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MEMORANDUM
<br />Date: November 20, 2023
<br />To: Mayor and City Council
<br />From: Tom. Kelly, Treasurer
<br />Re: Third Quarter 2023 Financial Report
<br />With the third quarter safely behind us already: The City's revenues are above where they
<br />should be now and expenditures are little below, The key to. the City's finances are that even
<br />though we are.75% through the year, revenues and expenditures.do not flow evenly though the
<br />year. All debt. payments have been made so debt service. expenditures are 100% spent, but
<br />snow plowing/sanding expenditures have not yet started for the end of the. year so genera[ fund
<br />is under budget. Below is a chart comparing budget to actual revenue and expenditures for the
<br />years 20 22 and 2023.
<br />ALL FUNDS
<br />Revenues
<br />General Fund
<br />5pecial.Revenue.Fds
<br />Debt Service Funds
<br />Capital Project Funds
<br />Enterprise Funds
<br />Total
<br />Expenditures
<br />General Fund
<br />Special Revenue Fds
<br />Debt Servi:ce Funds
<br />Capital Project Funds
<br />Enterprise Funds
<br />Total
<br />2022
<br />2022
<br />%
<br />2023
<br />2023
<br />QA
<br />Budget
<br />Actual
<br />Rec.e.ived
<br />Budget
<br />Actual
<br />Received
<br />272,976.53
<br />319,67o.4o
<br />117.11%
<br />333,494.97
<br />361,463.51
<br />108.399'a
<br />300..00
<br />15,446,54
<br />.5148.85%.
<br />300.00
<br />1,.1o4,49
<br />368.169'a
<br />111,024.00
<br />74;461.60
<br />67.07%
<br />107,376.00
<br />77,.436.37
<br />72..12%
<br />45,000.OD
<br />42,304.66
<br />94.01%
<br />42;750:00.
<br />47,118..47
<br />110.22%
<br />62,5o5:00
<br />73;931.57
<br />118.28%
<br />60,975.0D
<br />9Z194.50
<br />151.20%
<br />491;805.53.
<br />525,814,77
<br />106:92%
<br />544;895.97
<br />579,317.34
<br />106.32%
<br />2022
<br />2022
<br />%
<br />2022
<br />2622
<br />%
<br />Budget
<br />Actual
<br />Spent
<br />Budget
<br />Actual
<br />Spent
<br />M2145815.0
<br />336,472.57
<br />85,73%
<br />506,121.75
<br />172,569.09
<br />73.69%
<br />3,750.00
<br />0.00
<br />0.0..0%
<br />3,7M00.
<br />0.00
<br />0;009'0
<br />.9.7,395.00
<br />136,658.75
<br />140.31%
<br />102,921.15.
<br />137;878J5
<br />13.3.96%
<br />82,500.00
<br />104,344.99
<br />0.00%
<br />82#5.00.00
<br />140,.8M00
<br />.0.00%
<br />136,762.50
<br />77,206.46
<br />56.45%
<br />120,750.00
<br />.62,206,43
<br />51.52%
<br />712,866:00
<br />654,682.77
<br />91..80A
<br />816,043.50
<br />713,864.27
<br />87.489'0
<br />it should be. noted that the budget amounts are for three quarters of the year and the actual is
<br />year to date actual revenues collected or funds spent, which is why the Debt Service Funds
<br />appear to have overspent their budgets. The rest of the report will detail the revenues and.
<br />expenditures of each of five fund types.
<br />GENERALF.UN❑
<br />For the third quarter, revenues are still above budget projections and. expenditures are below
<br />budget, which is shown in future charts. The chart on the following page shows how revenues
<br />are below expenditures levels for the first three quarters of the year, which is typical. Until the.
<br />December tax settlement is received. In addition, one can see how the City depends on
<br />reserves (cash balances) until the December tax payments. are received.
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