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November 9, 1999 <br /> <br />variance in the Meals Tax Fund is an aberration. Review of <br />October revenues show Meals Tax revenues are not meeting <br />expectations. All other funds are exceeding expectations. It is <br />normal for revenues in the Enterprise Funds to exceed <br />expectations early in a fiscal year due to seasonal variations. <br />Actual expenditures in all but the Sewer, Electric, and Meals Tax <br />Fund are less than the anticipated amount. High demand for power <br />in the early part of the fiscal year caused the negative variance in <br />the Electdc Fund. The rapid expenditure on most of the $170,000 <br />provided for maintenance and improvement of various schools <br />caused the negative variance in the Meals Tax Fund. Expenditures <br />for large equipment components at the sewer plant caused the <br />negative variance in the Sewer Fund. These purchases were <br />budgeted, and it is expected expenditures in the Sewer Fund will <br />not exceed the budget. Overall fund 'balances decreased by <br />$3,475,478. Reductions in the Capital Reserve, School, and <br />General Funds were the major contributors to this decrease. The <br />Capital Reserve Fund decreased by $2,357,279, mainly due to <br />payments associated with the Albert Harris project and expected at <br />this time. The decline in the School Fund ($1,053,161) is a normal <br />occurrence and will continue until the end of the second quarter <br />when the semi-annual transfer from the General Fund is <br />accomplished. The decrease in the General Fund ($566,127) is <br />due to the inability to collect property taxes and is to be expected'. <br />The increase in the Electric Fund ($602,796) is due to the high <br />demand for power and is normal for this time of year. Overall, four <br />funds improved, eleven declined, and one remained unchanged." <br />Council Member Haskell asked, "How much has been spent on the <br />Albert Harris project to date?" Mr. Bartlett replied, "$4.2 million." <br /> <br />Council considered a briefing from the City Treasurer on payment due dates of <br /> <br />Real Estate and PersonaiProperty Taxes. Pat Conrad, City Treasurer, stated, "These <br /> <br />taxes are historically due on December 5, with bills being mailed by the third or fourth <br /> <br />week in October. However, we're implementing a new computer software system and <br /> <br />having some difficulties with the installation. We're in the process of printing the real <br /> <br />estate bills now. The software :for personal property taxes is coming from another <br /> <br />company who wOn't give us a deliverf.~ale; it may be up to two more weeks. The Code <br /> <br />requires that citizens receive fourteen days notice before tax is due." Mr. Bartlett <br /> <br /> <br />