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<br /> <br /> AGENDA BILL APPROVAL FORM <br /> <br /> <br /> <br /> <br />Agenda Subject: 2nd Quarter 2014 Financial Report Date: August 12, 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 quarterly 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 2nd Quarter status report is based on financial data available as of July 29, 2014 for the period ending <br />June 30, 2014. Sales tax information represents business activity that occurred through April 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 June 2014, General Fund revenues totaled $30.2 million and were sufficient to support total <br />General Fund expenditures of $26.5 million. General Fund revenues exceed budget by $2.3 million, or <br />8.2% primarily due to increases in retail sales tax collections, building permit revenues, and development <br />services fees. <br /> <br />General Fund expenditures through June totaled $26.5 million and compare to prior year expenditures of <br />$25.5 million. Effective January 1, 2014, an accounting change occurred whereas the Golf Course fund <br />is now reported under the General Fund. After recognizing this change, year to date expenditures are <br />$235,000 higher than the same period the prior year – which equates to a 1.0% increase. Through June <br />2014, payments to SCORE have decreased by $962,000 compared to the same period the year prior. <br />The majority of this reduction in expenditures is due to reduced monthly payments for incarceration <br />services (current year monthly payments are based upon prior year City inmate counts). Overall <br />departmental spending is $1.7 million - or 5.9% under budget due to staff vacancies, underspend of <br />contingency funds, and continued vigilance in monitoring general spending. <br /> <br />Year to date, 3,063 pet licenses have been sold resulting in $76,930 in revenue. For the same period in <br />2013, 2,619 licenses were sold resulting in $77,295 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 second quarter, the Water fund’s net operating income increased to $273,800 and <br />compares to income of $134,700 the previous year. The Sewer fund ended the quarter with $81,000 net <br />operating income compared to an operating loss of $392,100 the previous year; the Sewer-Metro Utility <br />ended the quarter with operating income of $58,300 compared to an operating loss of $52,900 the <br />previous year; and the Stormwater Utility ended the quarter with operating income of $1,356,400 and <br />compares to operating income of $630,300 the previous year. <br /> <br />1