Final 2015 - Q2 Financial Report.pdf
Final 2015 - Q2 Financial Report.pdf
1/18/2017 7:12:41 AM
8/25/2015 8:42:07 AM
Document Type (Finance)
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<br /> AGENDA BILL APPROVAL FORM <br /> <br /> <br /> <br /> <br />Agenda Subject: 2nd Quarter 2015 Financial Report Date: August 11, 2015 <br /> <br />Department: Finance Attachments: Quarterly Financial Report 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 second quarter status report is based on financial data available as of July 30, 2015 for the period <br />ending June 30, 2015. Sales tax information represents business activity that occurred through April <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 June 2015, General Fund revenues totaled $30.9 million and exceed the year-to-date budget of <br />$29.8 million due primarily to increased revenues from sales tax collections, development services fees, <br />and revenues from culture and recreation activities. Retail sales tax collections through the second <br />quarter of 2015 exceed budget by $467,000 or 7.1%, and exceed revenues collected for the same period <br />last year by $360,000. Development services fees collected through the first half of 2015 exceed budget <br />expectations by $314,000, or 78.3%, due primarily to an increase in plan check revenues, which have <br />already exceeded budget for the year. In addition, culture and recreation revenues exceed budget by <br />$204,000, or 19.7%, primarily due to higher than anticipated revenues for greens fees at the Auburn Golf <br />Course as well as an increase in revenues for league fees. These favorable increases are slightly offset <br />by lower than budgeted collections for electric and natural gas taxes ($345,000, or 13.0%) due primarily <br />to a mild winter that reduced customer heating demands. This also resulted in a year-over-year decline in <br />electric and natural gas collections from the same period last year. <br /> <br />General Fund expenditures through the first half of 2015 totaled $28.4 million compared to a budget of <br />$30.4 million. Year-to-date General Fund expenditures are running 7.3% or $1.9 million higher than the <br />same period last year. The increase in year-over-year expenditures is due to several factors, including a <br />$1.3 million transfer to Cumulative Reserve to replenish prior withdrawals, and an increase in interfund <br />charges (particularly in Innovation and Technology due to increased operating and equipment <br />replacement costs, and in Equipment Rental due to the addition of the Golf Course to the General Fund <br />and increased operating, capital construction and replacement costs). In addition, salary and benefit <br />costs have increased year-to-date by $565,000, or 3.7% due to lower departmental vacancies compared <br />to the year prior as well as increased costs associated with health care and pensions. <br /> <br />Year-to-date, 2,563 pet licenses have been sold resulting in $73,605 in revenue. For the same period in <br />2014, 3,063 licenses were sold resulting in $76,930 in revenue. <br /> <br /> <br /> <br />1
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