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