Final - 2015 Q3 Financial Report.pdf
Final - 2015 Q3 Financial Report.pdf
12/1/2015 4:37:40 PM
12/1/2015 4:37:32 PM
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<br /> <br /> AGENDA BILL APPROVAL FORM <br /> <br /> <br /> <br /> <br />Agenda Subject: 3rd Quarter 2015 Financial Report Date: November 16, 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 third quarter status report is based on financial data available as of October 22, 2015 for the period <br />ending September 30, 2015. Sales tax information represents business activity that occurred through <br />July 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 September 2015, General Fund revenues totaled $42.5 million and exceed the year-to-date <br />budget of $40.6 million due primarily to increased revenues from sales tax collections, development <br />services fees, and revenues from culture and recreation activities. Retail sales tax collections through the <br />third quarter of 2015 exceed budget by $748,000 or 7.4%, and exceed revenues collected for the same <br />period last year by $617,000. Development services fees collected through Q3-2015 exceeded budget <br />expectations by $392,000, or 72.4%, due primarily to an increase in plan check revenues. In addition, <br />culture and recreation revenues exceed budget by $276,000, or 15.7%, primarily due to higher than <br />anticipated revenues for greens fees at the Auburn Golf Course as well as an increase in revenues for <br />league fees and charges for classes at the Auburn Avenue Theatre. These favorable increases are <br />partially offset by lower than budgeted collections for electric and natural gas taxes ($409,000, or 11.1%) <br />due primarily to a mild winter that reduced customer heating demands. <br /> <br />General Fund expenditures through the third quarter of 2015 totaled $45.6 million compared to a budget <br />of $48.5 million, and were $2.9 million or 6.0% under budget. Year-to-date General Fund expenditures <br />through Q3-2015 were $4.8 million or 11.9% higher than the same period last year. The increase in year- <br />over-year expenditures was attributable to several factors including at $2.8 million transfer to the <br />Cumulative Reserve Fund to replenish prior withdrawals. Salary and benefit costs increased year-over- <br />year by $1.0 million, or 4.3% due to lower departmental vacancies compared to the year prior as well as <br />increased costs associated with health care and pensions. In addition, interfund charges through Q3- <br />2015 were $890,000 higher than the same period the year prior, primarily from Equipment Rental (due to <br />the addition of the Golf Course to the General Fund and increased operating, capital construction and <br />replacement costs) and from Facilities due to several repair and maintenance projects that were <br />completed on several City buildings in 2015. Lastly, the cost of providing 911 services in 2015 has <br />increased 30% over the year prior. <br /> <br />Year-to-date, 3,956 pet licenses have been sold resulting in $113,335 in revenue. For the same period in <br />2014, 4,348 licenses were sold resulting in $114,330 in revenue. <br /> <br />1
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