|
BACKGROUND
<br /> Annually, staff presents the year-end financial report for the Capital Improvement
<br /> Program (Report) to Council for approval The Report summarizes the actual results of
<br /> the financial activities for the CIP Budget, details changes in budget amendments or
<br /> adjustments in year-end balances and recognizes budget carryovers to the following
<br /> year The City's Comprehensive Annual Financial Report (CAFR) is still in progress,
<br /> therefore, the financial information included in this Report is unaudited The audited
<br /> information will be reflected in the CAFR and will be presented to Council once the
<br /> City's independent auditor has issued its opinion on the CAFR and it has been reviewed
<br /> by the Audit Committee This is expected to occur in January 2017 If there are any
<br /> differences in the financial information presented in this report and the CAFR as a result
<br /> of the audit, those changes will be highlighted for the Council at the time the CAFR is
<br /> presented to the Council for acceptance in January or February of 2017
<br /> DISCUSSION
<br /> This Report presents the status of the CIP as of June 30, 2016 It compares actual
<br /> revenues and expenditures to the projections for the year and recommends Council
<br /> approval of certain increases, decreases or transfers of funds between projects and the
<br /> carryover of project funds from FY 2015/16 to FY 2016/17
<br /> Sewer CIP Funds
<br /> Table 1A summarizes the FY 2015/16 activity for the Sewer CIP Funds The Amended
<br /> Budget is the original budget plus all budget amendments approved by Council through
<br /> June 30, 2016 The Adjusted Budget includes the recommended year-end budget
<br /> amendments being brought forth in this Report Actual revenues exceeded the adjusted
<br /> budget by $12,236 which is primarily due to connection fees exceeding the budget The
<br /> actual expenditures were less than the adjusted budget by $8 9 million mainly due to
<br /> budgeted projects not being completed during the fiscal year, the majority of which are
<br /> being recommended to be carried forward to the FY 2016/17 as presented in Table 1B
<br /> Staff is recommending through this Report that Council approve additional budget
<br /> amendments totaling ($995) and budget carryovers to FY 2016/17 totaling $8,923,292
<br /> as shown in TableslA and 1B, respectively The recommended budget amendments
<br /> are the following
<br /> o Increase in revenue budget of $565 to account for interest earnings since the
<br /> adoption of the Midyear Budget on March 15, 2016
<br /> o Decrease in expenditure budget of $1,560 to account for total interest
<br /> earnings received but not budgeted in FY 2015/16
<br /> Table IA - Sewer CIP Funds Adjusted Budget to Actual Revenues, Transfers & Expenditures
<br /> Recommended
<br /> Year-End
<br /> Amended Budget Adjusted, $ %
<br /> Sewer CIP Funds Budget Amendments Budget Actual Variance Variance
<br /> Beginning Fund Balance $ 11,437,815 $ 11,437,815 $ 11,437,815
<br /> Revenues 241,452 $ 565 242,017 254,253 $ 12,236 5 1%
<br /> Transfers in/(Out) 1,200,000 1,200,000 1,200,000
<br /> Expenditures 9,235,184 1,560 9,236,744 318,530 (8,918,214) -96 6%
<br /> Ending Fund Balance $ 3,644,083 $ (995) $ 3,643,088 $ 12,573,539 $8,930,451
<br /> Page 2 of 10
<br />
|