Q4 Final Financial Report.pdf
Q4 Final Financial Report.pdf
4/11/2016 7:34:27 AM
4/11/2016 7:34:14 AM
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<br /> AGENDA BILL APPROVAL FORM <br /> <br /> <br /> <br /> <br />Agenda Subject: 4th Quarter 2015 Financial Report Date: February 05, 2016 <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 fourth quarter status report is based on financial data available as of February 4, 2016 for the period <br />ending December 31, 2015. Sales tax information represents business activity that occurred through <br />October 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 />In 2015, General Fund revenues totaled $61.0 million compared to a budget of $58.9 million and were <br />$2.2 million higher than the revenues collected in 2014. Notable variances to budget in 2015 include: <br /> <br /> General Fund sales tax revenues totaled $14.6 million and exceeded budget by 6.7% or $911,000. <br /> In addition, sales tax credit for annexation and criminal justice sales tax revenues exceeded budget <br /> expectations by $133,000 and $227,000 respectively. <br /> <br /> Collections in electric tax and natural gas tax revenues ended the year under budget by $204,000 <br /> and $150,000 respectively due primarily to a mild winter which reduced customer demand for <br /> heating. This unfavorable variance was somewhat offset by favorable variances in City utility tax <br /> collections. <br /> <br /> Development services fees totaled $1.4 million and exceeded budget by $720,000. Of this, <br /> $575,000 of this was attributable to the fact that plan check revenues far exceeded budget <br /> expectations. Both The Villas (Senior Living Community) and the Promenade Apartment project <br /> contributed to these higher than usual collections. <br /> <br />General Fund expenditures through December totaled $61.1 million as compared with a budget of $65.1 <br />million. This represents a 6.1% year-end underspend compared to budget. All departments operated <br />within their allocated budgets in 2015. <br /> <br />Ending 2015 fund balances will not be finalized until approximately June 2016 pending final year-end <br />adjustments and certification by the State Auditor’s Office. Once the final ending 2015 fund balances are <br />available, budgeted beginning 2016 fund balances will be reconciled and adjusted accordingly. <br /> <br />In 2015, 5,112 pet licenses were sold resulting in $147,152 in revenue. For the same period in 2014, <br />5,811 licenses were sold resulting in $155,790 in revenue. <br />
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