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MEMORANDUM
<br />Date;
<br />September 15, 2021
<br />To:
<br />Mayor and City Council
<br />From:
<br />Tom Kelly, Treasurer
<br />Re:
<br />Second Quarter 2021 Financial Report
<br />realized I never provided the City Council with a first quarter financial report, which makes this
<br />report al] the more important that I keep the Council up to date on the City's financial position,
<br />The City's revenues are above budget and expenditures are below budget, Part of the reason
<br />revenues are above budget is the utility rate increase and building permit revenue already
<br />collecting 55% of their 2021 budget. The key to the City's finances are that even though we are
<br />50% through the year, revenues and expenditures do not. flow evenly though the year. There.
<br />are some one-time expenditures, which are spent at the beginning of the year, and expenditures
<br />for snow plowing activities, wh!ch.are spent during the first and fourth quarters of the year,
<br />which makes the City look like it may over or under spend its budget, but over the course of the
<br />year, will actually be in line with budgeted amounts, Likewise, on the revenue side sewer and
<br />water billing revenues are only received once a quarter. Below is a chart comparing budget to
<br />actual revenue and expenditures for the years 2020 and 2021.
<br />ALL FUN DS
<br />Revenues
<br />2020
<br />2020
<br />%
<br />2021
<br />2021
<br />Budget
<br />Actual
<br />Received
<br />Bud et
<br />Actual
<br />Received
<br />General Fund
<br />34,024.98
<br />229,921.53
<br />575:74%
<br />23,424.96
<br />25,933.25
<br />110.71%
<br />Special Revenue Fos
<br />45,662.00
<br />317M
<br />0.700%
<br />MOM
<br />123.74
<br />6187%
<br />Debt Service Funds
<br />41,192.50
<br />76,554.09
<br />185.84%
<br />76,160.50
<br />308.08
<br />0.40%
<br />Capital. Project Funds
<br />33,1a00
<br />22,331.42
<br />67.429/a
<br />13,500.00
<br />3i;666.99
<br />234.57%
<br />Enterprise Funds
<br />31,165.00
<br />27,11631
<br />87.01%
<br />35,375.00
<br />22,628.97
<br />63.971Y.
<br />Total
<br />185,169.48
<br />356,M1,83
<br />192.39%
<br />148,660,46
<br />80,661.03
<br />54.26%,
<br />Expenditures
<br />2020
<br />2020
<br />%
<br />2021
<br />2021
<br />%
<br />Budget
<br />� .
<br />Actual
<br />Sent
<br />p , „—_,_...
<br />budget
<br />Actual
<br />Spent..
<br />General Fund
<br />259,569.00
<br />239,693.63
<br />53.82%
<br />246,192.48
<br />212,763,09
<br />86.42%
<br />Special Revenue Fds
<br />52,500.00
<br />0;00
<br />0.00%
<br />1,000.00
<br />0.00
<br />0.00%,
<br />Debt Service Funds
<br />63,732.50
<br />106,862.50
<br />167.67%,
<br />65,632,50
<br />123,065.00
<br />187,51%
<br />Capitai Project Funds
<br />30,512.00
<br />0.00
<br />0.00%
<br />0.00
<br />15,244:69
<br />0.00%
<br />Enterprise Funds
<br />52,475.00
<br />12,078.24
<br />23.02%
<br />90,D45.00
<br />22,297.41
<br />24.76%
<br />Total
<br />458,788.50
<br />258,634.37
<br />56.37%
<br />402,869.98
<br />373,370.19
<br />92.68%
<br />It should be noted that the budget amounts are for half the year's budget and the actual is year
<br />to date. Also the General Fund revenues in 2020 include an advance payment of the July tax
<br />settlement due. to Covid719. The rest of the report will detail the revenues and expenditures of
<br />each of six fund types.
<br />GENERALFUND
<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
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