Quarterly Financial Report
Fourth Quarter of FY 2020-2021
Prelude
The following fourth quarter financial reports will address the City’s financial position as of September 30, 2021. City’s Funds included in this fourth Quarterly Financial Status Report consist of major Governmental Funds, Enterprise Funds, Internal Services Funds, and Construction Funds (Governmental and Utility Capital Improvement Projects). In addition to the Quarter Financial Status Report, Finance Department has included the City’s fourth Quarter Investment Report and the OPEB Trust Fund Investment Report. Overall, the City Funds’ financial position is stable, as of September 30, 2021.
The following Operational Funds make up 62 percent or $86 million of the overall FY 2020-21 Budget. In the schedules below, the FY 2020-2021 Budget column does not include amounts related to carryover encumbrances.
Governmental Funds
Proprietary Funds
Additional Information
General Fund Current Financial Condition
The General Fund fourth quarter financial report reflects an ending undesignated fund balance of $23.6 million, which represents approximately 5 months of the General Fund 2021 budgeted operating expenditures ($10.4 million in excess reserve – above the 3-month minimum fund balance reserve policy). The projected ending fund balance is 38 percent or $6.5 million higher than the amended year-end fund balance of $17.1 million.
At the end of the fourth quarter, revenues exceed expenditures by $4.7 million (excludes expenditures incurred from carryover encumbrances of $1.24 million), mainly due to the net result of property tax, sales tax, and COVID-19 transfers revenue accounts coming in higher; and, county jail contract, various maintenance accounts, electricity, and 2021 Residential Street Program coming in under budget, while personnel expenses coming in over budget, due to COVID-19 Hazardous Pay Program and prior winter freeze event.
Water / Wastewater Utility Fund
Current Financial Condition
The Water/Wastewater Utility Fund fourth quarter financial report reflects an undesignated working capital balance of $12.4 million, which represents approximately 5 months of Water/Wastewater Utility Fund 2021 budgeted operating expense ($5.4 million in excess reserve – above the 3-month minimum working capital reserve policy). The projected ending working capital balance is 19 percent or $2.0 million higher than the amended year-end working capital balance of $10.4 million.
At the end of the fourth quarter, revenues are exceeding expenses by $60K, mainly due to maintenance and capital expenses coming in under budget.
Environmental Services Fund
Current Financial Condition
The Environmental Services Fund fourth quarter financial report reflects an undesignated working capital balance of $7.1 million, of which $4.8 million is reserved for vehicles and carts. In addition, the Closure/Post-closure Fund has a designated working capital balance $3.3 million. The undesignated working capital balance represents approximately 5 months of Environmental Services Fund 2021 budgeted operating expenses ($1.8 million in excess reserve – above the 3-month minimum working capital reserve policy). The projected ending working capital balance is 2 percent or $154K higher than the amended year-end undesignated working capital balance of $6.9 million.
At the end of the fourth quarter, revenues are exceeding expenses by $781K, mainly due to personnel, supplies, Community Appearance Program, and capital expenses coming in under budget.