by Pauline Testagrose
July 21, 2021
Fernandina Beach Comptroller Pauline Testagrose provided the June Budget Summary (below) to the Fernandina Beach City Commission (FBCC) at the FBCC’s July 20, 2021 Regular Meeting.
Overall: June is the ninth month of the Fiscal Year and represents 75.0% of the budgeted fiscal year 2020/2021. All revenue and various grant revenues have been accrued for the month of June. All recurring expenses have been recorded. Annual maintenance and service contracts have been paid. Finance will monitor expenses and prepare budget amendments to ensure budgeted amounts are not exceeded on a line-by-line basis.
General Fund: (001)
Total General Fund revenues are at 93.3% of the annual budget. This is due to the timing of Property Tax, Local Business Tax and Intergovernmental receipts. For the month of June, Property Tax is at 100.2% or just over $14.8M year to date. Intergovernmental revenue is at 112.8% of the budget due to the reimbursement under the Cares Act for COVID related expenses. Specific revenue sources we are tracking are detailed below.
General Fund expenses are at 54.7% of the budget which is below the 75.0% mark. City Clerk and Non-Departmental, are over the 75.0% mark, primarily due to payments for the election, annual maintenance and professional services contracts. The annual maintenance and services fees include video streaming, archiving, annual computer system maintenance contracts and the needs assessment for City Hall.
Special Revenue Funds: (100 – 190)
As was anticipated, Revenues plus Cash Balance Forward exceed Expenditures for all Special Revenue funds. The Land Conservation Fund in January closed on an additional 5.35 acres of land in the City. The current balance in this fund for land purchases is $322k.
Debt Service Funds: (220 – 230)
Semiannual interest has been paid on the GO Bonds in Fund 220 in October and in March for the Utility Debt Service Fund 230. In April, the final principal payment was made on the GO Bonds.
Capital Improvement Funds: (300 – 330)
The Capital Improvement Fund – 300, a debt service payment was made on the Fire Truck and a new Bucket Truck was purchased for Streets. Encumbrances and or payments have been issued for IT equipment, street striping, paving, ARC roof building C, the Peck Center windows and MLK Kiddie Pool improvements. Revenues exceed expenditures for the Capital Expansion and Wastewater Capital Improvement Funds.
Golf Course: (410)
A new cost center has been set up to segregate the Toptracer financial transactions. The personnel costs have not transferred to the new cost center due to the lack of dedicated staff assigned to the driving range. Profit and loss for both the Pro Shop sales and Food and Beverage are below the budgeted ratios.
Airport: (420) Revenues exceeded expenses primarily due to the FAA grant revenue for the Runway 4/22 Rehabilitation project.
Revenues exceeded expenses for June. The City took over the yard debris collection on April 7th . A grapple truck was purchased in March to accommodate this service.
Wastewater: (450) Revenues exceeded expenses year to date. With the reduction in Wastewater Charges that went into effect October 1 , revenue is ($344,032) or (8.3%) lower than last year.
Water: (460) Revenues exceeded expenses year to date for June. Water charge revenue is lower this fiscal year versus last year by ($30,450).
Revenue exceeded expenses for June.
Year to date revenue for Slip Rentals – Transient is at $590,028 or 107.3% of the budget. Fuel sales began last month for both diesel and gas.
Fleet: (510) Revenues exceeded expenses year to date. This fund is meant to be self-supporting.
Utility Billing and Utility Administration: (520 – 530)
It is anticipated in the budget, that Revenues plus Cash Balance Forward exceeds Expenditures in Utility Billing and Utility Administration.