Attached hereto are the preliminary, unaudited Fiscal Year 2015/16 year-end financials for the General Fund, Highway Fund, Bed Tax Fund and Community Center Fund through June 2016, as well as a consolidated year-end summary for all Town funds. Please note that figures are subject to final adjustments.
In the General Fund, total actual revenues for the year came in over budget by approximately $16,000. Expenditures for the year were under budget by approximately $848,000 or 2.6%. Council-approved, one-time uses of contingency reserves included $265,258 for an 8.8 acre land purchase near JDK Park and CDO High School, a $30,000 lawsuit settlement, and $24,131 for special election costs. Accrued leave payouts from the Town's compensated absences reserve totaled just over $112,000, which reflects payouts of earned leave upon employee retirement or separation from the Town. These one-time transactions and uses of contingency totaled $431,526. After accounting for these one-time transactions, the General Fund ended the year with an overall increase in fund balance of $402,326. The estimated year-end fund balance in the General Fund is $10.6 million.
In the Highway Fund, total actual revenues for the year came in over budget by approximately $296,000 or 9.2%. Expenditures for the year were under budget by nearly $146,000 or 3.0%. Overall, the Highway Fund ended the year with a decrease in fund balance of $1,214,099. The estimated year-end fund balance in the Highway Fund is $2.1 million.
In the Bed Tax Fund, total actual revenues for the year came in over budget by approximately $115,000 or 12.1%. Expenditures for the year were under budget by about $51,000 or 4.6%. Transfers out of the Bed Tax Fund included $185,000 to the General Fund for the Aquatic Center operations ($150,000) and repayment of contingency reserves used to construct the center ($35,000), and approximately $230,000 for debt service on the Aquatic Center. Overall, the Bed Tax Fund ended the year with an increase in fund balance of almost $28,000. The estimated year-end fund balance in the Bed Tax Fund is approximately $492,000.
In the Community Center Fund, total actual revenues for the year came in under budget by approximately $1,495,000 or 20.2%. Expenditures for the year were under budget by about $1,294,000 or 16.0%. The estimated year-end fund balance in the Community Center Fund is approximately $162,000.
|
GENERAL FUND RECAP
General Fund actual revenues totaled $32,058,184. Every revenue category with the exception of local sales tax came in over budget. Overall, General Fund revenue collections came in $16,000 over the adopted budget amount. Additional information regarding General Fund local sales tax collections for the year is provided below:
- Retail tax collections totaled $5.5 million for the fiscal year, up 1.1% or $64,000 over last fiscal year.
- Restaurant and bar tax collections totaled $1.3 million for the fiscal year, up 8.9% or $106,000 over last fiscal year.
- Construction tax collections totaled $2.4 million for the fiscal year, down 27.1% or $901,000 from last fiscal year.
- Utility tax collections totaled $2.9 million for the fiscal year, up 4.6% or $129,000 over last fiscal year.
General Fund fiscal year expenditures totaled $31.2 million or approximately $848,000 under the budgeted amount of $32.1 million. Departmental O&M and personnel savings totaled approximately $181,000. Capital outlay expenditures came in $187,000 under budget due to savings in several departments, including Parks and Recreation, Development and Infrastructure Services, and the Clerk's Office.
The Parks and Recreation Department ended the year slightly over budget by about $27,000 due to operating costs at the Aquatic Center. It is important to note, however, that actual revenues generated at the Aquatic Center (nearly $580,000), exceeded the budgeted revenues by almost $124,000 in the Charges for Services revenue category. The budget capacity for Aquatic Center operations was adjusted accordingly in the FY 16/17 budget, and staff will continue to monitor the budget very closely in the new fiscal year.
HIGHWAY FUND RECAP
The largest revenue source in the Highway Fund, Highway User Revenue Fund (HURF) gas taxes, totaled $3,045,057 or approximately $60,000 over the budget amount of $2,985,464. Expenditures in the Highway Fund came in under budget by $145,835 or 3.0% due primarily to the rollover of the Tangerine Access to Safeway (1st Ave) Safety CIP project into FY 16/17. Pavement preservation program spending came in at $1,345,035 or 0.4% under the budget amount of $1.35 million.
BED TAX FUND RECAP
Bed tax collections for the fiscal year totaled $1,054,589 or nearly $110,000 over the budget amount of $945,000. Personnel and O&M savings totaled nearly $51,000. Transfers out totaled $414,544, with the breakdown as referenced in the Executive Summary above.
COMMUNITY CENTER FUND RECAP
Contracted operating revenues from Troon totaled nearly $3.1 million, compared to the budget amount of $4.7 million. Please note that the donated inventory revenues of $149,413 on Attachment D-1 were the result of merchandise and food and beverage inventory already in stock when the facilities were acquired by the Town from HSL Properties. These revenues were recorded on the Town's books as a year-end adjustment, and thus do not appear on Attachment D-2. This donated inventory revenue offsets the cost of sales expense shown monthly on the Troon financials as these goods are sold and removed from inventory during the course of business.
Contracted operating expenditures from Troon totaled almost $5.5 million, which is $779,000 or 12.5% below the budget amount of $6.3 million. These savings are the result of numerous operating changes implemented earlier in the fiscal year which served to mitigate monthly operating losses during the second half of the fiscal year. As a result, the overall contracted operating expenditures exceeded overall contracted operating revenues by $2.4 million. This net operating loss is nearly offset by the over $2 million collected in dedicated half cent sales tax proceeds for the year.
Town operating revenues totaled $780,499, roughly $122,000 or 18.5% over the budget amount of $658,000. Member dues came in 13.6% over budget and recreation program revenues came in 83.4% over budget.
Town operating expenditures totaled $788,230, roughly $100,000 or 14.6% over the budget amount of $688,000. This was due to personnel costs associated with the reopening of the pool and Town-assumed operations, as well as additional facility attendants that were brought on during the fiscal year to meet facility demands. This overage was offset by the revenue overage discussed above. The budget capacity for personnel was adjusted accordingly in the FY 16/17 budget.
Local sales tax revenues from the dedicated half-cent sales tax totaled $2,030,750 or 1.5% over budget. This was due primarily to restaurant and bar tax collections.
Capital outlay expenditures totaled $499,774, compared the budget amount of $1.1 million.
The overall ending fund balance in the Community Center Fund is estimated at $162,000.
Please see Attachment A for additional details on the General Fund, Attachment B for additional details on the Highway Fund, Attachment C for additional details on the Bed Tax Fund, and Attachments D-1, D-2 and D-3 for additional details on the Community Center Fund. Please see Attachment E for a consolidated summary of all Town funds. Please see Attachment F for a monthly tracking of General Fund local sales tax collections, including construction and utility sales tax. |