BUDGET TRACKING REPORT

Transcription

1 To: From: Prepared by: Mayor and City Council Charles Ozaki, City and County Manager Kevin Standbridge, Deputy City and County Manager Pat Soderberg, Finance Director Joyce Alberts, Budget Manager Valerie Price, Accounting Manager Meeting Date April 11, 217 Agenda Category Manager s Report Agenda Item # 13(a) Budget Tracking and Revenue Reports Summary The purpose of this report is to provide a high-level monthly status update on revenues and expenditure performance compared to the adopted budget and the same period of the prior year. Attached is a summary of all financial activity for 217. Highlights for each major fund group follow below, with additional detail and explanation in the remainder of the report. BUDGET TRACKING REPORT All Funds (Attachment 1) This report shows the 217 revenues and expenditures grouped by each category of funds. The shaded lines noted in each fund category report the net results before other sources/uses of funds associated with each fund grouping are considered. More detailed information is presented for each category of funds, based primarily on sources of revenue, on the reports included as Attachments 2 through 5. General Governmental Operating Funds (Attachment 2) The ending fund balance for the General Governmental Operating Funds, as of 217, totaled 9,268,283 which is 2. million more than the budgeted amount. This is partially due to the fact that the 217 beginning balance (i.e. the 216 ending balance) is 1.6 million more than projected. Total 217 revenues for General Governmental Operating Funds year-to-date, through, were 1.4% less than the budgeted levels and 8.7% more than 216 revenues. The variance in sales tax revenue is the basis for the majority of the increase from the prior year. Sales tax revenues year-to-date were.2% (4,32) higher than 217 projections through and 17.5% (381,84) higher than 216 actual amounts. Building Use Tax revenues were 4.% (79,483) less than projected through 217, and 48.9% (114,96) lower than they were for the same period in 216. This is reflective of the lower number of single-family permits purchased to date in 217. Total 217 operating expenses, year-to-date through, were 24.1% less than budgeted levels and 57.8% less than the same period of 216. The 217 unspent budget amounts are primarily to due lower than expected personnel costs (vacancy savings) and the timing of payments for District Attorney Services. The variance from the prior year amount is primarily due to lower personnel expenses relating to a change in how payroll expenses are recorded. Utility Operating Funds (Attachment 3) Total operating revenues through 217 are 7.9% (111,65) less than budgeted estimates and 25.7% (265,448) higher than 216. Operating expenditures for 217 year-to-date were 7.6% (46,62) more than the projected budget and were 1.4% (9,129) lower than 216. The 217 budget variance is primarily due to the timing of payments for CBT/NCWCD water fees. Additionally, personnel expenses were 82.7% less than 216 amounts due to a change in how payroll expenses are recorded. Capital Funds (Attachment 4) Through,.4% of the General Governmental Capital Budgets and.1% of the Utilities Capital Funds have been spent. These relatively low percentages are typical, given the requirement to fund the entire cost for multi-year projects before the construction contract can be signed. More detailed information on the status of selected projects currently under construction is included on the monthly Manager s Report, presented to City Council in a separate agenda item. Trust Funds (Attachment 5) Interest revenue and benefit payments for the pension plans are reported to Broomfield by the plan administrator on a quarterly basis and posted to the accounts in the month following the end of each quarter. REVENUE REPORT (Attachment 6) Total Sales tax revenues collected by both operating and capital funds through were 11.3% more than projected and 2.29% higher than 216. Year-to-date revenues for All General Governmental Operating type revenue (including transfers) were 1.82% less than projected for 217 and.24% less than 216. Building Use Tax, Building Permit Fees, and Water and Sewer License Fees were less than projected for 217. This is reflective of the construction activity during the month of. Prior Council Action Council has received monthly financial updates at Council meetings since 29. Financial Considerations Based on the reports, actual expenditure activity for 217 fell within the budgeted amounts, at the fund level. Alternatives N/A Proposed Actions/Recommendations Staff would appreciate any comments or feedback regarding these reports. 13(a) - Page 1

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7 Attachment 6 Financial Report City and County of Broomfield Report #217-1 for 217 Prepared by the Broomfield Finance Department 13(a) - Page 7

8 Table 1 Sales Tax Revenues - Total Operating and Capital Original 217 Budget Estimate 54,136,856 Current Projected 217 Revenues Based on Revenues Received To-Date 6,19,928 5,973,72 Actual - % Above (Below) Budget Estimate 11.3% 8,, Sales Tax Revenues Month to Month 7,, 6,, 5,, 4,, 3,, 2,, 1,, 6,, Sales Tax Revenue Total to Date 5,, 4,, 3,, 2,, 1,, 216 includes 32, of prior year sales tax 13(a) - Page 8 4/5/217

9 Table 2 Use Tax on Vehicles Original 217 Budget Estimate 6,563,245 Current Projected 217 Revenues Based on Revenues Received To-Date 7,341, ,952 Actual - % Above (Below) Budget Estimate 11.85% 7, Use Tax on Vehicles Month to Month 6, 5, 4, 3, 2, 1, 7,, Use Tax on Vehicles Total to Date 6,, 5,, 4,, 3,, 2,, 1,, 13(a) - Page 9 4/5/217

10 Table 3 Use Tax on Building Materials Original 217 Budget Estimate 5,68,413 Current Projected 217 Revenues Based on Revenues Received To-Date 3,399,725 (2,28,688) Actual - % Above (Below) Budget Estimate (39.38%) 1,4, Use Tax on Building Materials Month to Date 1,2, 1,, 8, 6, 4, 2, 8,, Use Tax on Building Materials Total to Date 7,, 6,, 214 Data 5,, 4,, 3,, 2,, 1,, * Monthly collections have not shown a repeatable pattern. The 217 monthly budget estimates for residential and add-on construction were projected as if revenues are received equally each month. Multi-family and new construction projects have been included in the month the project is estimated to pull the permit. 13(a) - Page 1 4/5/217

11 Table 4 Property Tax Revenue Original 217 Budget Estimate 36,343,853 Current Projected 217 Revenues Based on Revenues Received To-Date 36,343,853 - Actual - % Above (Below) Budget Estimate.% 14,, Property Tax Month to Month 12,, 1,, 8,, 6,, 4,, 2,, 2,, 4,, Property Tax Total to Date 35,, 214 Data 3,, 25,, 2,, 15,, 1,, 5,, * The first property tax collections occur in February of each year. * Negative amounts reflect abatements. * The revenues associated with Property Taxes are set each year by assessed valuation and mill levies. The total amount projected on an annual basis should remain at the original budgeted 13(a) - Page 11 4/5/217

12 Table 5 Building Permit Fees Original 217 Budget Estimate 2,823,835 Current Projected 217 Revenues Based on Revenues Received To-Date 1,729,361 (1,94,474) Actual - % Above (Below) Budget Estimate (38.76%) 45, Building Permit Fees Month to Date 4, 35, 3, 25, 2, 15, 1, 5, 3,, Building Permit Fees Total to Date 2,5, 214 Data 2,, 1,5, 214 Data 1,, 5, * Modified Cash Basis. 13(a) - Page 12 4/5/217

13 Table 6 Highway Users' Tax Original 217 Budget Estimate 2,189,646 Current Projected 217 Revenues Based on Revenues Received To-Date 2,284,851 95,25 Actual - % Above (Below) Budget Estimate 4.35% 25, Highway Users' Tax Month to Month 2, 15, 1, 5, 2,5, Highway Users' Tax Total to Date 2,, 1,5, 1,, 5, 13(a) - Page 13 4/5/217

14 Table 7 All General Operating Governmental Type Revenues Original 217 Budget Estimate 12,993,616 Current Projected 217 Revenues Based on Revenues Received To-Date 118,792,69 (2,21,547) Actual - % Above (Below) Budget Estimate (1.82%) 25,, All General Governmental Type Revenues Month to Month 2,, 15,, 1,, 5,, 214 Actual 215 Actual 216 Actual 217Projection 217 Actual 14,, All General Governmental Type Revenues Total to Date 12,, 1,, 8,, 6,, 4,, 2,, 13(a) - Page 14 4/5/217

15 Table 8 Water Sales Revenue Original 217 Budget Estimate 16,385,381 Current Projected 217 Revenues Based on Revenues Received To-Date 15,132,616 (1,252,765) Actual - % Above (Below) Budget Estimate (7.65%) 2,5, Water Sales Revenue Month to Month 2,, 1,5, 1,, 5, 18,, Water Sales Revenue Total to Date 214 Data 16,, 14,, 12,, 1,, 8,, 6,, 4,, 2,, 13(a) - Page 15 4/5/217

16 Table 9 Water License Fees Revenue Original 217 Budget Estimate 19,629,549 Current Projected 217 Revenues Based on Revenues Received To-Date 8,129,897 (11,499,652) Actual - % Above (Below) Budget Estimate (58.58%) 4,5, Water License Fees Month to Month 4,, 3,5, 3,, 2,5, 2,, 1,5, 1,, 5, 25,, Water License Fees Total to Date 2,, 214 Data 15,, 1,, 5,, * Modified Cash Basis. * Monthly collections have not shown a repeatable pattern. The 217 monthly budget estimates for residential and add-on construction were projected as if revenues are received equally each month. Multi-family and new construction projects have been included in the month the project is estimated to pull the permit. 13(a) - Page 16 4/5/217

17 Table 1 Sewer Charges Revenue Original 217 Budget Estimate 6,245,7 Current Projected 217 Revenues Based on Revenues Received To-Date 6,5, ,242 Actual - % Above (Below) Budget Estimate 4.9% 1,2, Sewer Charges Revenue Month to Month 1,, 8, 6, 4, 2, 7,, Sewer Charges Revenue Total to Date 214 Data 6,, 5,, 4,, 3,, 2,, 1,, 13(a) - Page 17 4/5/217

18 Table 11 Sewer License Fees Original 217 Budget Estimate 19,727,824 Current Projected 217 Revenues Based on Revenues Received To-Date 4,114,155 (15,613,669) Actual - % Above (Below) Budget Estimate (79.15%) 6,, Sewer License Fees Month to Month 5,, 4,, 3,, 2,, 1,, 25,, Sewer License Fees Total to Date 2,, 214 Data 15,, 1,, 5,, * Modified Cash Basis. * Monthly collections have not shown a repeatable pattern. The 217 monthly budget estimates for residential and add-on construction were projected as if revenues are received equally each month. Multi-family and new construction projects have been included in the month the project is estimated to pull the permit. 4/5/217 13(a) - Page 18

19 Table 12 Enterprise Funds Revenues Original 217 Budget Estimate 7,947,12 Current Projected 217 Revenues Based on Revenues Received To-Date 46,11,14 (24,836,872) Actual - % Above (Below) Budget Estimate (35.1%) 3,, Enterprise Funds Month to Month 25,, 2,, 15,, 1,, 5,, 8,, 7,, Enterprise Funds Total to Date 214 Data 6,, 5,, 4,, 3,, 2,, 1,, 13(a) - Page 19 4/5/217