Quarterly Financial Report - Through Second Quarter of FY 2024-25

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THROUGH SECOND QUARTER FY 2024-25

The Singing Santa & Mrs. Claus
Senior Center Christmas Luncheon
Cookies with Cops Event
Academy Graduaon of Officer McClendon
Christmas Parade!

TRANSACTION PRIVILEGE TAX: REVENUES

QUARTERLY REVENUE RECEIPTS VS. BUDGET AND PRIOR YEAR

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.

GENERAL FUND ACTIVITY: REVENUES

QUARTERLY REVENUE COLLECTIONS VS. BUDGET

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.

GENERAL FUND ACTIVITY: EXPENDITURES BY DEPARTMENT

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.

GENERAL FUND ACTIVITY: EXPENDITURES BY TYPE

QUARTERLY EXPENDITURES VS. BUDGET

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.

HIGHWAY USERS REVENUE FUND ACTIVITY: REVENUES

QUARTERLY REVENUE COLLECTIONS VS. BUDGET

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.

HIGHWAY USERS REVENUE FUND ACTIVITY: EXPENDITURES

QUARTERLY EXPENDITURES VS. BUDGET

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.

WATER FUND ACTIVITY: REVENUES

QUARTERLY REVENUE COLLECTIONS VS. BUDGET

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

WATER FUND ACTIVITY: EXPENDITURES

QUARTERLY EXPENDITURES VS. BUDGET

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.

WASTEWATER FUND ACTIVITY: REVENUES

QUARTERLY REVENUE COLLECTIONS VS. BUDGET

(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.

WASTEWATER FUND ACTIVITY: EXPENDITURES

QUARTERLY

EXPENDITURES

VS. BUDGET

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).

CAPITAL: VEHICLES/MACHINERY/EQUIPMENT

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).

CAPITAL: PROJECTS

QUARTERLY EXPENDITURES VS. BUDGET

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

FUND HEALTH: CASH BALANCES BY FUND

QUARTERLY

CASH BALANCE CHANGES

(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)

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