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<br /> <br /> AGENDA BILL APPROVAL FORM <br /> <br /> <br /> <br /> <br />Agenda Subject: Quarter 1 - 2014 Financial Report <br /> <br />Date: May 14, 2014 <br /> <br />Department: Finance <br /> <br />Attachments: Quarterly Financial <br />Report <br />Budget Impact: $0 <br />Administrative Recommendation: For discussion only. <br /> <br />Background Summary: <br /> <br />The purpose of the monthly financial report is to summarize for the City Council the general state of <br />Citywide financial affairs and to highlight significant items or trends that the City Council should be aware <br />of. The following provides a high level summary of the City’s financial performance. Further detail can be <br />found within the attached financial report. <br /> <br />The March status report is based on financial data available as of April 25, 2014 for the period ending <br />March 31, 2014. Sales tax information represents business activity that occurred in January 2014. <br /> <br />General Fund: <br />The General Fund is the City’s largest fund and is used to account for the majority of City resources and <br />services except those required by statute or to be accounted for in another fund. <br /> <br />Through March 2014, General Fund revenues totaled $11.4 million and exceed year-to-date budget of <br />$9.9 million due primarily to increased revenues from sales tax collections, property tax collections, and <br />building permit revenues. Retail sales tax collections through the first quarter of 2014 exceed budget by <br />$432,000 and property tax collections to date exceed budget by $268,000. <br /> <br />General Fund expenditures through March totaled $12.8 million and compares to $12.5 million for the <br />same period last year. Effective January 1, 2014, an accounting change occurred whereas the Golf <br />Course fund is now reported under the General Fund. After recognizing this change, year-to-date <br />expenditures are flat compared to the same period last year. Through March 2014, payments to SCORE <br />have decreased by $675,000 compared to the same period the year prior. The majority of this reduction <br />in expenditures is due to reduced monthly payments for incarceration services (current year monthly <br />payments are based upon prior year City inmate counts). Overall departmental spending is $872,000 – or <br />6.4% under budget due to staff vacancies, underspend of contingency funds, and continued vigilance in <br />monitoring general spending. <br /> <br />Year-to-date, 1,684 pet licenses have been sold resulting in $38,615 in revenue. For the same period in <br />2013, 1,256 licenses were sold resulting in $34,510 in revenue. <br /> <br />Enterprise Funds: <br />The City’s seven enterprise funds account for operations with revenues primarily provided from user fees, <br />charges or contracts for services. <br /> <br />At the end of the first quarter, the Water fund’s net operating income increased to $148,000 and <br />compares to income of $8,000 the previous year. The Sewer fund ended the quarter with $58,000 <br />operating loss compared to an operating loss of $305,000 the previous year; the Sewer-Metro Utility <br />ended the quarter with an operating loss of $58,000 compared to an operating loss of $180,000 the <br />previous year; and the Stormwater Utility ended the quarter with an operating income of $370,000 and <br />compares to operating income of $330,000 the previous year. <br /> <br />1