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MEMORANDUM
<br />Date: August 4, 2020
<br />To: Mayor and City Council
<br />From: Tom Kelly, Treasurer
<br />Re: Second Quarter 2020 Financial Report
<br />The City's revenues are above budget and expenditures are below.budget. Part of the reason
<br />revenues are as high as they are is the City received and.recorded the 15{ half tax settlement at
<br />the end of June instead of July as in the past. The key to the City's finances are that even
<br />though we are 50% through the year, revenues and expenditures do not flaw evenly though the
<br />year. There are some one-time expenditures, which are spent at the beginning of the.year, and.
<br />expenditures for snow plowing activities, which are spent during the first and fourth quarters of
<br />the year, which makes the City look like it may over spend its budget, but over the course of the
<br />year; will actually be in line with budgeted amounts, Likewise, an the revenue side sewer -billing
<br />revenues are only received once a quarter. Below is a chart comparing budget to actual
<br />revenue. and expenditures for the years 2bi 9 and 2020..
<br />ALL FUNDS
<br />Revenues
<br />2019
<br />2019
<br />%
<br />2020
<br />2020
<br />Budget
<br />Actual
<br />Received
<br />Budget
<br />Actual
<br />Received
<br />General Fund
<br />39,892.50
<br />59,955.84
<br />150.29%
<br />34,024.98
<br />229,921.53
<br />675.745�
<br />Special Revenue Fds
<br />237.50
<br />117,63
<br />49.53%
<br />45,662600
<br />317,88
<br />0.70%
<br />DebtService Funds
<br />67,375,50
<br />792.14.
<br />1.18%
<br />41,192.50
<br />76,554.09
<br />185.94%
<br />Capital Project Funds.
<br />45,150,00
<br />46,866,08
<br />103.80%
<br />33,125.00
<br />.22,331.42
<br />67.42%
<br />Enterprise Funds
<br />33,465.00
<br />62;854,16
<br />187.820/.
<br />.31,165.00
<br />27;116.91
<br />87.01%
<br />Total
<br />186;120,50
<br />170;585.85 r
<br />91.65%
<br />185,169.48
<br />356,241.83
<br />19139%
<br />Expenditures
<br />2019
<br />2019
<br />%
<br />2020
<br />2020
<br />%
<br />Bud et
<br />Actual
<br />Spent
<br />Budget
<br />Actual.
<br />Spent
<br />General Fund
<br />232,436.52
<br />191,696,00
<br />9247%
<br />259,569.00
<br />139,693.63
<br />53.82%
<br />Special Revenue. Fds.
<br />.0.00
<br />6,764.85
<br />0.00%
<br />52,500.00
<br />0.00
<br />0.00R'o:
<br />Debt:Service Funds
<br />52,717.00
<br />85,570;98
<br />164.22%
<br />63,732.50
<br />106,862.50
<br />16767%
<br />Capital Project Funds
<br />0.00
<br />3,914.71
<br />0.0w.
<br />30,512.00
<br />0.00
<br />0,00%.
<br />Enterphse.Funds
<br />36,812,50
<br />22,707.10
<br />61.68%
<br />52,475.00
<br />12;078.24
<br />23.02%
<br />Total
<br />321,966.02
<br />311i653.54
<br />96.800%
<br />458,788.50
<br />258,M4.37
<br />56.37%
<br />It should be noted thatthe budget amounts are for Half the year's budget and the actual is year
<br />to date. The rest of the report will detail the revenues and expenditures of each of six fund
<br />types.
<br />GENE ARL FUND
<br />For the second quarter, revenues are above budget projections and expenditures are below
<br />budget, which is show in future charts, However, the chart on the.following page shows how
<br />revenues are below expenditures levels for the first half of the year, which is typical until the City
<br />receives its first half property tax payment in July. In addition, one can see how the City
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