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<br />Date: <br />To: <br />From: <br />Subject: <br /> <br />August 22,2008 <br />Clarence Monday, City Manager <br />Linda Conover, Budget Analyst <br />Financial Report for Year Ending June 30, 2008 <br /> <br />Attached you will find a "Comparison of Revenues & Expenditures" and a <br />"Combined Balance Sheet". <br /> <br />Comparison of Revenues & Expenditures <br /> <br />Through the end of last year, FY08, revenues exceeded the anticipated budget <br />by $346,248. Four of the major funds fell short of their anticipated goals: <br />General, by $60,200; Electric, by $40,414; Meals Tax by $29,800 and Capital <br />Reserve by $33,269. Part of the General funds shortage was due to the <br />incorporation of the Mustang, Indoor Plumbing, and Comprehensive Services <br />funds into the General Fund. The Electric fund saw a reduction in revenues due <br />in part to the reductions in usage resulting from the implementation of load <br />reduction improvements. <br /> <br />Overall expenditures were $3,994,266 less than anticipated for FY08. The <br />savings in the Electric fund are again a result of the load reduction <br />implementation, reducing our costs in purchasing power. The General fund's <br />reduced costs were from multiple sources, including conservative purchasing <br />across-the-board by all departments, and costs being less than originally <br />anticipated. However, it should be noted that not all expenditures were <br />completed before the end of the fiscal year, and re-appropriation requests are <br />currently being reviewed. All approved amounts will reduce the remaining funds <br />listed above. Also, depreciation is not reflected in total expenditures and are <br />currently being calculated. <br /> <br />Combined Balance Sheet <br /> <br />As noted in the previous commentary, until all final audit adjustments are <br />completed, the figures listed will still change, and they are not to be interpreted <br />as final. Our auditors and I are working on the depreciation details, the liability <br />reduction for the landfill closure, and other items that have not yet been <br />calculated. The FY08 audit will begin September 15th. After the audit's <br />completion, the final figures will be provided to Council. <br />