Submitted by Suanne Z. Thamm
Reporter – News Analyst
February 18, 2021
Fernandina Beach Comptroller Pauline Testagrose presented the Fernandina Beach City Commission (FBCC) with the January 2021 Budget Report for the City at the February 16, 2021 FBCC Regular Meeting. The Summary Report is presented below.
Monthly Budget Report January 2021
Overall: January is the fourth month of the fiscal year 2020/2021 and represents 33.3% of the budgeted fiscal year. All revenue and various grant revenues have been accrued for the month of January. 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 68.3% of the annual budget. This is due to the timing of Property Tax receipts. For the month of January 89.7% or just over $13.3M has been received year to date. Local Business Tax revenue is also above the 33.3% mark, at 71.1%, also due to the timing of receipts. Specific revenue sources we are tracking are detailed below.
General Fund expenses are at 25.7% of the budget which is below the 33.3% mark. City Clerk, Finance, and Non-Departmental, are over the 33.3% 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, 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)
This is the last full month with Indigo as the Golf Course Manager. Expenses exceed revenues primarily due to the Toptracer capital project. Annual memberships were $5,169 higher this January year to date compared to last year. Both margins on Pro Shop Sales and Food and Beverage are below the budgeted ratios. Cost of goods sold for Food and Beverage exceeded revenues by ($9,292) year to date.
Airport: (420)
Revenues exceeded expenses. This is primarily due to the FAA grant revenue for the Runway
4/22 Rehabilitation project.
Sanitation: (440)
Revenues exceeded expenses for January.
Wastewater: (450)
Revenues exceeded expenses year to date. With the reduction in Wastewater Charges that went into effect October 1 , revenue is ($147,220) or (7.5%) lower than last year.
Water: (460)
Revenues exceeded expenses year to date for January. Water charge revenue is lower this
fiscal year versus last year by ($37,822) or (2.7%).
Stormwater: (470)
Revenues exceeded expenses for January. The lease-purchase was completed for a new Vactor Truck.
Marina: (480)
Although the Marina is still running a deficit for the month of January, $67,095 was recorded in
transient slip rental fees. Since December, the Marina is being managed by Oasis.
Fleet: (510)
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.