Discussion:
General Fund - July 2018 Review (See Attachment)
The July financial report continues with the same steady and positive trend as all the other months this year.
Revenue Variances (+/- 10% of 58% Target)
- General Fund revenues continue trending in the right direction. First half property taxes were received in June, which alleviated the revenue shortfall previously reported.
- Licenses & Permits continue to have yet another strong month, as of July 31 licenses & permits have reached 95 percent of its anticipated annual revenue.
- Intergovernmental revenues are below the target range at this point of the year, but are only slightly less than the actual receipts at this same time last year. The difference between this year and last year is due to a shift in state-aid from street maintenance to street construction aid. Maintenance aid is accounted for in the General Fund and construction aid is accounted for in the Capital Improvement Fund. Staff did account for this shift when preparing the 2018 budget.
- Charges for Services revenue continues at a strong pace led by $227,000 of monthly recreation revenue and a $187,500 transfer from SPUC for electric and water revenue sharing.
- Miscellaneous revenue has exceeded the 2018 budget. This increase in revenue is attributed to an increase in interest revenue and the accumulation of donations for the Rev. Pond statue.
Expenditure Variances (+/- 10% of 58% Target)
- Street Maintenance expenditures are above the target budget for July. This variance is due to a $284,000 payment for bituminous seal coating services. This variance is expected to diminish as the year progresses.
- All other departments are within the target variance at this time.
Community Center/Sand Venture& Ice Arena Year-over-Year Comparison - July 2018 (See Attachment)
2018 Ice Arena revenues are $37,344 higher than this same time last year. Ice Arena total expenditures are very similar to this same time last year and are tracking with the 2018 budget.
Community Center/Sand Venture revenues are trending at about 79 percent of the 2018 budget, which is well above the 58 percent target. The summer season is in high gear with Sand Venture in full operation, so it is expected that revenues should be exceeding the target at this point of the year.
Community Center/Sand Venture expenditures are higher than this time last year due to the facility not being fully functional until mid-summer. Through July 2018, the community center/sand venture expenditures account for approximately 50 percent of the budget. Individual line item expenditures will continue to be monitored as the year progresses.
Deferred membership revenue as of July 31, 2018 is $194,684 compared to $151,766 a year ago. This is direct result of strong annual membership sales throughout 2017 and into 2018.