Background:
The Finance Department submits reports to Council on a quarterly basis to
provide assurance of budget compliance and for informational and comparative
purposes throughout the year. Information can be provided in differing formats
and timetables at Council's request.
Unaudited, detailed balance sheets, revenues and expenditure reports are
available for your review in the Finance Department office should you require
any additional information.
The reports are intended to present information in formats consistent with
the department, fund and business activity presentations included in the
adopted FY 2004-05 budget document and the manner in which it will be shown
in the end of year report.
Financial numbers for the second are more telling than those of the first
quarter and are the basis for preliminary estimates of the current budget
year and for the creation of the proposed budget for the following year.
At this time departments are reviewing operations and capital projects to
remain within budget, preparing for the construction season and projecting
how changes will impact the following budget.
Cash remains higher than the prior year balance from refinancing Ashland
Fiber Optic Network's internal debt. Operating revenues are at 55.6% of budget.
Personal Services and Materials & services are below the 50% budget mark,
city-wide, by 1.3 to 2.97% with debt service at 92.3% due to most principal
and interest payments and refinancing done in the first half of the year.
Capital Outlay is 28.2% of the annual budget representing projects waiting
to be started or better weather. Total Ending Fund Balance is $10.7 million
above budget but will drop as projects progress. |
