Prepared by Pauline Testagrose
Fernandina Beach Comptroller
March 17, 2021
[The Comptroller presented this report to the Fernandina Beach City Commission at the FBCC’s March 16, 2021 Regular Meeting. Commissioners had no questions.]
February is the fifth month of the fiscal year 2020/2021 and represents 41.7% of the budgeted fiscal year. All revenue and various grant revenues have been accrued for the month of February. 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 73.3% of the annual budget. This is due to the timing of Property Tax receipts. For the month of February 92.1% or just over $13.6M has been received year to date. Local Business Tax revenue is also above the 41.7% mark, at 80.5%, also due to the timing of receipts. Specific revenue sources we are tracking are detailed below.
General Fund expenses are at 31.0% of the budget which is below the 41.7% mark. City Clerk, Finance, and Non-Departmental, are over the 41.7% mark, primarily due to the payment of annual maintenance and professional services contracts. The annual maintenance and services fees include video streaming, archiving, and annual computer system maintenance contracts.
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.
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 Improvement Fund – 300, a debt service payment was made on the Fire Truck and a new Bucket Truck was purchased for Streets. Encumbrances have been issued for street striping, paving, ARC roof building C, the Peck Center window replacement project and MLK Kiddie Pool improvements. Revenues exceed expenditures for the Capital Expansion and Wastewater Capital Improvement Funds.
Golf Course: (410)
The Golf Course was managed by Indigo Golf until February 10 . The City assumed management responsibility from February 11th and the monthly report represents a combination of the two. Profit and loss for the Pro Shop sales is above the budgeted ratio, while Food and Beverage is showing a loss.
Revenues exceeded expenses. This is primarily due to the FAA grant revenue for the Runway
4/22 Rehabilitation project.
Revenues exceeded expenses for February.
Revenues exceeded expenses year to date. With the reduction in Wastewater Charges that went into effect October 1, revenue is ($195,692) or (7.93%) lower than last year.
Revenues exceeded expenses year to date for February. Water charge revenue is lower this
fiscal year versus last year by ($50,853) or (3.0%).
Expenses exceeded revenues for February. This is primarily due to the lease payments on equipment.
Year to Date revenue for Slip Rentals – Transient is at $260,727 or 47.4% of the budget. Work
continues to replace the fuel lines and the anticipated completion date is mid-March.
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.