By Pauline Testagrose
City of Fernandina Beach Comptroller
September 22, 2021
Fernandina Beach Comptroller Pauline Testagrose provided the August Budget Summary (below) to the Fernandina Beach City Commission (FBCC) at the FBCC’s September 21, 2021 Regular Meeting.
Overall: August is the eleventh month and represents 91.7% of the budgeted fiscal year 2020/2021. All revenue and various grant revenues have been accrued for the month of August. 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 102.4% of the annual budget. This is due to the timing of Property Tax, Local Business Tax, and Intergovernmental receipts. For the month of August, Property Tax is at 100.2% or just over $14.8M year to date. Intergovernmental revenue is at 134.9% of the budget due to increases in State revenue and the reimbursement under the Cares Act for COVID related expenses. Specific revenue sources we are tracking are detailed below.
General Fund expenses are at 68.3% of the budget which is below the 91.7% mark. There currently are no departments over the 91.7% mark.
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 City closed on an additional parcel of land for $115k. The current available balance for land purchases is now at $206k.
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. In August, the principal and interest payment were made on the Utility Bond Series 2013A.
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, sidewalks, 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. Staff continues to work on segregating the transactions. Profit and loss for both the Pro Shop sales and Food and Beverage are below the budgeted ratios.
Revenues exceeded expenses primarily due to the FAA grant revenue for the Runway 4/22
Revenues exceeded expenses for August. The City, took over the yard debris collection on
April 7 . A grapple truck was purchased in March to accommodate this service.
Revenues exceeded expenses year to date. With the reduction in Wastewater Charges that went into effect October 1, revenue is ($403,376) or (7.3%) lower than last year.
Revenues exceeded expenses year to date for August. Water charge revenue is lower this fiscal year versus last year by ($13,752).
Revenue exceeded expenses for August. Revenue is up this fiscal year versus last year by $10,453.
Year to date revenue for Slip Rentals – Transient is at $680,421 or 123.7% of the budget. Fuel
sales began in May for both diesel and gas.
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.