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  Item # B.       
Town Council Regular Session
Meeting Date: 09/21/2016  
Requested by: Stacey Lemos Submitted By: Wendy Gomez, Finance
Department: Finance  

Information
SUBJECT:
Fiscal Year 2016/17 Financial Update through July 2016
RECOMMENDATION:
This item is for information only.
EXECUTIVE SUMMARY:
In the General Fund (see Attachment A), revenues collected through July totaled $2.4 million or 7.3% of the budget amount of $33.1 million. Year-to-date expenditures through July totaled $1.5 million or 4.6% of the budget amount of $33.1 million.

In the Highway Fund (see Attachment B), revenues collected through July totaled $250,905 or 7.0% of the budget amount of $3.6 million. Year-to-date expenditures through July totaled $112,855 or 2.4% of the budget amount of $4.7 million.

In the Bed Tax Fund (see Attachment C), revenues collected through July totaled $65,814 or 6.0% of the budget amount of $1.1 million. Year-to-date expenditures through July totaled $16,082 or 1.3% of the budget amount of $1.2 million.

In the Community Center Fund (see Attachments D-1, D-2 and D-3), revenues collected through July totaled $385,460 or 5.8% of the budget amount of $6.6 million. Year-to-date expenditures through July totaled $467,529 or 6.8% of the budget amount of $6.9 million.
BACKGROUND OR DETAILED INFORMATION:
GENERAL FUND

Attachment A shows General Fund revenues and expenditures through July, as well as year-end estimates for each category. The estimated year-end projections in the General Fund are as follows:


Revenues                                                     $33,141,753

Less:
Expenditures                                               ($33,028,066)

Estimated increase in Fund Balance        $    113,687


General Fund Revenues
  • Local sales tax collections in the General Fund total $1.1 million or 7.3% of the budget amount of $15.7 million. Please see Attachment F for a monthly tracking of General Fund local sales tax collections, including construction and utility sales tax. 
  • License and permit revenues total $149,912 or 9.3% of the budget amount of $1.6 million.
  • State shared revenues total $847,368 or 7.8% of the budget amount of $10.8 million.    
  • Charges for Services revenues total $240,074 or 11.3% of the budget amount of $2.1 million.
  • All General Fund revenues are projected to come in on budget at this time.

General Fund Expenditures
  • Expenditures are projected to come in under budget by about $78,000 or 0.2% due to estimated personnel savings. Please note these figures are subject to change.

HIGHWAY FUND

Highway Fund Revenues
  • State shared highway user funds total $250,522 or 8.4% of the budget amount of $3.0 million.
  • All Highway Fund revenues are projected to come in on budget at this time.


Highway Fund Expenditures

  • Expenditures are projected to come in on budget at this time.



BED TAX FUND

Bed Tax Revenues

  • Bed tax revenues total $62,831 or 5.8% of the budget amount of $1.1 million.
  • Bed Tax Fund revenues are projected to come in over budget by $3,500 or 0.3% due to a donation for the Town's annual tree lighting event.

Bed Tax Fund Expenditures
  • Expenditures are projected to come in on budget at this time.


COMMUNITY CENTER FUND

Attachment D-1 shows the consolidated financial status of the Community Center Fund with all revenues and expenditures from Troon and Town-managed operations.

Attachment D-2 shows the monthly line item detail for the Troon-managed operations, specifically revenues and expenditures associated with the golf, tennis, food and beverage and lifeguard operations. The totals in the revenue and expenditure categories in Attachment D-2 tie to the Contracted Operating Revenues and Expenditures in Attachment D-1.

Attachment D-3 shows the revenues and expenditures for the Troon-managed food and beverage operations only. 

Community Center Fund Revenues
  • Revenues in the Community Center Fund total $385,460 or 5.8% of the budget amount of $6.6 million. Contracted operating revenues from Troon total $170,724 and Town operating revenues total $58,308. Local sales tax revenues from the dedicated half-cent sales tax total $156,428 or 7.3% of the budget amount of $2.1 million.
  • Local sales tax revenues from the dedicated half-cent sales tax are estimated to come in on budget at this time.
  • Contracted operating revenues from Troon are estimated to come in under budget by about $22,000 or 0.6%, based on Troon's forecast through the remainder of the fiscal year.
  • Town operating revenues are estimated to come in over budget by $8,000 or 1.1%, due to swim team and swim lesson revenues.

Community Center Expenditures
  • Expenditures in the Community Center Fund total $467,529 or 6.8% of the budget amount of $6.9 million. Contracted operating expenditures from Troon total $406,204 and Town operating expenditures total $61,325. There were no capital outlay expenditures in July.
  • Contracted operating expenditures from Troon are estimated to come in under budget by about $12,000 or 0.2%, based on Troon's forecast through the remainder of the fiscal year.
  • Town operating expenditures are projected to come in on budget at this time.
  • Capital outlay is projected to come in under budget by $167,000 or 31.7%, due to the timing of the ADA improvements budgeted at the Community Center. Staff is awaiting completion of the Townwide ADA transition study before beginning construction on these improvements.
Please see Attachments A, B, and C for additional details on the General Fund, Highway Fund and Bed Tax Fund. See Attachments D-1, D-2 and D-3 for additional details on the Community Center Fund. See Attachment E for a fiscal year-to-date consolidated summary of all Town Funds. See Attachment F for a breakdown of monthly local sales tax collections for the General Fund.
 
FISCAL IMPACT:
N/A
SUGGESTED MOTION:
This item is for information only.
Attachments
Attachment A - General Fund
Attachment B - Highway Fund
Attachment C - Bed Tax Fund
Attachment D-1 Community Center Fund
Attachment D-2 Troon Cash Flow
Attachment D-3 Troon F&B
Attachment E - Summary All Funds
Attachment F - Gen Fund Local Sales Tax


    

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