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<br /> <br /> AGENDA BILL APPROVAL FORM <br /> <br /> <br /> <br /> <br />Agenda Subject: 1st Quarter 2015 Financial Report Date: May 12, 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 be <br />found within the attached financial report. <br /> <br />The first quarter status report is based on financial data available as of April 27, 2015 for the period <br />ending March 31, 2015. Sales tax information represents business activity that occurred through January <br />2015. <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 />Through March 2015, General Fund revenues totaled $11.5 million and exceeded the year-to-date budget <br />of $11.1 million due primarily to increased revenues from sales tax collections and development services <br />fees. Retail sales tax collections through the first quarter of 2015 exceed budget by $217,000 or 6.4%, <br />and exceed revenues collected for the same period last year by 2.6%. In addition, development services <br />fees collected through the first quarter of 2015 exceed budget expectations by $193,000, and represents <br />a 47.1% increase over the same period the year prior. The year-over-year increase was primarily due to <br />the plan check revenues collected for the Promenade Apartment Project that will be located in the Lea Hill <br />area. <br /> <br />General Fund expenditures through March 2015 totaled $13.3 million, compared to $12.8 million spent <br />the same period last year. The majority of the increases in year-over-year expenditures were seen in the <br />Police Department. The increased expenditures within the Police Department were primarily in salary <br />and benefit expenditures, as well as the charges paid to Valley Communications for 911 services. <br />Overall, departmental spending through Q1-2015 was 7.6%, or $1.1 million, under budget due to several <br />factors including the timing of project implementation, underspending in contingency funds, and continued <br />vigilance in monitoring general spending. <br /> <br />Year-to-date, 1,279 pet licenses have been sold resulting in $36,980 in revenue. For the same period in <br />2014, 1,684 licenses were sold resulting in $38,615 in revenue. <br /> <br /> <br /> <br />1