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Financial Status Report 1 st Quarter FY 2014

Financial Status Report 1 st Quarter FY 2014. Richard Davis, Budget Administrator November 18, 2013 Finance Committee. Forecast Methodology. If unable to formally close to meet report deadline, focus efforts on recording of personnel, accounts payable, and receipt information

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Financial Status Report 1 st Quarter FY 2014

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  1. Financial Status Report1st Quarter FY 2014 Richard Davis, Budget Administrator November 18, 2013 Finance Committee

  2. Forecast Methodology • If unable to formally close to meet report deadline, focus efforts on recording of personnel, accounts payable, and receipt information • Estimate monthly/quarterly results based on results experienced over the prior four year for the same period • Estimate year-end results based on prior year and current trends, other known or anticipated issues, one-time events, or other non-trend based factors • Forecast will be adjusted throughout the fiscal year to reflect actual month-end closing data

  3. Forecast Methodology Focus on Major Funds Special Revenue Funds: • Public Health Fund (203) • Building Services Fund (204) • Library Services Fund (212) • Other Housing Fund (238) Enterprise Funds: • Light and Power Fund (401/410) • Water Fund (Fund 402) Internal Service Funds: • Computing and Telecommunications Fund (501) • Building Maintenance Fund (502) • Fleet Maintenance Fund (Fund 503) • Printing Services Fund (508

  4. Forecast Issues • Economic environment continues to improve • Financial challenges remain • Pension costs continue to increase • Other Post-Employment Benefits (OPEB) • Labor negotiations • Health insurance costs • Infrastructure Maintenance and Replacement • Replenishment of Rainy-day Reserves • Other Items

  5. General Fund • FY 2013 ending fund balance was better than anticipated: $2.4 million vs. $237,000 • Primarily the result of one-time revenues and one-time salary savings • FY 2014 surplus is estimated to be approximately $720,000 • Based on only the first three months of the fiscal year and will very likely change.

  6. General Fund • Revenues • Year-end forecast to approximately $2.3 million or 1.1 % under budget • Slightly lower than budgeted forecast of tax revenues (primarily UUT) and conservative estimate of transfers from other funds • Expenses • Year-end forecast approximately $3.0 million or 1.5% under budget • Personnel costs are tracking approximately $1.5 million or 1.1% under budget • Services & Supplies are forecast at $1.5 million under budget

  7. Other Funds • Public Health Fund (203): Revenues trending at budget while expenses trending below budget primarily the result of staff vacancies • Building Services Fund (204): Revenues are forecast approximately 5.1% under budget while expenses are forecast to have an offsetting favorable variance of 5.4% (Note: Great Recession significantly impacted total revenues in this fund and also affected seasonal revenue patterns) • Library Services Fund (212): Forecast to end the year with a surplus of $815,000 or $239,000 higher than anticipated in the adopted budget. Revenues trending at budget while expenses trending below budget primarily the result of staff vacancies

  8. Other Funds • Other Housing Fund (238): Revenues forecast at budget while expenses forecast indicates a slight unfavorable balance of $17,000 (2.0%) attributed to a very modest forecasted increase in Services & Supplies expenses • Light and Power Fund (401/410): Revenues forecast to end the year with a favorable variance of approximately $5.1 million (2.5%) primarily the result of the receipt of a portion of the insurance claim settlement of $2.2 million related to damages to GT-1, and a transfer of $2.9 million from the Underground Utility Surtax Fund for underground electrical conduit projects. Expenses are projected to end FY 2014 virtually on budget

  9. Other Funds • Water Fund (402): Revenues are forecast to end FY 2014 virtually on budget with expenses approximately $900,000 (1.7%) higher than the adopted budget as a result of increased purchase water from Metropolitan Water District • Computing & Telecommunications Fund (501): Forecast indicates year-end surplus of $386,000 primarily the result of savings in personnel expenses, which will be mitigated as positions are filled as the year progresses • Building Maintenance Fund (501): Revenues forecast to exceed the budget by $443,600 (4.2%) while expenses are forecast to exceed the budget by $295,200 (3.0%)

  10. Other Funds • Fleet Maintenance Fund (503): Both revenues and expenses are projected to be at budget • Printing Services Fund (508): Both revenues and expenses are projected to be at budget. Fund is budgeted to end the year with an operating deficit of approximately $360,000. Plan to address this anticipated deficit and the accumulated deficit of approximately $1.2 million over the next three years that will be presented during the FY 2015 budget process

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