Agenda 11/25/2008 - Laserfiche WebLink

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October 28, 2008 areas; discussion on three anchors for Uptown including the arena, the museum, and the New College; discussion on two way traffic vs. one way streets Uptown; discussion of EDC involvement in Uptown development; Wi-Fi availability Uptown would be a big plus; promoting development of residential housing Uptown. Council heard the monthly finance report given by Budget Analyst Linda Conover as follows: Comparison of Revenues & Expenditures for 1st Quarter FY09 Through the end of September 2008, the first quarter of Fiscal Year 2009, our revenues exceeded the anticipated budget by $997,840. None of the major funds fell short of their anticipated goals at this time, partly due to increases in some unanticipated revenues, early payment of real estate taxes due in the second quarter, and the standard higher summer utility billings. Future reports may reflect a leveling-off of higher than anticipated revenues. Overall expenditures were $94,383 less than anticipated for the first quarter. The utility funds deviated from their anticipated budgets as follows: Water - $7,560; Sewer - $375,280; and Electric - $134,359. These amounts are due to the continuation of Fiscal Year 2008 projects. However, with Council's approval at their October 14th meeting of the re-appropriation of funds from Fiscal Year 2008 into Fiscal Year 2009, the anticipated budgets will align with actual expenditures. These adjustments should be reflected in future reports. Continuing efforts by all departments to be conseNative in their purchasing practices is reflected in the lower than anticipated expenses. Projected Fund Balance - Fiscal Year 2008 The annual audit was conducted by Robinson Farmer Cox Associates the week of September 29th Based on the figures we now have, the fund balances for Fiscal Year 2008 increased by $2,500,946 for a total of $16,695,882. After all re-appropriations were considered, the total growth for the fiscal year was $550,430 resulting in total ending fund balances of $14,745,366. With that being said, the final actual figure could vary slightly in the Comprehensive Annual Financial Report as submitted by the auditors, which is currently being prepared. After the audit's completion, the final figures will be provided to Council. Council comments regarding the monthly finance report included: report shows the city is being frugal in expenditures and the government is operating effectively and efficiently; the City Manager responded to question as to when city will realize the loss in the Water Dept. due to new water lines opening and he said it will begin with this quarter and the Water Dept. will be watching expenses closely to offset the loss; the City Manager will follow up with Treasurer regarding Council Member Turner's question on the increased amount on delinquent taxes. On a motion by Kimble Reynolds, seconded by Danny Turner, with a 4-0 vote, Council approved the following consent agenda to accept and appropriate funds in the General Fund and School Fund FY09: ORG BUDGET ADDITIONS FOR 10/28/2008 OBJECT DESCRIPTION DEBIT CREDIT FY09 GENERAL FUND 01101918 443310 01311085 501206 01100909 01714212 490801 506016 Grants - State - DMV Grant - Police Dept. Police Dept. - Overtime - DMV (DMV grant for police overtime) Recovered Costs - Senior Citizens Senior Citizens - Program Supplies (Bingo & trip receipts) 7,411 7,411 1,660 1,660 9,071 9,071 75,000 63,154 11.846 Total General Fund: SCHOOL FUND 18103919 443130 82001031 561120 82001031 565503 Private Grant - Harvest Foundation Div. Wide Harvest - Salaries & Wages Div. Wide Harvest - Travel