By Pauline Testagrose
City of Fernandina Beach Comptroller
June 17, 2021
Fernandina Beach Comptroller Pauline Testagrose delivered the following report on the City’s Budget for the month of May 2021 to the Fernandina Beach City Commission (FBCC) at the June 15, 2021 FBCC Regular Meeting,
May is the eighth month and represents 66.7% of the budgeted fiscal year 2020/2021. All revenue and various grant revenues have been accrued for the month of May. 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 87.8% of the annual budget. This is due to the timing of Property Tax and Local Business Tax receipts. For the month of May, Property Tax is at 97.2% or just over $14.4M year to date. Intergovernmental revenue is at 104.1% of the budget due to the reimbursement under the Cares Act for COVID related expenses. Specific revenue sources we are tracking are detailed below.
General Fund expenses are at 47.5% of the budget which is below the 66.7% mark. City Clerk and Non-Departmental, are over the 66.7% mark, primarily due to payments for the election, annual maintenance and professional services contracts. The annual maintenance and services fees include video streaming, archiving, annual computer system maintenance contracts and the needs assessment for City Hall.
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 current balance in this fund for land purchases is $322k.
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.
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 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. The Personnel costs have not transferred to the new cost center due to the lack of dedicated staff assigned to the driving range. Profit and loss for both the Pro Shop sales and Food and Beverage are below the budgeted ratios.
Airport: (420)
Revenues exceeded expenses primarily due to the FAA grant revenue for the Runway 4/22 Rehabilitation project.
Sanitation: (440)
Revenues exceeded expenses for May. The City took over the yard debris collection on April 7th. A grapple truck was purchased in March to accommodate this service.
Wastewater: (450)
Revenues exceeded expenses year to date. With the reduction in Wastewater Charges that went into effect October 1, revenue is $306,058 or 8.4% lower than last year.
Water: (460)
Revenues exceeded expenses year to date for May. Water charge revenue is lower this fiscal year versus last year by $69,153 or 2.5%.
Stormwater: (470)
Revenue exceeded expenses for May.
Marina: (480)
Year to Date revenue for Slip Rentals – Transient is at $508,272 or 92.4% of the budget. Fuel sales began this month for both diesel and gas.
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.
Good to see separate accounting being done for the TopTracer facility going forward. Personnel costs can be easily allocated based on an average amount of staff time dedicated to the facility in a normal month. Excluding such a cost creates an inaccurate snapshot of the true financial performance of the TopTracer operation separate from the golf course operation. Likewise, if F&B personnel are being used to service the TopTracer facility, an estimate of their costs should also be allocated since F&B can represent as much as half of the revenue. .