Attached is the City of Ashland financial report for the
fiscal year ended June 30, 2003. The preliminary end-of-year report
includes:
1. Summary of Cash and Investments as of June 30 for the last two years (page
1)
2. Combined Statement of Financial Position (page 2)
3. Schedule of Revenues by Fund (page 3)
4. Schedule of Budgetary Compliance per Resolution #2002-14 Amended (pages
4-7)
The reports are intended to present preliminary end-of-year
information in formats consistent with the department, fund and business
activity presentations included in the adopted FY 2002-2003 budget document
and the manner in which it will be shown in the end of year report. Many
of these numbers will change before the audit is complete and the final report
is issued.
Summary of Cash and Investments provides an understanding of
changes in the city's cash position across funds and investment types. Please
note that the city-wide cash balance has decreased $5.6 million dollars between
years. Last quarter the amount down was $10.2 year to date however that amount
was improved with the June Water Revenue Bond sale and other revenues exceeding
a lower level of expenditures as the end of the year neared.
The Combined Statement of Financial Position is similar to
presentations provided in the annual financial report. It is intended to
provide the reader an overall sense of the City's financial position at the
present time. The Ending Fund Balance is $9.7 million over the revised 2002-03
budget but is currently only $1.4 million over the amount projected to start
FY 2003-04. This reinforces previous discussions explaining that larger than
budgeted ending fund balances equate to increased carry forwards that are
recognized as an added resource for budgeting in the following year.
Revenues and Budgetary Resources at June 30, 2003 total $70,141,862,
as compared to total year-to-date requirements of $74,881,054 which results
in a $4.7 million decrease to Unappropriated Ending Fund Balance. This is
$8.2 million better than the City's revised budget which included a $12.9
million reduction in ending fund balance. Part of the improvement is the
Working Capital Carryover from FY 2001-2002 of $25.2 million or 6.3% above
the budgeted amount, spending $3.5 million less than budgeted and not using
$1.1 million of the Contingency.
On a city-wide basis Licenses and Permits, Assessment Payments
and Miscellaneous Revenues exceeded the total budgeted amounts indicating
greater activity in those areas than anticipated.
Taxes, Charges for Services and Fines and Forfeitures are less
than projected yet at or above the 95% mark. These are still within the
acceptable range for operations and the level of activity observed.
Intergovernmental Revenues is at 78% awaiting further end-of-year
adjustments and Interest earnings continue to be a smaller portion of total
revenue as compared to prior years. Budgetary Resources including operational
loans and transfers have been recorded as necessary.
Total Requirements are within the budget showing a 90% level.
Personal Services is 96% indicating most positions being filled throughout
the year and benefit costs coming in a little less than projections. Materials
& Services is at the 93.5% mark with expenses still being accrued. Debt
Service, Capital Outlay, Interfund Loans and Operating Transfers are all
under budget. With necessary transfers from Contingency completed in June,
the budgeted amount decreased from $1.918 million to $1.161 million.
The Schedule of Revenues by Fund provides an overview of all
resources year-to-date. In most cases, collections exceeded budget however,
variations due to construction and related financing and transfers can affect
these percentages and consistency between years. Fund Balances carried forward
into FY 2002-03 and recognized in July account for most funds' resources
posting a percentage above 100%.
Late receipt or recognition of Intergovernmental revenue for
grants, capital improvements and operations account for the revenue shortfalls
in CDBG, Street, Airport and Capital Improvement funds. Finalization of those
resources will occur as part of the annual audit.
The Wastewater Fund shows reduced amounts of interest earnings
and systems development charges to record 92% of revenues budgeted. The
Telecommunications Fund borrowed less than the amount authorized and had
a lower amount of sales than budgeted.
The Schedule of Budgetary Compliance is intended to present
expenditures on a budget basis by fund consistent with the resolution adopting
appropriation levels in the budget compliance section of the document.
Staff continues to review accounts and transactions to ensure
proper coding. This will continue through the audit to ensure accurate reporting
within the comprehensive annual report.
General Fund - Total expenditures are 92% with $328,000 in
Contingency unused.
CDBG Fund - Expenditures are consistent with activity but only
16% of the budget amount.
Street Fund - Expenditures are consistent with activity showing
less project work in SDC and LID programs.
Airport Fund - Expenditures are consistent with budget.
Capital Improvements Fund - Expenditures above 90% with $100,000
in Contingency being carried forward. A small part of the Fire Station project
work and related costs shifted to the next year.
Debt Service Fund - Expenditures are consistent with budgeted
activity.
Water Fund - Total fund expenditures are 93.4% of budget. Several
divisions are just above the 100% mark and are being reviewed to ensure accurate
coding and proration of costs.
Wastewater Fund - The fund is at 93.4% of budget with a small
portion of Contingency being left over.
Electric Fund - Total expenditures are at 93% with $200,000 in
Contingency remaining. Expenses are consistent with activity showing Supply,
Distribution and Transmission expenditures above 93%.
Telecommunications Fund - Expenditures are at 88% of the revised
budget (revised by a supplemental budget for the June 2002 loan proceeds
for construction) with Contingency unused.
Central Services Fund - Expenditures are at 90% with $30,000
in Contingency unused.
Insurance Services Fund - Costs are within the 91% mark and
consistent with activity.
Equipment Fund - Expenditures are consistent with activity at
75% with $200,000 in Contingency unused.
Cemetery Trust Fund - Expenditures are consistent with activity.
Parks and Recreation Fund - Expenditures are consistent with
activity at 87% and $35,000 in unused Contingency.
Ashland Youth activities Levy Fund - Expenditures are consistent
with budget.
Parks Capital Improvements Fund - Recorded Capital outlay well
under budget but consistent with activity.
Unaudited, detailed balance sheets, revenues and expenditure
reports and fund statements are available for your review in the Finance
Department office should you require any additional information. |
