Quarterly Financial Report
Second Quarter of FY 2021-2022
700 Main Center Fund Current Financial Condition
700 Main Center Fund accounts for the revenue and expenses of a large office complex operated by the City as an enterprise. The building was initially purchased and renovated by the City primarily to be used as a business incubator center. It is currently leasing space to several City departments and the Victoria Economic Development Corporation (until November 2021).
The 700 Main Center Fund second quarter financial report reflects an ending undesignated fund balance of $122K, which represents approximately 14 months of the 700 Main Center Fund 2022 budgeted operating expenditures ($96K in excess reserve – above the 3-month minimum fund balance reserve policy). The projected ending fund balance is 9 percent or $12K less than the amended year-end fund balance of $134K.
At the end of the second quarter, revenues exceed expenses by $12K, mainly due to contractual services coming in below budget.
Revenues vs Expenditures
- Revenues are projected to come in under due to the Victoria Economic Development Corporation (VEDC) moving out in November 2021.
- Expenditures are projected to come in under budget due to small tools, HVAC maintenance, and Lights & Power line items.
- Revenues are under budget due to VEDC moving out in November 2021.
- Supplies are coming in under budget due to the small tools line item.
- Maintenance is coming in under budget due to the HVAC maintenance line item
- Contractual Services is coming in under budget due to the lights & power line item.
- Interdepartmental is coming in over budget due to annual insurance charges being posted in the first quarter.
- Capital Outlay is coming in under budget due to the timing of expenditures. These purchases are made irregularly throughout the fiscal year.
Budget Amendments
As of the second quarter of FY 2021-22, the 700 Main Center Fund Budget has not been amended.