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DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />October 8, 2004 <br /> <br />City Council <br /> <br />W. W. Bartlett, Assistant City Manager/Director of Financial & General Services <br />Financial Report for the Month Ending June 2004 <br /> <br />Attached are the "Comparison of Revenues and Expenditures" for the major funds the "Combined Balance Sheet" for all funds as <br />of June 30, 2004 and the "Audited Fund Balances." The purpose of these schedules and the following comments are to reflect the <br />financial performance of the City as compared to the annual budget for FY04. <br /> <br />Comparison of Revenues and Expenditures <br /> <br />Overall revenues were $271,912 or .3% short of our budgeted amounts excluding contributions from Fund Balances. This is a <br />rather modest shortfall and was more than compensated by the savings of almost $3.2M in expenditures. Six of the eight funds <br />contained in this report failed to meet revenue expectations. The School Fund had the largest revenue shortfall when measured in <br />dollars. This was caused by fewer students than anticipated. When measuring the negative revenue variances on a pementage basis <br />the Sewer Fund with a shortfall of 4.4% reported the largest negative variance. This was caused by lower than anticipated flows <br />from the PSA. The Refuse fund experienced the largest positive revenue variance, reporting $231,393 or 4.4% more revenue than <br />budgeted. <br /> <br />Expenditures in all but the Meals Tax fund were less than anticipated with a positive variance of $3,161,269. The Meals Tax fund <br />reported expenditures exactly as budgeted. The Electric and School Funds reported the largest dollar savings with $1,611,562 and <br />$741,679 in savings respectively. <br /> <br />Balance Sheet <br /> <br />Total fund balances for the FY was $6,318,119. This is an increase of $2,534,200 for the FY. The Refuse Fund reported the <br />largest increase, gaining $1,500,112 for the FY. While this increase was large it was only approximately $250,000 more than <br />budgeted due to the higher than expected revenues mentioned above. With the impending closure of the landfill, the FY04 Refuse <br />budget was purposely designed to increase the Fund Balance significantly. The Electric Fund saw its Fund Balance increase by <br />$931,943 for the year. This to was planned after several years of raiding the Electric Funds fund balances. But the amount was <br />about $250,000 more than expected because of the receipt of FEMA and State Funds for expenses incurred in FY03. <br /> <br />This concludes my report and I would be pleased to answer any questions Council may have regarding this report. <br /> <br />/lhc <br />Attachments <br /> <br />W. W. Bartlett <br /> <br /> <br />