,000 ($78,000) FY 2020-21 Capital Improvement Budget ($210,000) $210,000 $0 FY 2019-20 Fund Balance (Audited)$20,097,953 $0 $20,097,953 Net FY 2020-21 Budget Balance (243,940) 673,360 429,420 June 30, 2021 Estimated Fund Balance $19,854,013 $673,360 $20,527,373 CONCLUSION July 2020 to March 2021: Budget Reductions in GF Revenues & Expenditures •Coronavirus (“COVID-19”) Pandemic Affected Services of City Operations Less Construction/Development Activities Cancellation of Parks & Recreation Events and Programming Impacted Budget Estimated Surplus – CARES Act Allocation 12 CONCLUSION (continued) Continuous Monitoring and Analysis Moving Forward Cautiously 13 OUTLOOK •Coronavirus (“COVID-19”) Pandemic •Decreasing Positive Cases & Hospitalization •Increasing Vaccination Rates •3rd Stimulus Assistance-American Rescue Plan GF cannot keep relying on one-time revenues •Increasing Real Property Values •Higher Property Tax Revenues 14 Questions? 15