QUARTERLY FINANCIAL REPORT

THIRD QUARTER, 2018-19

Purpose of this Report

This report is intended to provide City management, the city council, and the community a general update on the financial activities and condition of the City on a quarterly basis. In addition to providing financial information it provides a narrative or annotations on financial highlights meant to give context to the numbers, charts, and graphs found throughout.


For those reading this report in hard copy or in pdf, the report through the City's OpenGov platform can be found here:


https://stories.opengov.com/ukiahca/published/EUOR2o7SF


Budget information is also provided in this report, and a link to the City’s fiscal year 2018-19 adopted budget can be found here:


Annual Operating and Capital Budget, FY 2018-19

Financial Summary

In this section we report on the financial activities of the City as a whole (City-wide), which include all governmental and proprietary (enterprise and internal service) funds, all City departmental activities, and information on the status of capital improvement projects identified by the City Council.


Financial highlights of the last nine months ending March 31, 2019 include the following:


  • Expenditures by character of $73.1 mil outpaced revenue City-wide of $53.8 mil by $19.4 mil. This was anticipated in the budget as the City uses available reserves for capital projects as well as timing differences of when revenues are recorded, e.g. property tax receipts.
  • Capital expenditures were $24.8 million, of which $3.6. million was for paid for by the general fund ($2.1 mil from Measure Y sources).
  • Major enterprise funds remained well capitalized and able to meets their service demands. The general fund has employed reserves to cover cash flow needs related to the Redwood Business Park improvements.
  • Top ten revenues of the general fund came in higher than the same period last year, driven by increasing sales tax, new revenue sources (Measure Y) and TOT revenue. However, sales tax revenues are expected to be lower by year-end than anticipated in the budget. Finance continues to monitor those revenues closely. No resulting adjustments to the budget are recommended at this time.
  • Most departments and activities are on pace or under budget estimates. The only exception is in the City Manager's Office>City-Wide Administrative Services where workers comp expenditures were higher than originally budgeted as the City moves to more aggressively fund related liabilities with its JPA insurance carrier, REMIF.
  • Personnel expenses totaled to 31.0% of total City expenditures. Materials, services, insurance, and supplies totaled to 24.9%, while debt service and capital outlay rounded out the remaining amount at 10.1% and 34.0%, respectively.

For More Information. This report is prepared by the City’s Finance Department and is a summary based on detailed information produced by its financial management system. If you would like additional information, or have questions about this report, please call the Finance Department at 707.463.6220.

City-Wide: Balance Sheet

March 31, 2019

City-Wide: Revenues by Character

City-Wide: Expenditures by Department

City-Wide: Expenditures by Character

Balance Sheet: General Fund

Activities: General Fund

Balance Sheet: Electric Enterprise

Activities: Electric

Balance Sheet: Water Enterprise

Activities: Water Enterprise

Balance Sheet: Wastewater Enterprise

Activities: Wastewater Enterprise

Department Budget to Actual

For the Period Ended March 31, 2019

Capital Update

Special Report: Indirect Cost Allocation

Notes

  1. Indirect cost allocation rate for the third quarter was as follows: administrative and overhead (6.96%), internal service use (11.12%).