Fernandina Beach Monthly Budget Report for February 2022

Comptroller Pauline Testagrose

By Pauline Testagrose
City of Fernandina Beach Comptroller
March 16, 2022

[City Comptroller Pauline Testagrose delivered this report to the Fernandina Beach City Commission at their March15, 2022 Regular Meeting.]

Overall: This is the fifth report for the fiscal year 2021/2022 and February 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. Reports comparing current YTD to prior year YTD are also available. Please let the Comptroller know if you wish to see any of these comparative reports.

General Fund: (001)
Total General Fund revenues are at 72.8% of the annual budget. This is due to Property Taxes and Local Business Tax receipts. Year-to-date Property Tax receipts are $14.4 million dollars or 94.3% of the budget. Local Business Taxes are paid annually and recorded in October. Specific revenue sources we are tracking are detailed below.

General Fund expenses are at 31.7% of the budget. Currently the departments over the 41.7% mark are: City Commission, City Clerk, Finance, Information Technology, City Attorney, Parks and Non-departmental. This is primarily due to the payments of annual maintenance and consulting contracts.

Special Revenue Funds: (100 – 190)
As was anticipated, Revenues plus Cash Balance Forward exceed Expenditures for all Special Revenue funds.

Capital Improvement Funds: (300 – 330)
The Capital Improvement Fund – 300, a debt service payment was made in October on the Fire Truck. Payments and or purchase orders have been issued for Beach Monitoring and Reporting, the Tyler Executime Payroll system, police equipment, a Skid Steer for Streets, and the Peck Center Repointing Project.

Golf Course: (410)
The Golf system report segregates Golf Operations, Top Tracer, Pro Shop and Food and Beverage. Separate skews were added along with associated costs to track the items sold for Top Tracer. The revised budget represents staff’s latest estimate of both revenues and expenses by cost center. Membership revenue is $48,546 or 50.4% higher than last year.

Airport: (420)
Revenues exceed expenses primarily due to rent and lease payments. The City closed on the loan for the construction of the Fire Station at the Airport and the transactions were recorded in January.

Sanitation: (440)
Revenues exceed expenses for February. This is due to the timing of Sanitation Services expenses.

Wastewater: (450)
Expenses exceed revenues year-to-date primarily due to higher repairs and maintenance costs for buildings, grounds, and vehicles. Wastewater Charges revenue is slightly higher this February versus last fiscal year by $56,933 or 2.5%.

Water: (460)
Revenues exceed expenses year-to-date. Water Charges revenue is higher this fiscal year versus last fiscal year by $89,724 or 5.4%.

Stormwater: (470)
Revenues exceed expenses for February, due to FEMA and State grant revenue.

Marina: (480)
Revenues exceed expenses for February. The net contribution, after eliminating the revenue received from FEMA and the transfer from the General Fund, is $182,056. The purchase order has been issued for the Dredging project.

Fleet: (510)
Revenues exceed expenses for February. 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.

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DAVID LOTT(@dave-l)
1 year ago

Great to see the golf course operation in the black, although the front loaded membership fees are skewing that number for now. TopTracer continues to lose money although the warmer weather seems to be resulting in increased usage of the facility. F&B making money but the COGS ratio at 37% still seems a bit high.
For the marina, the 30% profit on fuel sales show how vital the fuel dock is to the overall operating profitability of the marina. Of course, the dredging costs if charged to the marina will wipe out all that out.