Discussion:
General Fund - August 2018 Review (See Attachment)
The August financial report continues with the same steady and positive trend as all the other months this year.
Revenue Variances (+/- 10% of 67% Target)
- General Fund revenues continue trending in the right direction, led by strong building permit and charges for services revenue which includes recreational activities, SPUC revenue sharing, private duty overtime reimbursement, etc.
Expenditure Variances (+/- 10% of 67% Target)
- Total expenditures to date are 4% below the budget target.
- The Finance Department is below the target budget due to the creation of the Lodging Tax Special Revenue Fund at the beginning of the year. This was created after the 2018 budget was adopted. The lodging tax receipts and subsequent payments to the Visitors Bureau are now made out of this fund rather than the General Fund. This variance will be adjusted later this year when the 2018 final budget is amended.
- Street Maintenance expenditures are within the target range but slightly higher than other departments. This is due to a large payment in July 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 - August 2018 (See Attachment)
2018 Ice Arena revenues are $38,700 higher than this same time last year. Ice Arena total expenditures are very similar to this same time last year and are tracking at about 59% of the 2018 budget.
Community Center/Sand Venture revenues are trending at about 93 percent of the 2018 budget, which is well above the 67 percent target. The summer season is wrapped up and fall season is in high gear with lots of activities taking place at the Community Center which will continue to drive revenues.
Community Center/Sand Venture expenditures are higher than this time last year due to the facility not being fully functional until mid-summer. Through August 2018, the community center/sand venture expenditures account for approximately 61 percent of the budget. Individual line item expenditures will continue to be monitored as the year progresses.
Deferred membership revenue as of August 31, 2018 is $183,114 compared to $162,215 a year ago. This is direct result of strong annual membership sales throughout 2017 and into 2018.