|
MEMORANDUM
<br />Dater November 8, 2022.
<br />TO; Mayor and. City Council
<br />From: Tom Kelly, Treasurer
<br />Re: Third Quarter 2022 Financial Report
<br />With the third quarter safely behind us already. The City's revenues and expenditures are
<br />where they should be now or a little below. The key to the City's finances are that even though
<br />we are 75% through the year, revenues arid expenditures do not.flaw evenly though the year.
<br />All debt payments have been made so debt service expenditures are 100% spent, but snow
<br />plowinglsanding expenditures have not yet started for the end of the year so general fund. is
<br />under budget. Below is a chart comparing budget to actual revenue and expenditures for the
<br />years 2021 and 2022.
<br />ALL FUNDS
<br />Revenues
<br />2021
<br />2021
<br />95
<br />2022
<br />2022
<br />%
<br />Budget
<br />Actual
<br />Received
<br />Budget
<br />Actual
<br />Received
<br />General Fund
<br />257,904.94
<br />289,742.84
<br />111:960/.
<br />272,976.53
<br />319,670.40
<br />117.11%
<br />Sp.etial Revenue Fds
<br />300.00
<br />.314.53
<br />104.845o'
<br />300:00
<br />15,446:54
<br />5148:85%
<br />Debt Service Funds
<br />114,24035
<br />75,805.:91
<br />66.36%
<br />111,024.00.
<br />74,461.60
<br />67.07%
<br />y .. Capital Project Funds
<br />20,250.00
<br />52,siam
<br />259,31%
<br />45,000.00
<br />42,304.66
<br />94101%
<br />Enterprise Funds
<br />53,062.50
<br />66,843.76
<br />125.97%
<br />62,505.00
<br />73,931.57
<br />118.28%
<br />Total
<br />445,758.19
<br />484.217V
<br />108.631Y.
<br />491,805.53
<br />.525;814:77
<br />106.92%
<br />Expenditures.
<br />2021
<br />2021
<br />%
<br />2022
<br />.2022
<br />%
<br />Budget
<br />Actual
<br />spent
<br />Budget
<br />A.ctuai
<br />Spent
<br />General Fund
<br />569,288.72
<br />352,132.12.
<br />95.35%
<br />392,458.50
<br />336,472.57
<br />85:73%
<br />Special Revenue Fds.
<br />1,500.00.
<br />0.00.
<br />0.00%:
<br />3,750.00
<br />0.00
<br />0100%
<br />DebtService Funds
<br />98,448.75
<br />129,MiD.i0
<br />131.869A
<br />9i',nmo
<br />136,658.75
<br />140.31%
<br />Capital Project Funds
<br />0,00
<br />103,816.52
<br />0:00%
<br />82,500,00
<br />104,344.99
<br />0.00%
<br />Enterprise.Funds
<br />135,067,50
<br />43,491.01
<br />32.20%
<br />136,762.50
<br />77,206.46
<br />56.45%
<br />Total
<br />604,304;97
<br />62%H4:65
<br />104.130K
<br />712A66.00
<br />654,682.77
<br />91.84%
<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. The rest of the report will detail the
<br />revenues and expenditures of each of five fund types.
<br />GENFRALFUNâť‘
<br />For the third quarter, revenues:are still above budget:pro;ection.s 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.
<br />
|