HomeMy WebLinkAboutQuarterlyReport_2009-12-31
Financial Report and Investment Report
for Quarter Ended December 31, 2009
TABLE OF CONTENTS
I. Executive Summary
Quarterly Financial Analysis ................................................................................. 1-3
Investments .......................................................................................................... 3-4
Internal Control ........................................................................................................ 4
Capital Projects ....................................................................................................... 5
II. Reports
General Fund Revenue & Expense Comparison 2009/2010 .................................. 6
September General Fund Variance Explanations ................................................... 7
Major Fund Revenue Comparison .......................................................................... 8
Investment Report - City .................................................................................... 9-13
Investment Report – GTEC/GEDCO ................................................................ 14-22
Pending Grants ..................................................................................................... 23
Internal Audit Report Summary ............................................................................. 24
Bids Awarded ........................................................................................................ 25
Capital Improvement Project Summary – General Projects .................................. 26
Capital Improvement Project Summary – Facilities/GUS Projects ................... 27-28
Capital Improvement Project Summary - GTEC ................................................... 30
1st Fiscal Quarter – 2010
Executive Financial Summary 1
Executive Summary
Quarter ended 12/31/09
I. Quarterly Financial Analysis
General Fund Revenues:
General fund revenues collected through the end of the first quarter of fiscal 2010 are slightly higher than prior year
collections totaling $9,400,496 or 25.6% of current year budget; an increase of 4.7% over prior year.
Property tax revenues are typically received during the
first two quarters of the fiscal year. The amount of
revenue is based on the assessed value and is
estimated using the County Assessor’s data. Any
deviations from estimates in this revenue stream are
typically related to new construction and delinquency
rates. Property tax revenues are slightly up over the
prior year at 1%.
$506,160 of sales tax revenue was collected in
December 2009 for sales generated in October 2009.
This collection revenue is 9% higher than the previous
year. Sales tax projections are budgeted to be less than 1% over prior year collections. The City also collects 1/8 cent
sales tax to be used toward the reduction of property taxes.
Court fines are up 7.8% from prior year with 2,497 cases processed during this first quarter versus 2,407 processed in
the prior year’s first quarter.
The City collects a 4 – 5% franchise fee on electrical, natural gas, cable, solid waste, and telephone revenues provided
by entities other than the City. The City has collected $106,500 or 7% of current year budget through the end of the
quarter. The City also collects a 2% franchise fee and an 8% return on investment fee from the City owned utilities
which totaled respectively, $316,341 and $1,312,368 through December or 19% of budget. These collections are
down 2.5% from prior year.
Development related revenue is up close to $36,000 or
24% from prior year. As the economy strengthens,
development activity will increase and be reflected in
future budgets.
Overall, General Fund revenues are slightly higher
than expected, but will be monitored closely over the
upcoming months to see if these trends continue and
to project any potential shortfall going into the
upcoming budget process.