General Fund - November 2019

 
Revenue Variances (+/- 10% of 92%) 

• Taxes will be below target until December when the second half property taxes are received (no change this period)
• Special Assessments continue to be a negative amount due to the payment to Republic Services for delinquent garbage assessments. Similar to last year, this account will be negative until we receive our first and second half tax payments (no change this period).
• Licenses and Permits revenue remain strong with $245k collections in November, tracking to exceed budget by >$2.6 mil for 2019.
• Miscellaneous continues to track at a higher pace compared to 2018, which is attributed to an increase in investment income.
  
  

Expenditure Variances (+/- 10% of 92%)

• Overall general fund is right on target at 90%.
• Mayor and Council will exceed original budget as a result of $23k payment for Reverend Pond downtown sculpture.
• No other major or concerning variances within the general fund.
  
  

Community Center/Ice Arena/SandVenture - November 2019
SandVenture

• Nearly all expenditures from SandVenture should be accounted for at this point in the year, with the net budget (revenues minus expenditures) 4% above 2018, but below budget for the year.
  
  

Ice Arena

• Ice arena revenues have exceeded 2018 revenues, but are behind in terms of percentage of budget. This is the time of year that revenue collections continue to accelerate and are expected to meet or exceed budget projections.

• Ice arena expenditures continue to outpace 2018 - with no single expenditure category as the driving cause. Expenditures are expected to remain within budgeted amounts for 2019.

Community Center

• Revenues continue tracking ahead of projections by about 12%, expected revenues are projected to exceed budgeted revenues by up to 150k for 2019.
• Expenditures continue to track somewhat ahead of projections due to increased demand and increased expenditures related to revenue producing activities.
• Wages and benefits continue to trend higher as compared to 2018, as planned, due to revenue growth strategies.