Discussion:
General Fund - October 2018 Review (See Attachment)
The October financial report continues with the same steady and positive trend as all the other months this year.
Revenue Variances (+/- 10% of 83% Target)
- General Fund revenues continue trending in the right direction, led by strong building permits and charges for services revenue which includes recreational activities, SPUC revenue sharing, private duty overtime reimbursement, etc.
- Taxes and Special Assessments revenues are below the target at this point in the year. Taxes will be shored up with the second half tax collection payment in December. Special Assessments will also be shored up with the second half tax collections. Special Assessments in the General Fund are primarily related to delinquent garbage assessments.
Expenditure Variances (+/- 10% of 83% Target)
- Overall General Fund expenditures are sitting at 79% of budget which is 4% below the target at this point in the year.
- Engineering expenditures are within the target range but are expected exceed the original budget. Overtime devoted to private developer projects is accounting for this overage. Fortunately, developer fees related to private development offset this increased expenditure on the revenue side of the operating statement. The 2018 final budget will be amended to account for this additional overtime need.
- All other departments are within the target variance at this time.
Community Center/Sand Venture& Ice Arena Year-over-Year Comparison - October 2018 (See Attachment)
2018 Ice Arena revenues are $58,400 higher than this same time last year and are tracking at about 68% of budget. Revenues will be ramping up as the hockey association and high school hockey seasons are in full swing. Ice arena total expenditures are about $19,000 more than this same time last year but are tracking at about 77% of the 2018 budget, which is below the 83% target for October.
Community Center/Sand Venture revenues surpassed the entire 2018 budget in September and are continuing to increase as the year progresses. As of October, the Community Center/Sand Venture have recorded over $1.1 million in revenues. This is over $115,000 more than originally budgeted.
Community Center/Sand Venture expenditures are higher than this time last year due to the facility not being fully functional until mid-summer. Through October 2018, the Community Center/Sand Venture expenditures account for approximately 78 percent of the budget. Similar to the Ice Arena, this is also below the 83% target for October.
Overall the Community Center/Sand Venture and Ice Arena are exceeding budget expectations at this point in the year. Revenues are exceeding budget projections in both facilities while expenditures are well within budget parameters.