General Fund - November 2022 (see attachment)

A notation is located on the right of the report that references a proposed budget amendment #.  Staff is asking for approval of the budget amendments with the consent agenda at this meeting.  The detail of these proposed budget amendments have been provided, however the budget amounts shown on the report do not currently reflect these budget adjustments.  The budget amendments include a reference to the City Council date of original approval.

Revenue Variances (+/- 10% of 92% target)

• Taxes will remain below the budget target amount until the 2nd half property taxes are received.  The city did receive the settlement on December 1st.
• Special Assessments are currently negative as a result of recent assessments of refuse bills.  These amounts will be recovered through the assessment process.
• Licenses and permits are exceeding the budget amount and ahead of last year, primarily as a result of building permit revenue.
• Intergovernmental is currently ahead of budget targets as a result of an increase in Municipal State Aid for street maintenance (allocation of gasoline tax).
• Miscellaneous includes investment earnings, with rising rates in 2022 the City currently has a large unrealized loss which is not reflected.  This adjustment occurs at year-end.

Expenditure variances (+/- 10% of 92% target)

• Total General Fund expenditures are within the normal range and similar to last year's percentage through November.
• The Planning and Development department is currently exceeding the target percentage as a result of the Entertainment EAW.  These expenditures will be reimbursed by the developer, which is expected to occur prior to year-end.
• Facilities is currently exceeding the target budget amount as a result of an increase in utility costs and building maintenance costs.
• The Building Inspection department is currently exceeding the target percentage as a result of credit card fees, which is directly related to building permit revenue received and software costs for the implementation of the rental housing program.
• Engineering expenditures are currently under budget targets as a result of vacancies and allocated wages to projects.
• Unallocated expenditures are currently under budget targets as a result of budgeted contingency funds.

Community Center/Ice Arena/SandVenture - November 2022 (see attachment)

SandVenture

• SandVenture completed the year with $246k in total revenues, exceeding the budget of $189k.

Community Center 

• Revenues are ahead of the previous year and are currently at 81% percent of budgeted annual revenues.  Expenditures are tracking ahead of last year as a result of a conversion of a part-time position to full time, implementation of the part-time wage study, operating supplies related to room rentals and increased utilities (electric/gas). 

Ice Arena 

• Revenues are similar to last year and are currently at 76 percent of budgeted annual revenues.  Expenditures have seen an uptick from the previous year, predominantly a result of increased utility costs (electric/gas).