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CC 03-02-2021 Item No. 11 Mid-Year Financial Report_Staff PresentationFISCAL YEAR 2020-21MID-YEAR FINANCIAL REPORTCC 03-02-2021 Item No. 11 AgendaBudget Reporting CycleHow We Ended FY 2019-20Amended Budget as of December 31, 2020General Fund UpdateRecommended Adjustments AgendaRecommendations and Next StepsTransparency and Engagement Budget Reporting CycleProposed BudgetMayFinal BudgetJune/JulyFirst QuarterNovemberMid-YearFebruary/MarchThird QuarterMay $172.6$169.2$157.5$180.4-$15.1$11.2Expenditure RevenueIn MillionsBudgetYear-EndVarianceFY20 Year End Actuals vs. Budget All Funds FY20 Year-End Fund Balance Impact: +$22.9MGeneral Special DebtCapitalProjectEnterpriseInternalServiceRevenue$111.0 $8.5 $3.2 $39.1 $10.1 $8.5Expenditure$95.5 $10.7 $3.2 $31.8 $8.9 $7.4Fund Balance$15.5 -$2.3 $0.0 $7.3 $1.2 $1.1-$20.0$0.0$20.0$40.0$60.0$80.0$100.0$120.0In Millions FY21 Amended Budget as of December 31, 2020- $203.8M$113.8 $110.6 $93.2 IN MILLIONSProposedFinalBudget Adjustments FY21 Appropriation Changes since Adopted BudgetFundFY 20‐21 Adopted Carryovers EncumbrancesAdjustments Approved in 1st and 2ndQuarterFY 20‐21 Amended Budget as of December 31, 2020General $  80,528,492 $  26,980,460 $    3,176,881 $       1,544,777 $  112,230,610 Special Revenue7,778,561 19,458,782 555,369 1,047,239 28,839,951 Debt Service3,169,138 ‐ ‐ ‐3,169,138 Capital Projects3,762,723 35,073,216 1,732,364 1,000,000 41,568,303 Enterprise7,679,246 1,713,928 120,218 398,814 9,912,206 Internal Service7,673,065 178,086 190,832 ‐8,041,983 Total All Funds$110,591,225 $  83,404,472 $    5,775,664 $       3,990,830 $  203,762,191  General Fund Revenues & Expenditures –Mid-Year Trends (3-year)40%62%34%42%43%45%0%10%20%30%40%50%60%70%Revenue ExpendituresHigh LowFY 20‐21 General Fund Revenues –Mid‐Year FY 20 vs. FY 21Mid‐Year Mid‐Year 2020 202105 ‐ Sales tax 12,082,134$                    16,772,159$                    4,690,025$                        39%10 ‐ Property tax 7,430,263                        7,887,124                        456,862                             6%15 ‐ Transient occupancy 4,248,918                        879,019                           (3,369,899)                          ‐79%20 ‐ Utility tax 1,332,066                        1,291,056                        (41,010)                               ‐3%25 ‐ Franchise fees 694,529                           627,465                           (67,064)                               ‐10%30 ‐ Other taxes 669,321                           1,704,385                        1,035,064                          155%35 ‐ Licenses and permits 3,301,123                        1,951,667                        (1,349,457)                          ‐41%40 ‐ Use of money and property 1,092,095                        891,724                           (200,371)                             ‐18%45 ‐ Intergovernmental revenue 167,979                           1,022,927                        854,948                             509%50 ‐ Charges for services 5,800,799                        5,250,331                        (550,469)                             ‐9%55 ‐ Fines and forfeitures 145,735                           53,744                             (91,990)                               ‐63%60 ‐ Miscellaneous 1,006,780                        1,048,256                        41,476                               4%65 ‐ Transfers in 12,000                             15,000                             3,000                                 25%70 ‐ Other financing sources 164,663                           87,567                             (77,096)                               ‐47%Grand Total 38,148,406$                    39,482,423$                    1,334,017$                        3%Revenue Category Variance % Change General Fund Expenditures –Mid‐Year FY 20 vs. FY 21Mid‐Year Mid‐Year 2020 202105 ‐ Employee compensation 8,767,818$                      8,829,205$                      61,387$         1%10 ‐ Employee benefits 3,770,254                        4,218,645                        448,391         12%15 ‐ Materials 2,621,548                        1,921,595                        (699,953)         ‐27%20 ‐ Contract services 10,888,901                      10,293,908                      (594,993)         ‐5%25 ‐ Cost allocation 4,893,239                        5,236,770                        343,532         7%30 ‐ Capital outlays‐                                  23,470                             23,470           N/A 31 ‐ Special projects 852,748                           658,758                           (193,990)         ‐23%45 ‐ Transfer out 10,539,557                      10,148,689                      (390,868)         ‐4%50 ‐ Other financing uses 95,957                             101,433                           5,476             6%Grand Total 42,430,022$                    41,432,474$                    (997,549)$       ‐2%Expenditure Category Variance % Change Actuals2018-19Year-End Projection2019-20Adopted Budget2020-21Mid-Year Projection2020-21Non Spendable0.45 3.45 0.45 3.44Restricted9.47 14.32 13.36 18.56Committed19.12 19.13 19.12 19.13Assigned1.98 3.18 3 3Unassigned27.9 34.43 16.04 33.99Total Fund Balance58.92 74.51 51.97 78.120102030405060708090In MillionsGeneral Fund – Fund Balance Fund Expense Revenue Fund Balance ProposalGENERAL FUND100 Community Development 50,000$            ‐$                (50,000)$            Density Bonus Update100 Community Development 25,000$            ‐$                (25,000)$            Code Enforcement100 Innovation and Technology 1,800$              ‐$                (1,800)$              Scavenger Hunt App for Safe Routes to School100 Non‐Departmental 5,000,000$       ‐$                (5,000,000)$        Transfer out to Capital Improvement Progam100 Non‐Departmental‐$                492,832$         492,832$            Transfer in from Debt Service Fund (Refinancing)100 Non‐Departmental‐$                8,597,620$      8,597,620$         Sales tax estimate increase100 Non‐Departmental‐$                (5,500,000)$     (5,500,000)$        Transient occupancy tax estimate decreaseTOTAL GENERAL FUND 5,076,800$      3,590,452$      (1,486,348)$        DEBT SERVICE FUND365 Non‐Departmental 27,279,118$     ‐$                (27,279,118)$      Other Financing Use ‐ Escrow Principal Payment365 Non‐Departmental 270,774$          ‐$                (270,774)$           Bond Issuance Cost365 Non‐Departmental‐$                22,040,000$    22,040,000$       Other Financing Source ‐ Principal Issuance365 Non‐Departmental‐$                3,878,704$      3,878,704$         Other Financing Source ‐ Outstanding Premium365 Non‐Departmental (215,000)$         ‐$                215,000$            Reduction in Principal (Due to Refinancing)365 Non‐Departmental (277,832)$         ‐$                277,832$            Reduction in Interest (Due to Refinancing)365 Non‐Departmental 492,832$          ‐$                (492,832)$           Transfer Savings to General FundTOTAL DEBT SERVICE FUND 27,549,892$    25,918,704$    (1,631,188)$        CAPITAL PROJECT FUNDS429 Non‐Departmental‐$                5,000,000$      5,000,000$         Transfer in from General FundTOTAL CAPITAL PROJECT FUN‐$                5,000,000$      5,000,000$         TOTAL ALL FUNDS 32,626,692$    34,509,156$    1,882,464$         Mid‐Year Budget Adjustments by Fund and Department  •Community Development- $75,000Adjustments by DepartmentDescription Revenue Expenditure Fund BalanceCWP - Density Bonus Update - $50,000 ($50,000)Code Enforcement- $25,000 ($25,000) •Innovation and Technology- $1,800Adjustments by DepartmentDescription Revenue Expenditure Fund BalanceScavenger Hunt Application - $1,800 ($1,800) •Non-Departmental- $32,549,892Adjustments by DepartmentDescription Revenue Expenditure Fund BalanceGeneral Fund Transfer to Capital Reserve $5,000,000 $5,000,000 -Sales Tax Estimate Increase $8,597,620 - $8,597,620Transient Occupancy Tax Estimate Increase($5,550,000) - ($5,550,000) •Non-Departmental- continuedAdjustments by DepartmentDescription Revenue Expenditure Fund BalanceCertificates of Participation - Refinancing $25,918,704 $27,549,892 ($1,631,188)Reduction in Current Year Debt Service- ($492,832) $492,832Transfer Savings to General Fund $492,832 $492,832 -TOTAL $34,509,156 $32,626,692 $1,882,464 •Accept the City Manager’s Mid-Year Financial Report for Fiscal Year 2020-21.•Adopt Resolution No. 21-XXX approving Budget Modification #2021-122 increasing appropriations by $32,626,692 and revenues by $34,509,156.Recommendations Next Steps●FY 2020-21●Third Quarter Report to Council May 18, 2021●FY 2021-22●Proposed Budget Study Session May 18, 2021 Transparency and EngagementOpengov Interactive Mid-Year Financial ReportOpengov Interactive Mid-Year Staff Report Questions?