2004-01-14 CC Meeting - Laserfiche WebLink

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City of Centervi{[e Narrative for Interim Financial Statements Month Ended December 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 [mancial transactions that will be recorded for the year. Accounting entries will be made after year-end to record accruals (payables and receivables) and will be reflected on a final report. Therefore, this report should only be used as a guideline until a final report has been prepared. General Fund Revenues: 1. Taxes Property tax revenues are received from the county in July, December and January. This report reflects the receipt of the July and December property tax settlements, or close to 100% of the amount that was levied. We expect to receive a "clean-up" settlement in early January, which will be accrued back to 2003. The amount shown includes the city's share, or $58,940.85, of the surplus TIF money that was recently returned to the county for redistribution. The final settlement in January of 2004 will bring in most of the remaining property tax levy. A small percentage will remain delinquent and will eventually be collected and distributed. 2. Intergovernmental In the 2003 legislative session, the city lost all of its LGA, $13,413, and most of the MVHC, $84,431, resulting in a total loss of $97,844 for fiscal year 2003. The first half of the reduced Market Value Homestead Credit (MVHC), in the amount of$9,794, was received in October and the second half, in the amount of $9,674, was received in December. The police state aid payment, in the amount of $25,249, was received in December and exceeded the amount anticipated. State fire aid in the amount of$116,282, also exceeding the amount anticipated, was received in November and was transferred to the Centennial Fire Department in December. PERA aid, in the amount of$1,333 was also received in two payments. 3. Licenses and Permits Permit revenue exceeded budget for the year. The budget amount for licenses and permits was increased in the year 2004; however, permit revenues will begin to drop off as the City reaches full development potential. Next to taxes and intergovernmental revenue, permit revenue is the third largest source of city income.