October 20, 2021
[City Comptroller Pauline Testagrose prepared and presented the report below at the October 19, 2021 meeting of the Fernandina Beach City Commission. It is a preliminary report which will be adjusted based on final revenues/expenses incurred in the fiscal year ending September 30, 2021.]
Overall: This is a PRELIMINARY September report for the fiscal year 2020/2021. All revenue and various grant revenues have been accrued for the month of September. 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 106.4% of the annual budget. This is due to Property Tax, Local Business Tax, and Intergovernmental receipts. For the month of September, Property Tax is at 100.2% or just over $14.8M year to date. Intergovernmental revenue is at 136.3% 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 74.9% of the budget. There currently are no departments over budget.
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 $207k.
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. 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. The American Rescue Plan Act funds were received September 28th for $3,297,891, which is one-half of the City’s allocation.
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 Rehabilitation project and land leases.
Revenues exceeded expenses for September. 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 ($452,869) or (7.5%) lower than last year.
Revenues exceeded expenses year to date for September. Water charge revenue is lower this fiscal year versus last year by ($23,752).
Revenue exceeded expenses for September. Revenue is up this fiscal year versus last year by $11,421.
Year to date revenue for Slip Rentals – Transient is at $723,905 or 131.6% 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 exceed Expenditures in Utility Billing and Utility Administration.