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<br /> <br /> AGENDA BILL APPROVAL FORM <br /> <br /> <br /> <br /> <br />Agenda Subject: 4rd Quarter 2014 Financial Report Date: March 18, 2015 <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 details can <br />be found within the attached financial report. <br /> <br />The 4th Quarter status report is based on financial data available as of January 27, 2015 for the period <br />ending December 31, 2014. Sales tax information represents business activity that occurred through <br />October 2014. <br /> <br />General Fund: <br />The General Fund is the City’s largest fund and accounts for the majority of City resources and services, <br />other than those required by statute to be accounted for in another fund. <br /> <br />In 2014, General Fund revenues totaled $58.8 million and exceeded budget by $2.7 million. This is due <br />primarily to: <br /> <br /> h Increased revenues from sales tax collections. Retail sales tax collections for the year exceeded <br /> budget by $843,000, or 6.5%. In addition, the sales tax credit for annexation and criminal justice <br /> sales tax revenues exceeded budget expectations by $432,000 and $427,000 respectively. <br /> <br /> h Increased revenues from development services fees due to continued growth in the local <br /> economy. Development services fees exceeded budget expectations by $363,000. <br /> <br /> h Increased revenues from building permits, also due to continued growth in the local economy. <br /> Building permits exceeded budget expectations by $337,000. <br /> <br />General Fund expenditures for the year totaled $55.2 million as compared with a budget of $60.4 million. <br />Overall departmental spending was $5.2 million – or 8.6% under budget due to court and jailing costs <br />ending the year lower than anticipated, staff vacancies, underspending in contingency funds and <br />continued vigilance in monitoring general spending. <br /> <br />2014 General Fund expenditures were $0.4 million above 2013 expenditures of $54.8 million due <br />primarily due to an accounting change that occurred at the beginning of 2014, whereby the Golf Course <br />Fund was changed from an Enterprise Fund to the General Fund. This change accounts for a $1.5 <br />million increase in General Fund spending in 2014 compared to 2013. <br /> <br />Ending 2014 fund balances will not be finalized until approximately June 2015 pending final year-end <br />adjustments and certification by the State Auditor’s Office. Once the final ending 2014 fund balances are <br />available, budgeted beginning 2015 fund balances will be reconciled and adjusted accordingly. <br /> <br /> <br />1