FINANCIAL ADVISORY BOARD AGENDA ITEM
ACTION REQUESTED:
title
Receive the 2019 Q2 Budget Report
body
DEPARTMENT: Finance Department
SUBMITTED BY: Erik Hallgren, Budget Manager
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
Attached is the 2019 2nd Quarter Financial Report. The information contained within will be presented by staff during the August 20, 2019 City Council meeting; providing Council an opportunity for discussion related to the information contained in the reports.
Below are highlights from the second quarter, more detailed information can be found in the attached documents.
DISCUSSION:
Overall Highlights
Property Taxes
The City received $26.05 million in property taxes in June. The majority of revenues were distributed to the Library ($7.55 million), Debt Service ($5.62 million), Fire Pension ($4.32 million) and Police Pension ($3.35 million) funds. The City requested approximately $50.91 million in property taxes this year. The second major payment will be received in September.
Salaries, Benefits and Healthcare
Salary and benefits combined is the largest budgeted expense component and 31% of the expenditure budget. Year-to-date total spending is $69.9 million, 49.8% of the projected year-to-date budget. Regular pay is slightly under budget due to open positions. As a result, overtime is over budget in most operational departments (Electric, Fire, Police, Public Works and Water). Overtime is currently 53.2% of budget, $588,000 over the year-to-date budget.
Year to date contributions for medical, dental, and other benefits are slightly below budgetary projections, these are transfers from operating funds to the self-insurance fund. The reason for the decline is due to open positions. Simultaneously, the revenues to the self-insurance, which is used to pay claims, is down by 5%.
The City has also had an increase in public safety pension payments. A total of $8.3 million is budgeted to date, with $8.5 million paid out. The primary funding for pe...
Click here for full text