HomeMy WebLinkAboutQuarterly Financial Report
CITY OF
ASHLAND
Financial Narrative
Summary of Cash and Investments provides an understanding of changes in the city's cash
position across funds and investment types. Please note that the city-wide cash balance has
increased $6.8 million dollars between years. Last year it was down $5.8 million in paying off
projects and this "restoration" ofthe City's total cash is directly related to refinancing the $7
million in internal borrowings by AFN, putting the cash back into the funds responsible for it.
The Combined Statement of Financial Position is similar to presentations provided in the
annual financial report. It is intended to provide the reader an overall sense of the City's
financial position at the present time. The Ending Fund Balance is $23.2 million, $5.,0 million
more than budgeted and $6.4 million more than existed last year at this time, primarily due to
refinancing.
Revenues and Budgetary Resources at September 30, 2004 total $34,547,319 as compared to
total year-to-date requirements of $28,040,781 which results in a $6.5 million increase to
Unappropriated Ending Fund Balance. This is $2.5 million better than the City's budgeted $4.0
million excess resources over requirements for the year. Additionally, the City carried over $2.5
million more in working capital than was anticipated.
On a city-wide basis, Charges for Services, Fines and Forfeitures and Interest on Investments
exceed the prorated 25% mark for Y. year of activity. Shortfalls can be seen in all other areas
including Taxes, Intergovernmental Revenues, Systems Development Charges, Assessment
Payments and Miscellaneous Revenues related to a difference in the timing of those revenues.
These comparisons will change dramatically at the half - year mark.
Total Requirements are above budget showing a 37% level. Personal Services is 24% indicating
nearly full employment per the budget but actually representing slightly higher over time and
temporary help offsetting monies being saved due to a few vacant positions.
Materials & Services is just above the Y. mark as some annualized expenditures are made in the
first quarter but Capital Outlay is well below 25%. Budgetary Requirements - Operating
Transfers is 37% and does not adhere to a 1/12fth distribution but is operationally based.
Total Contingency of$I,703,0I8 remains unused.
The Schedule of Revenues by Fund provides an overview of all resources year-to-date. In most
cases, collections exceeded budget however, variations due to property tax distribution,
construction and related financing and transfers can affect these percentages and consistency
between years.
Funds relying on tax revenues or reimbursements from state or federal programs show revenue
percentages well below the 25% mark.
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CITY OF
ASHLAND
The Schedule of Budgetary Compliance is intended' to present expenditures on a budget basis
by fund consistent with the resolution adopting appropriation levels in the budget compliance
section of the document. At this point, no budget adjustments have occurred.
With each report, Staff attempts to include all material transactions possible that have occurred
through the cut off date to provide accurate information. Throughout the year, Staff reviews
accounts and transactions on varying schedules to ensure proper coding and activity as it
compares to what is budgeted. This can cause adjustments to the listed accounts before the
year's end and what is included in the comprehensive annual report.
General Fund - Total expenditures are 24% with no Contingency used.
CDBG Fund - Expenditures are only 43% of budget with Personal Services slightly ahead of
25%. Recent changes approved by Council may require a budget change to appropriations
before year end.
Street Fund - All expenditures categories are at or below budget with a total expended of 15%.
Airport Fund - Capital Outlay expenditures are at 34% which includes hangar constmction and
will require a budget adjustment since the project carried over into FY 05. Debt Service is at
50% in keeping with loan requirements.
Capital hnprovements Fund - Expenditures are at 30% with Transfers over 25% due to timing of
transfers for debt service requirements but within reason. A review is needed before adjusting
for a $4,350 expenditure in Materials & Services instead of the budgeted Capital Outlay.
Debt Service Fund - Expenditures are consistent with timing of payments and budgeted activity
at 6%. A review is needed before adjusting for a $300 expenditure in Materials & Services
instead of the budgeted Debt Service.
Water Fund - Total fund expenditures are 21%. Most divisions are below the quarter mark of
25% but Debt Serve is 43% in keeping with payments and timing required by bond covenants.
Wastewater Fund - Similar to the Water Fund, the Wastewater Fund overall percentage
expended is low at 13% yet operational costs by division are 20 - 26% of budget with a
significant debt service amount yet to be made.
Electric Fund - Total expenditures are near the 25% average with Supply and Transmission
expenditures each over 28% relating to higher sales during hot weather in the first quarter.
Telecommunications Fund - Expenditures are at 90% due to Debt Service for the year being
completed and reflecting 101 %. A supplemental budget will be brought forward to recognize the
additional amount borrowed to pay bond issue costs that have caused operations to hit 36 % of
budget in the first quarter.
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CITY OF
ASHLAND
Central Services Fund - Expenditures for all divisions are at or below the 25% mark.
Insurance Services Fund - Material & Services are 51 % of budget, consistent with a<:tivity given
the annual premiums paid in the first quarter.
Equipment Fund - Material & Services is a little high at the quarter but consistent with
operations and costs to date. Capital Outlay is 36% due to budgeted purchases being
accomplished early in the year.
Cemeterv Trust Fund - Transfers are consistent with activity but above budget. An adjustment
may be necessary by end of year.
Parks and Recreation Fund - Expenditures are consistent with activity at 24% and no
Contingency used.
Ashland Youth Activities Levv Fund - Expenditures are consistent with budget.
Parks Capital Improvements Fund - Recorded Capital outlay well under budget but consistent
with activity.
Unaudited, detailed balance sheets, revenues and expenditure reports and fund statements are
available for your review in the Finance Department office should you require any additional
information.
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City of Ashland
Summary of Cash and Investments
September 30, 2004
Increase(Decrease} Balance Balance Difference
Held Bv: Current Quarter September 30, 2004 September 30, 2003 (2004 . 2003)
General Fund $ (1,003,106) $ 1,064,256 $ 1,209,237 $ (144,981)
Community Block Grant Fund (10,281) 26,226 (9,242) 35,468
Street Fund (725,518) 563,700 2,492,023 (1,928,323)
Airport Fund (312,236) 3,740 (18,960) 22.700
Capital Improvements Fund 22,848 354,869 197,040 157,829
Debt Service Fund 191,003 604,082 567,279 36,803
Water Fund 2,328,803 7,264,196 4,357,158 2,907,038
Wastewater Fund 4,672,050 5,831.763 1,912,230 3,919,533
Electric Fund 351.429 1,376,254 261,933 1,114,321
Telecommunications Fund 593.703 593,842 29,671 564,171
Central Services Fund (160,138) 887,906 1,273,678 (385,770)
Insurance Services Fund (13,487) 1,368,138 1,023,603 344,535
Equipment Fund (17,072) 1,226,938 1,174,310 52,628
Cemetery Trust Fund 1,536 687,260 681,987 5,273
5,919,534 21,853,170 15,151,945 6,701,225
Ski Ashland Agency Fund (228,551) 264,340 88,752 175,588
Parks & Recreation Agency Fund (686,279) 1,430,935 1,452,439 (21,504)
(914,830) 1,695,275 1,541,191 154,084
Total Cash Distribution $ 5,004.704 $ 23,548.445 $ 16,693,136 $ 6,855,309
Manner of Investment
Petty Cash $ 1,050 $ 2,960 $ 1,710 $ 1,250
General Banking Accounts (665,453) 501,737 (605,503) 1,107,240
local Government lov. Pool 5,252,353 15,979,771 7,817,887 8,161,884
City Investments 416,754 7,063,977 9,479,042 (2,415,065)
Total Cash and Investments $ 5,004,704 $ 23,548,445 $ 16,693,136 $ 6,855,309
Distribution of Dollars
Central Services,
Insurance and
Equipment Fund5
15%
Ski Ashland, Parks
and Recreation
Funds
7%
All Other (General
Government)
14%
Enterprise
64%
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City of Ashland
Combined Statement of Financial Position City Wide
For the three months ended September 30, 2004
Fiscal Year 2005 Percent Fiscal Year 2004
Year- To-Date Fiscal Year 2005 Collected \ Year- To-Date
RESOURCE SUMMARY Actuals Adopted Expended Balance Actuals
Revenues:
Taxes $ 2,103,822 $ 15,829,081 13.29% (13,725,259) $ 1,982,440
Licenses and Permits 284,369 1,418,120 20.05% (1,133,751) 435,270
Inter90vemmental Revenues 406,095 3,548,763 11.44% (3,142,668) 344,157
Charges for Services 8,433,819 31,924,768 26.42% (23,490,949) 8,247,420
System Development Charges 343,503 1 ,507,943 22.78% (1,164,440) 386,893
Fines and Forfeitures 29,663 118,110 25.11% (88,447) 29,543
Assessment Payments 23,050 235,634 9.78% (212,584) 82,427
Interest on Investments 118,612 292,672 40.53% (174,060) 61,442
Miscellaneous Revenues 189,980 975,977 19.47% (785,997) 583,191
Total Revenues 11,932,913 55,851,068 21.37% (43,918,155) 12,152,783
Budgetary Resources:
Other Financing Sources 22,425,000 22,950,000 97.71% (525,000) 12,350,000
Operating Transfers In 189,406 507,423 37.33% (318,017) 446,572
Total Budgetary Resources 22,614,406 23,457,423 96.41% (843,017) 12,796,572
Total Resources 34,547,319 79,308,491 43.56% (44,761,172) 24,949,355
REQUIREMENTS BY CLASSIFICATION
Personal Services 4,798,011 19,687,937 24.37% 14,889,926 4,579,265
Materials and Services 6,992,773 27,457,154 25.47% 20,464,381 6,455,543
Debt Service 15,082,151 18,001,195 83.78% 2,919,044 7,223,738
Total Operating Expenditures 26,872,935 65,146,286 41.25% 38,273,351 18,258,546
Capitai Construction
Capitai Outlay 978,440 7,936,111 12.33% 6,957,671 1,214,504
Interfund Loans 0.00% 6,450,000
Operating Transfers 189,406 507,423 37.33% 318,017 446,572
Contingencies 1,703,018 0.00% 1,703,018
Total Budgetary Requirements 189,406 2,210,441 8.57% 2,021,035 6,896,572
Total Requirements 28,040,781 75,292,838 37.24% 47,252,057 26,369,622
Excess (Deficiency) of
Resources over Requirements 6,506,538 4,015,653 162.03% 2,490,885 (1,420,267)
Working Capital Carryover 16,692,342 14,150,299 117.96% 2,542,043 18,199,957
Unappropriated Ending Fund
Balance $ 23,198,880 $ 18,165,952 127.71% $ 5,032,928 $ 16,779,690
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City of Ashland
Schedule of Revenues By Fund
For the three months ended September 30, 2004
Fiscal Year Fiscal Year
2005 Year. T 0- Fiscal Year 2004 Year-To.
REVENUES BY FUND Date Actuals 2005 Adopted % Balance Date Actuals
City
General Fund $ 2,295,994 $ 12,214,329 18.80% $ (9,918,335) $ 2,323,253
Community Block Grant Fund 521 ,978 0.00% (521,978) 32,690
Street Fund 762,127 4,041,530 18.86% (3,279,403) 767,974
Airport Fund 160,261 900,650 17.79% (740,389) (28,433)
Capital Improvements Fund 170,196 539,296 31.56% (369,100) 510,814
Debt Service Fund 228,918 1,554,326 14.73% (1,325,408) 429,335
Water Fund 3,780,875 6,955,975 54.35% (3,175,100) 3,486,472
Wastewater Fund 5,391,084 8,518,030 63.29% (3,126,946) 5,017,039
Electric Fund 3,445,184 12,754,900 27.01% (9,309,736) 2,867,368
Telecommunications Fund 16,126,262 17,894,752 90.12% (1,768,490) 7,005,707
Central Services Fund 1,111,931 4,912,720 22.63% (3,800,789) 1,201,884
Insurance Services Fund 379,919 609,577 62.33% (229,658) 506,625
Equipment Fund 416,259 1,477,190 28.18% (1,060,931) 371,124
Cemetery Trust Fund 7,301 13,197 55.32% (5,896) 3,902
Total City Components 34,276,291 72,908,450 47.01% (38,632,159) 24,495,754
Parks and Recreation Component
Parks and Recreation Fund 257,728 4,177,041 6.17% (3,919,313) 395,909
Ashland Youth Activities Levy Fund 11,274 2,077,000 0.54% (2,065,726) 56,422
Parks Capital Imp Fund 2,026 146,000 1.39% (143,974) 1,270
Total Parks Components 271,028 6,400,041 4.23% (6,129,013) 453,601
Total City $ 34,547,319 $ 79,308,491 43.56% $ (44,761,172) $ 24,949,355
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City of Ashland
Schedule of Budgetary Compliance Per Resolution #2004-18
For the three months ended September 30, 2004
Fiscal Year
2005 Year. T 0- Fiscal Year Percent
Date Actuals 2005 Adopted Used Balance
GENERAL FUND
Administration $ $ 109,600 0.00% $ 109,600
Administration - Senior Program 26,516 115,545 22.95% 89,029
Finance - Municipal Court 76,800 297,426 25.82% 220,626
Finance - Social Services Grants 105,024 110,000 95.48% 4,976
Finance - Economic & Cultural Grants 172,851 445,600 38.79% 272,749
Finance - Miscellaneous 25,000 0.00% 25,000
Finance - Band 23,957 57,490 41.67% 33,533
Police Department 1,085,427 4,375,830 24.81% 3,290,403
Fire and Rescue Department 1,054,128 4,788,107 22.02% 3,733,979
Public Works - Cemetery Division 73,342 298,260 24.59% 224,918
Community Development - Planning Division 209,816 1,027,055 20.43% 817,239
Community Development - Building Division 154,923 699,808 22.14% 544,885
Transfers 43,833 43,833 100.00%
Contingency 339,636 0.00% 339,636
TOTAL GENERAL FUND 3,026,617 12,733,190 23.77% 9,706,573
COMMUNITY DEVELOPMENT BLOCK GRANT
Personal Services 9,041 31,000 29.16% 21,959
Materials and Services 215,164 490,978 43.82% 275,814
TOTAL COMMUNITY DEVELOPMENT
BLOCK GRANT FUND 224,205 521 ,978 42.95% 297,773
STREET FUND
Public Works - Street Operations 408,413 2,351,755 17.37% 1,943,342
Public Works - Storm Water Operations 177 ,006 702,380 25.20% 525,374
Public Works - Transportation SDC's 17,349 348,050 4.98% 330,701
Public Works - Storm Water SDC's 5,436 258,050 2.11% 252,614
Public Works - Local Improvement Districts 1,608 220,355 0.73% 218,747
Contingency 142,000 0.00% 142,000
TOTAL STREET FUND 609,812 4,022,590 15.16% 3,412,778
AIRPORT FUND
Materials and Services 22,928 95,000 24.13% 72,072
Capital Outlay 263,828 778,650 33.88% 514,822
Debt Service 17,536 35,072 50.00%
Contingency 5,000 0.00% 5,000
TOTAL AIRPORT FUND 304,292 913,722 33.30% 591,894
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Schedule of Budgetary Compliance Per Resolution #2004-18
For the three months ended September 30, 2004
Fiscal Year
2005 Year.To. Fiscal Year Percent
Date Actuals 2005 Adopted Used Balance
CAPITAL IMPROVEMENTS FUND
Materials and Services 4,350 0 0.00% (4,350)
Capital Outlay 157,210 0.00% 157,210
Transfers 141,500 351,230 40.29% 209,730
TOTAL CAPITAL IMPROVEMENTS FUND 145,850 508,440 28.69% 362,590
DEBT SERVICE FUND
Materials and Services 300 0 0.00% (300)
Debt Service 58,575 1,046,802 5.60% 988,227
TOTAL DEBT SERVICE FUND 58,875 1,046,802 5.62% 987,927
WATER FUND
Electric - Conservation Division 38,926 154,430 25.21% 115,504
Public Works -Forest Lands Management Division 46,622 396,500 11.76% 349,878
Public Works -Suppiy Division 92,543 442,530 20.91% 349,987
Public Works -Treatment Division 230,652 839,951 27.46% 609,299
Public Works -Distribution Division 482,565 2,324,465 20.76% 1,841,900
Public Works - Supply SDC's 24,429 762,500 3.20% 738,071
Public Works -Distribution SDC's 35,553 420,250 8.46% 384,697
Debt Service 288,371 677,651 42.55% 389,280
Contingency 180,000 0.00% 180,000
TOTAL WATER FUND 1,310,766 6,198,277 21.15% 4,887,511
WASTEWATER FUND
Public Works - Collection Division 379,700 1,438,460 26.40% 1,058,760
Public Works - Treatment Division 269,426 1,337,450 20.14% 1,068,024
Public Works -Collection SDC's 1,713 308,500 0.56% 306,787
Debt Service 1,802,670 0.00% 1,802,670
Contingency 154,000 0.00% 154,000
TOTAL WASTEWATER FUND 650,839 5,041,080 12.91% 4,390,241
ELECTRIC FUND
Electric - Conservation Division 65,100 411,410 15.82% 346,310
Electric - Supply Division 1,761,773 6,160,715 28.60% 4,398,942
Electric - Distribution Division 1,025,909 4,470,973 22.95% 3,445,064
Electric - Transmission Division 264,155 935,443 28.24% 671,288
Contingency 350,000 0.00% 350,000
TOTAL ELECTRIC FUND 3,116,937 12,328,541 25.28% 9,211,604
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Schedule of Budgetary Compliance Per Resolution #2004-18
For the three months ended September 30, 2004
Fiscal Year
2005 Year-To- Fiscal Year Percent
Date Actuals 2005 Adopted Used Balance
TELECOMMUNICATIONS FUND
Electric - Customer RelationslPromotions 16,841 222,032 7.58% 205,191
Electric - Operations 858,795 2,415,165 35.56% 1,556,370
Debt Services 14,610,720 14,402,000 101.45% (208,720)
Contingency 75,000 0.00% 75,000
TOTAL TELECOMMUNICATIONS FUND 15,486,356 17,114,197 90.49% 1,627,841
CENTRAL SERVICES FUND
Administration Department 255,116 1,149,855 22.19% 894,739
Finance Department 372,580 1,626,724 22.90% 1,254,144
City Recorder Division 43,535 172,375 25.26% 128,840
Public Works - Administration and Engineering 301,339 1,274,200 23.65% 972,861
Public Works - Facilities and Safety Division 101,706 491,780 20.68% 390,074
Electric - Computer Services Division 120,945 772,620 15.65% 651,675
Contingency 147,382 0.00% 147,382
TOTAL CENTRAL SERVICES FUND 1,195,221 5,634,936 21.21% 4,439,715
INSURANCE SERVICES FUND
Materials and Services 332,758 846,530 51.47% 313,772
Contingency 100,000 0.00% 100,000
TOTAL INSURANCE SERVICES FUND 332,758 746,530 44.57% 413,772
EQUIPMENT FUND
Personal Services 59,695 242,900 24.58% 183,205
Materials and Services 117,417 451,435 26.01% 334,018
Capital Outlay 247,694 688,085 36.00% 440,391
Contingency 175,000 0.00% 175,000
TOTAL EQUIPMENT FUND 424,806 1,557,420 27.28% 1,132,614
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Schedule of Budgetary Compliance Per Resolution #2004-18
For the three months ended September 30, 2004
Fiscal Year
2005 Year- To- Fiscal Year Percent
Date Actuals 2005 Adopted Used Balance
CEMETERY TRUST FUND
Transfers 4,073 12,360 32.95% 8,287
TOTAL CEMETERY TRUST FUND 4,073 12,360 32.95% 8,287
PARKS AND RECREATION FUND
Parks Division 891,355 3,673,075 24.27% 2,781,720
Recreation Division 89,662 363,700 24.65% 274,038
Golf Division 108,001 373,000 28.95% 264,999
Debt Service 292 30,000 0.97% 29,708
Transfers 100,000 0.00% 100,000
Contingency 35,000 0.00% 35,000
TOTAL PARKS AND RECREATION FUND 1,089,310 4,574,775 23.81% 3,485,465
ASHLAND YOUTH ACTIVITIES LEW FUND
Personal Services 18,158 89,000 20.40% 70,842
Materials and Services 17,646 2,006,000 0.88% 1,988,354
TOTAL ASHLAND YOUTH ACTIViTIES LEW
FUND 35,804 2,095,000 1.71% 2,059,196
PARKS CAPITAL iMPROVEMENTS FUND
Capital Outlay 24,260 243,000 9.98% 218,740
TOTAL APPROPRIATIONS $ 28,040,781 $ 75,292,838 37.24% $ 47,252,057
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