Pauline Testagrose
Fernandina Beach Comptroller
November 18, 2020
City Comptroller Pauline Testagrose delivered this report to the Fernandina Beach City Commission at their November 17, 2020 Regular Meeting.
Overall: This the first report of fiscal year 2020/2021. October represents 8.3% of the budgeted fiscal year. All revenue and various grant revenues have been accrued for the month of October. 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. Reports comparing current YTD to prior year YTD are also available.
General Fund: (001)
Total General Fund revenues are at 4.0% of the annual budget. This is due to the timing of Property Tax receipts. For the month of October 1.4% or just over $200K has been received for the month. Local Business Tax revenue is above the 8.3% mark also due to the timing of receipts. Specific revenue sources we are tracking are detailed below.
General Fund expenses are below the 8.3% mark at 7.0%. Finance, Information Technology, Human Resources, Non-Departmental, Downtown and Peck are over the 8.3% mark, primarily due to the payment of annual maintenance and professional services contracts.
Special Revenue Funds: (100 – 190)
Revenues plus Cash Balance forward exceed Expenditures for all Special Revenue Funds. Debt Service Funds: (220 – 230)
Semiannual interest has been paid on the GO Bonds in Fund 220 in October.
Capital Improvement Funds: (300 – 330)
The Capital Improvements Fund: (300-330)
A debt service payment was made on the Fire truck and a new Bucket Truck was purchased for Streets. Revenues exceed expenditures for the Capital Expansion and Wastewater Capital Improvement Funds.
Golf Course: (410)
Revenues exceed expenses due to annual memberships and the transfer from the General Fund. Annual memberships were $9,040 higher this October compared to last year. Both margins on Pro Shop Sales and Food and Beverage are below the budgeted ratios. Expenses for food and beverage exceeded revenues for October.
Airport: (420)
Revenues exceeded expenses due to payments for rent and land leases.
Sanitation: (440)
Revenues exceeded expenses for October.
Wastewater: (450)
Revenues exceed expenses due to Wastewater charges. However, the reduction in fees that went into effect October 1 , revenue for Wastewater charges are $49,100 or 10.9% lower than last year.
Water: (460)
Revenues exceeded expenses for October.
Stormwater: (470)
Revenues exceeded expenses for October.
Marina: (480)
Although the Marina is still running a deficit for the month of October, $51,399 was recorded in transient slip rental fees.
Fleet: (510)
Revenues exceed 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 exceed Expenditures in Utility Billing and Utility Administration.