Honorable Mayor and City Council
Marty K. Lawing
January 31, 2022
The accompanying report reflects the City’s overall financial position for the Fiscal Year Ended September 30, 2021.
To view Funds click on the titles: Other Items:
The General Fund Revenues and Expenditures are shown below.
*Please note: Due to rounding, some totals in the narrative may be off in comparison to the graphs.
General Fund Revenues
General Fund Revenues for the year ended September 30, 2021, total $127.58 million and are 94% of the $136.02 million dollar budget compared to prior year revenues at $122.39 million, and 92% of the $133.38 million dollar budget. This amounts to an increase in total revenues over prior year of $5.19 million, or 4.2%.
The main drivers to this result consist of the following:
Ad valorem taxes $3,119,700 Business tax ($368,668)
Utility service taxes $427,230 Impact Admin. Fees ($528,853)
Franchise fees $395,737 Interest and Other Earnings ($268,354)
Payment In Lieu of Taxes $1,109,600 Contributions-Enterprise fund ($1,000,000)
State shared revenues $2,519,137 Licenses and permit fees ($994,409)
ther Misc. revenues $426,100 Total Decreases ($3,160,284)
Fire Assessment fee $177,416
Communication service taxes $124,627
Total Increases $8,299,547
Overall, fiscal year 2021 revenues of $127.58 million came in better than the forecasted amount of $123.90 million. This favorable change of $3.68 million was derived from better than expected collections from the state shared revenues, namely the half-cent sales tax, along with franchise fees both driven by the City’s growth.
General Fund Expenditures
Total expenditures of $131.76 million are 97% of the $136.02 million dollar budget compared to the prior year expenditures of $126.20 million at 95% of the $133.38 million dollar budget.
Operating expenditures increase over the prior year by $6.51 million or 6.1%, due mainly to the following:
- City Manager expenditures increase $1.14 million due to compensation paid to the former City Manager upon his retirement, the filling of the Business and Economic Development Administrator position and an increase in professional services for special projects
- Fire Department expenditures increase $2.92 million due to salary adjustments, the filling of vacant positions, increases in overtime and workers’ compensation
- Parks expenditures increase $604,115 due to the net effect of increases for compensation paid to the former Parks Manager upon his retirement, the filling of vacant positions, increases in workers’ compensation, professional services, contract services and utilities partially offset by decreases in operating supplies and repairs and maintenance
- Facilities Maintenance expenditures increase $635,796 due to the net effect of increases in personal services as 20% of the Superintendent of Public Works is now allocated to Facilities Maintenance as well as increases in utilities and operating supplies for special projects partially offset by a decrease in fleet charges
- STARS complex expenditures increase $247,219 due to increases in workers’ compensation, contract services and other current charges for the CASP program
- Economic Development expenditures increase $234,255 due to the “Building Corridors of Opportunity” project conducted by Florida International University
Other expenditures decrease from the prior year by ($950,400) million due to the following:
- Debt service transfers decrease by ($513,588) due to final payment on the 2014B Bonds made in December 2019
- Operating transfers decrease ($327,903) due to the net effect of the following:
o ($1,000,000) decrease in a transfer to Risk Management, as this amount was provided in FY2020 to accommodate payments required by the Fire cancer
o ($313,200) decrease in the transfer to the Skatium Fund
o $520,387 increase in transfers to the CRA Tax Increment Funds
o $435,000 increase in the transfer to the Street Maintenance Fund due to lower collections from fuel taxes driven by a lower allocation from the County and
Overall, for the year ended September 30, 2021, General Fund expenditures exceed revenues by ($4.18) million dollars. Compared to the adopted budget, with a plan to use ($8.51) million dollars of reserves, execution of the budget is favorable, as forecasted.
The Unassigned General Fund Reserve balance is now $24.15 million, or 19.6% of the total General Fund budgeted appropriations combined with other funds in the General Fund Group in accordance with the Annual Comprehensive Financial Report. This places the City slightly below the target of 20% per the Fund Balance Policy. Please note that results for fiscal year 2021 are currently being audited and therefore any audit adjustments may also impact this reserve balance amount.
The fiscal year 2021 budget was developed very conservatively due to the uncertainty of the pandemic. Results in this report indicate many major revenue streams surpassing projections. Combined with spending under budget, the City’s overall financial position is positive. While encouraging, the City continues to strive towards financial goals including a structurally balanced budget, preservation and growth in its available reserves and sustainability into the foreseeable future.
This report is designed as an informative document for internal use only. It includes only major, City operating funds. All audited funds and accounts are included in the City’s Annual Comprehensive Financial Report, which for the year ended September 30, 2021, will be available by the end of March 31, 2022.