|YEAR END FISCAL OUTLOOK|
MONEY MATTERS 10-18-17 LMS
City Finance Director Amy Fealko presented the October 18 meeting of the Salmon City Council with a preliminary summary of the fourth quarter FY2017 report.
With the fiscal year one hundred percent complete General Fund revenues are at 91.3 percent of projections and expenditures are at 87.3 percent.
She said focusing on the city’s top four revenues is a way to get an excellent understanding of the revenue picture since they account for 90 percent of the total General Fund Revenues.
The top four are property taxes, sales taxes, revenue sharing and liquor revenue coming in at a total of $1.3 million which was just over the projected budget. Fealko said that overall, those revenues are performing as projected based on payment schedules and past trends.
The detailed report lists expenditures budgeted compared to actual year-to-date figures on a department by department basis. The total General Fund budget was for $1.6 million and year-to-date it stands at $1.4 million. The department with the most distance between projected and actual was Streets & Alleys because it was hit with the Island Park Bridge construction and the sidewalk replacement project all within the same year. She said an estimated $130,000 will be reimbursed from the sidewalk project.
Because of Local Option Tax collection cycles its figures are for 11 months. Expected revenue for the year was $90,000 and the actual amount collected in 11 months was $99,342 which puts it well over expectations. LOT expenditures for the year were estimated at $90,000 and in 11 months $47,330 has been expended.
Fealko said that as of now the city has $5.5 million in cash. She said of that amount $1,084,000 is reserved for things such as $420,000 for the Water Treatment Plant filters and the minimum amount required to be in reserve for various loans and expenses in case some unforeseen event interrupts the ability to pay from regular accounts. Most of the cash, $2.4 million, sits in the Sewer Department Fund.
Fealko found figures from the Sacajawea Center to be of great interest. She said the concession income was up over $3,000 from last year as was the income from visitors.
Council President Jim Baker said the council needs to address the excess revenue income in terms of what is available to spend and what could be moved into the next year.
Councilman Rob Jackson registered a request that all members of the council be fully apprised of ongoing financial figures, not just the three members who sit on the city’s Finance Team.
Councilman Jim Bockelman said the team has had in-depth discussions on how to bridge the gap between meeting minutes and the entire information presented at the meetings. Baker said that if the team discussions are missed, so are the details. Jackson said city finances are the number one job of council members and that he does not feel fully informed by Finance Team meeting minutes. Fealko said she will start emailing her full reports to all council members.
Scheduling a third monthly council meeting per month, dedicated solely to finances, has been suggested in the past and may be discussed again.
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