2003-12-01 CC Packet - Laserfiche WebLink

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~ . City of CenterviCCe Narrative for Interim Financial Statements Month Ended November 31, 2003 Attached are interim financial statements for the General Fund and Enterprise Funds for the City of Centerville. These reports are intended to illustrate how city operations are progressing financially during the year. The interim financial statements are unaudited and do not reflect all financial transactions that will be recorded for the year. General Fund Revenues: 1. Taxes Property tax revenues are received from the couilty in July, December and January. The January settlement is accrued back to the previous year. This report reflects the receipt of the July settlement, or close to half of the amount that was levied. Property taxes are the city's main source of General Fund revenue. Since the first property tax installment and the most of the intergovernmental revenues are not received until mid-year, it is important to have adequate fund balance designated for cash flow. The tax settlement that was received December 2nd will bring tax revenues to 94% of budget in the month of December. This includes the city's share, or $58,940.85, of the surplus TIF money that was recently returned to the county. The final settlement in January 04 will bring in a good share of the remaining property tax levy. 2. Intergovernmental This past legislative session, the city lost all of its LOA, $13,413, and most of the MVHC, $84,431, resulting in a total loss of $97,844 for fiscal year 2003, with no chance to recover it elsewhere. In all other respects, the city is financially stable and the 2003 city budget appears healthy. The first half of the reduced Market Value Homestead Credit (MVHC), in the amount of $9,794, was received in October. The police state aid payment was received in December and, therefore, is not reflected on this report. State tire aid in the amount of $116,282 was received in November and exceeded the amount anticipated. This amount is reflected in net income, but will be transferred to the Centennial Fire Department in December. 3. Licenses and Permits Permit revenue is expected to exceed budget for the year. Next to taxes and intergovernmental revenue, permit revenue is the third largest source of city income. 4. Charges for Services Assessment searches and map sales are below average for the year. Since charges for services are a minor part of the budget, the overall impact is negligible.