By Pauline Testagrose
Comptroller, City of Fernandina Beach
May 19, 2021
[Ms. Testagrose delivered the report below to the Fernandina Beach City Commission (FBCC) at the May 18, 2021 FBCC Regular Meeting.]
Overall: April is the seventh month and represents 58.3% of the budgeted fiscal year 2020/2021. All revenue and various grant revenues have been accrued for the month of April. 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 83.9% of the annual budget. This is due to the timing of Property Tax and Local Business Tax receipts. For the month of April, Property Tax is at 96.4% or just over $14.3M year to date. Intergovernmental revenue is at 99.3% 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 42.4% of the budget which is below the 58.3% mark. City Clerk and Non-Departmental, are over the 58.3% mark, primarily due to the payment of 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)
This is the first full month of sales at the Toptracer Facility. A new cost center has been set up to segregate the Toptracer financial transactions. Profit and loss for the Pro Shop sales is above the budgeted ratio, while Food and Beverage is below.
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 April. 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 ($275,536) or (8.0%) lower than last year.
Water: (460)
Revenues exceeded expenses year to date for April. Water charge revenue is lower this fiscal
year versus last year by ($56,530) or (2.4%).
Stormwater: (470)
Expenses exceeded revenues for April. This is primarily due to the lease payments on equipment.
Marina: (480)
Year to Date revenue for Slip Rentals – Transient is at $393,389 or 71.5% of the budget. Work
continues to replace the fuel lines and the anticipated completion date is early May.
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.