
THROUGH SECOND QUARTER FY 2024-25










THROUGH SECOND QUARTER FY 2024-25
410,309
(112,771) (23,945) 39,030 57,952 (1,854) (131,409) (54,098)
1,868,293 86,007 385,374 (9,236) (28,815) (4,638) 43,800
(211,273) (33,982)
ThisvarianceisbeingcloselymonitoredduetotheimportanceoftaxintheTown'soverallrevenues.Itisnecessarytonotethat theseamountsareforreportsfiledthroughtheNovemberreportingperiodandpartofthedecreasecanbeattributedtofiling statuschangesforvarioustaxpayers(forexample,businessesthatchangedfrommonthlytoquarterlyfilingorquarterlytoannual filing).TheDecemberresultsfortaxcollectedinJanuarywillhelpdeterminetheimpactofthesechangesandprovideaclearer picture of the Town's tax revenues. Year-To-Date
OverallPerformance: ActualTPTrevenuesthroughNovemberreportinginFY2024-25areunderbudget,withashortfallof $211,273 or -4.14%.TheactualYTDis $33,982 lessthantheFY2023-24actualsmainlyduetolowerthanprioryearconstruction revenues and restaurant and bar revenues.
1,000,000 1,500,000 2,000,000 2,500,000 3,000,000
TransactionPrivilegeTax: Revenueistrendingbelowbudgetedprojections,thisisprimarilyduetotimingoftherevenuesreceived from the State (see detailed TPT section for more information).
Licenses & Permits: Below budget, due to reduced permit activity compared to previous years.
Intergovernmental Revenues: Below budget, attributed to the timing of the County Library contribution and grants. Interest: Below budget, due to fewer funds invested in the Local Government Investment Pool (LGIP).
OverallPerformance: ActualrevenuesthroughthesecondquarterofFY2024-25areslightlybelowbudget,withashortfallof $30,688 or -0.42%.Thisvarianceisminimalandlargelyduetotimingdifferencesandrevenuetrendsthatareexpectedtoalignwith thebudgetastheyearprogresses.TheactualYTDis $13,611 morethantheFY2023-24actualsmainlyduetotimingofTPTrevenue received offset by the decrease in the Town's share of State Income Tax, timing of the County library
and interest revenues.
QUARTERLY EXPENDITURES VS. BUDGET
Year-To-Date 2024-25 Variances200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000
DepartmentBudgets: Expendituresforthemajorityofgeneralfunddepartmentsaretrendingbelowbudget.Thisisprimarilydue tolong-term,one-timeprojectsthatareinthebeginningstages;zoningcodeupdate,landscapedesign/planning,andtimingof varioustechnologyupgrades.TheTownManager'sdepartmentishigherthanbudgetduetotheseparationagreementwiththe prior Town Manager, a contingency transfer may be needed before the end of the fiscal year.
OverallPerformance: ActualexpendituresthroughthesecondquarterofFY2024-25areunderbudget,withapositivevarianceof $954,836 or 10.59%.TheactualYTDis $1,549,221 lessthantheFY2023-24actualsmainlyduetoNon-Departmental(reduced PSPRSunfundedliabilitypaymentof$750,000,eliminationoftheone-timetransferstotheStreetsCapitalImprovementFundand theGeneralCapitalImprovementFundof$1,750,000,reducedtransfertotheCapitalAssetReplacementFundof$75,000,anda contingency fund decrease of $70,745), offset by increases in personnel and operating costs throughout the other departments.
1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000
(439,595)
734,250
1,825,000
Personnel: Belowbudget,duetostaffingvacanciesinDevelopmentServices,Police,CommunityServices,andPublicWorks,aswell as less pro-tem Municipal Court coverage.
Operating: Below budget, due to the timing of repairs and maintenance, legal services, and other professional services. One-TimeOperating: Belowbudget,duetolong-termone-timeprojects;zoningcodeupdate,landscapedesign/planning,and various technology upgrades.
Contingency: Below budget, no contingency funds have been used to date.
OverallPerformance: ActualexpendituresthroughthesecondquarterofFY2024-25areunderbudget,withapositivevarianceof $954,836 or 10.59%.TheactualYTDis $1,549,221 lessthantheFY2023-24actualsmainlyduelessone-timeoperatingcosts, transfers,andcontingencyfundusage,offsetbyincreasesinpersonnel(newpositionsandCOLA/Meritadjustments)andoperating costs.
Year-To-Date 2024-25 Variances
Highway Users Revenue: Below budget, due to lower than anticipated distributions from the State. Permits: Below budget, due to slightly lower permit activity than estimates.
Miscellaneous: Above budget, attributed to receipt of restitution payments and surplus property disposal. Interest: Above budget, due to slightly more funds invested in the Local Government Investment Pool (LGIP) than anticipated.
OverallPerformance: ActualrevenuesthroughthesecondquarterofFY2024-25areclosetobudget,withashortfallof $31,681 or5.35%.Asthisvarianceisover5%,staffismonitoringthesituation.TheactualYTDis $256 morethantheFY2023-24actualsmainly due to reduced Highway Users revenue offset by miscellaneous revenue from surplus property disposal.
Year-To-Date 2024-25 Variances
Personnel: Below budget, due to staffing vacancies in Public Works - Streets.
Operating: Below budget, due to the timing of contract and support services.
HWY 89 Maintenance: Above budget, due to weed control and monthly landscaping maintenance costs.
Road Materials: Below budget, due to the timing of when various equipment (such as guardrails) is needed.
Contingency: Below budget, no contingency funds have been used to date.
OverallPerformance: ActualexpendituresthroughthesecondquarterofFY2024-25areunderbudget,withapositivevarianceof $128,816 or 18.46%.TheactualYTDis $6,418 morethantheFY2023-24actualsmainlyduetolessroadmaterialsandoperating costs due to timing, offset by increases in personnel (new positions and COLA/Merit adjustments) and HWY 89 maintenance.
Year-To-Date 2024-25 Variances
Water Service Fees: Above budget, due to slightly higher than anticipated water service fees.
Fill Station Receipts: Below budget, due to slightly lower than expected fill station use.
Water System Buy-In Fees: Below budget, attributed to slightly fewer than anticipated new home construction permits.
Miscellaneous: Above budget, attributed to greater than anticipated water meter fees and late fees.
OverallPerformance: ActualrevenuesthroughthesecondquarterofFY2024-25areclosetobudget,withadeficitof $14,757 or2.68%.TheactualYTDis $137,420 morethantheFY2023-24actualsmainlyduetowaterservicefeesintheamountof$63,027 (warmertemperaturesandtheratestructureincreasesapprovedinDecember2023contributedtothisincrease),watersystem buy-infeesintheamountof$65,279(nobuy-infeeswerereceivedduringthefirsthalfoftheprioryear),watermeterfeesinthe amountof$4,973(nowatermeterfeeswerereceivedduringthesecondquarteroftheprioryear),andserviceadministrativefees in the amount of $3,894. Total198,510
Year-To-Date 2024-25 Variances
Personnel: Below budget, due to the allocation split between sewer and water. Operating: Belowbudget,duetothetimingofadministrativeindirecttransferstothegeneralfundandsystemmaintenanceand repairs.
One-Time Operating: Below budget, due to the project timing of the SCADA radios and water meters.
Transfers: Below budget, due to the match for the congressionally directed spending not being needed. Contingency: Below budget, no contingency funds have been used to date.
OverallPerformance: ActualexpendituresforthefirstquarterofFY2024-25areunderbudget,withapositivevarianceof $323,154 or 52.74%.TheactualYTDis $118,927 lessthantheFY2023-24actualsmainlyduetoloweroperatingexpenditures(administrative indirecttransfers),lowerpersonnelcostsduetoallocationsplitbetweensewerandwater,andlowertransfers,offsetbyminimally higher debt service.
(Excludes Grants)521,382
Year-To-Date 2024-25 Variances
SewerServiceFees: Belowbudget,duetoslightlylowerthananticipatedsewerservicefees.Thishasremaineda2%differenceand although minimal, staff is closely watching the revenues.
Sewer System Buy-In Fees: Below budget, due to fewer than anticipated new home construction permits. Miscellaneous: Below budget, attributed primarily to lower than anticipated late fee charges. Interest: Above budget, attributed to greater interest than anticipated in the WIFA reserve fund.
OverallPerformance: ActualrevenuesthroughthesecondquarterofFY2024-25areclosetobudget,withashortfallof $36,195 or3.26%,primarilyduetolowerthanexpectedbuy-infees.TheactualYTDis $129,518 morethantheFY2023-24actualsmainlydue tosewerservicefeesintheamountof$27,424(morecustomersandtheratestructureincreasesapprovedinDecember2023 contributedtothisincrease),sewersystembuy-infeesintheamountof$95,760(significantlylessbuy-infeeswerereceivedduring thefirsthalfoftheprioryear),andserviceadministrativefeesintheamountof$6,528,offsetbylessinterestintheamountof $194.
EXPENDITURES
2024-25 Actual Expenditures 2024-25 Budget
Year-To-Date 2024-25 Variances
Personnel: Above budget, due to the allocation split between sewer and water. Operating: Belowbudget,duetothetimingofadministrativeindirecttransferstothegeneralfundandequipmentrepairsand maintenance.
One-Time Operating: Below budget, due to the project timing of the surveillance camera project. Contingency: Below budget, no contingency funds have been used to date.
OverallPerformance: ActualexpendituresthroughthesecondquarterofFY2024-25areunderbudget,withapositivevarianceof $238,666 or 17.42%.TheactualYTDis $94,641 lessthantheFY2023-24actualsmainlyduetoloweroperatingexpenditures (administrativeindirecttransfers)offsetbyhigherdebtserviceandincreasesinpersonnel(allocationsplitbetweensewerand water; COLA/Merit adjustments).
2 Excludes rollovers that were included in FY 2024-25 budget but were completed in FY 2023-24. 1 QUARTERLY EXPENDITURES VS. BUDGET
1 Only will move forward once funding source is identified (grant or loan).
1 Only will move forward once funding source is identified (grant or loan).
2 Will not move forward at this time. Congressionally Directed Spending request that was not approved.
3 Only will move forward once funding source is identified (program income or contribution).
1
4 Excludes rollovers that were included in FY
but
(2,000,000) (1,000,000)1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 Beginning Cash Balance Quarter 1 Quarter 2 Quarter 3 Quarter 4
General Fund
Special Revenue Funds
Capital Asset Replacement Fund
Cemetery Fund
Court Fund
Grant Fund
Highway User Revenue Fund
Police Impoundment Fee Fund
CVSLID
Del Sol MID
Debt Service Funds
Revenue Bonds Fund
Capital Project Funds
General CIP Fund
SLFRF Fund
Streets CIP Fund
ENTERPRISE FUNDS
Wastewater Fund
Wastewater CIP Fund
Water Fund
Water CIP Fund
(882,787)
(119,831)