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Finance Director Report January 19, 2012 Northampton MA

Finance Director Report January 19, 2012 Northampton MA

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Published by Mary Serreze
analysis of revenues and expenditures for first two quarters FY2012.
analysis of revenues and expenditures for first two quarters FY2012.

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Published by: Mary Serreze on Feb 27, 2012
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02/27/2012

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CiTYOFNORTHAMPTON
SUSANWRIGHTFINANCEDIRECTOR
OfficeoftheMayor210MainStreetRoom12Northampton,MA01060-3199(413)587-1255
Fax:
._--_._----_._--
MEMORANDUM
TO:MayorDavidJ.NarkewlczandNorthamptonCityCouncilFROM:SusanWright,FinanceDirectorDATE:January12,2012RE:UpdatetoCityCouncilforJanuary19,2012FiscalYear20111.UndesignatedFundBalance-(otherwiseknowasFreeCash)AsreportedbytheMayoratthelastmeeting,theDepartmentofRevenuehascertifiedourundesignatedfundbalancesfortheGeneralFundandthethreeenterprisefunds.Ahistoryofthebalancesfor"freecash"andourstabillzatlonsfundsisattachedtothisreport.Ihavealsoincludedachartshowingourgeneralfund"freecash"history.2.AuditandManagementLetter-TomScanlon,ourindependentauditorwillbefinalizingtheFY11auditandmanagementletterbytheendofthemonth.FiscalYear20121.GeneralFundRevenue-AttachedisthesixmonthreviewofourGeneralFundRevenues.Ihavenotedthatrevenueshavebeenupdatedtoreflectadjustmentsontherecapsheet.RevenueGrowth-Thereareanumberofrevenuesthatarecominginaboveourprojections.Hotel/moteltaxesareup$10,S03fromthistimelastyearandthemealstaxisup
$76J23
fromthistimelastyear.Asignificantnumberoftaxtitleshavebeenpaid,withseveralcollectionsinthe$lS,OOOto$20,000range.Atotalof$lS7,848hasbeencollectedfrompropertiesintaxtitlewhichrepresentsanincreaseof$79,090overthistimelastyear.Sincewedonotplanontaxtitleincomeinourbudget,thisissignificantadditionalrevenueforthecity.Inaddition,interestontaxtitlesisalsoup$36,555overthistimelastyear.Lastly,parkingmeterrevenuesareupsignificantlywith$277,897morecollectedinthefirstsixmonthsofthisyearversuslastyear.Theincreaseinthemeterfeesisthereasonforthisincrease.RevenueConcerns-Thereareafewareasofconcernwithregardtorevenues.Building,plumbingandwiringpermitfeesaredownconsiderablyfromlastyearandlastyearwasn'tagreatyeareither.Buildingpermitfeesaredown53.4%fromthistimelastyearor$83,372lessthanthesameperiodlastyear.Plumbingandwiringfeesarealsodown31.1%($16,040)and23.7%($13,582)respectively.Whilethereisareductioninrevenue,thebuildingdepartmentisasbusyastheyusuallyare,because1273permitswereissuedforthefirstfivemonthsofFY12-thirtyMOREpermitsthanweissuedinFYll-1243.Thedropinrevenue,therefore,isattributabletothevalueoftheworkbeingperformedwhichwas$11.1millionfor
 
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thefirstfivemonthsofFY12ascomparedto$17.2millionforthefirstfivemonthsofFYll.Anotherarea\-----'ef-e0AeefA-is~l3aF~i
ng-tlcket-f
R
es=Revenues-for-the-fi.j:-st-six-mor:lths-of-I=-'i12-ar:e-Just-$4,6J-S-abo-ve-this-tie:---.Llastyear,inspiteofthefactthatparkingticketfineswereincreasedby50%-from$10to$15perticket.
I
~~j:~-~~;-:::d~~:~:ec~edaO:nsf~:~····~·~~~o~~~:r~~n;~:~~i!~\~~-;~i~~-~e.V~~~e~:~·:~!·~~~~~-!~~··:::u~s~~:--...../projection,wemayfallshortofthatprojectionsinceweareonlyat44.3%ofourtarget.Anumberoffactorsmayhavereducedparkingticketrevenues,includingchangesinbehaviorduetoincreasedfines,havingtheJamesHouseLotandsomeonstreetparkinginthevicinityofthenewpolicestationofflineduringconstruction,andavacancyinthepositionofapart-timeparkingenforcementofficer.WearemonitoringtheserevenuescloselyandworkingwiththeParkingDirectortoaddresstherevenueconcerns.2.EnterpriseFundRevenue:IhaveincludedprintoutsfromMUNISshowingthestatusofrevenuesfortheSewer,WaterandSolidWasteEnterprisefunds.Thesewerenterprisefundrevenuesareat51.9%,thewaterenterprisefundsareat51.9%andthesolidwasteenterprisefundisat45.1%oftheestimatedreceiptsfortheyear.3.AmbulanceRevolvingFundRevenue:IhaveincludedtheworksheetthatsummarizesallofthetransfersthathavebeenmadetotheGeneralFundfromtheAmbulanceReceiptReservedforAppropriationAccount(RRA).Ambulancerevenuesappearsomewhatlowerthanthistimelastyear,butthatmaybeduetotimingofreceiptsanddeposits.IhavealsoincludedafinancialtransferrequestforEMS.Thiswillbethefourthtransferandtheywillneedonemoretofinishouttheyear.5.GeneralFundExpenditures:IhaveincludedaMUNISprintoutofGeneralFundexpendituresforthefirstsixmonthsofFY12.Intermsofsalary/personnellineitems,overtimeistheonlyareaofthePersonnelServicessideofthebudgetthatiscurrentlyaconcern.Ihaveincludedananalysisofovertimeinthegeneralfundnotingthatseveralbudgetswillneedtohavetheirovertimesupplemented-fire(93%expended).police(89.4%expended),dispatch(175.4%expended),snowandice(45.6%expended)andfloodcontrol(93.2%expended).·Inadditionunemploymentisalreadyoverbudgetandatransferisneeded.Currentlyunemploymentwasbudgetedat$30,000forFY12,howevertheaccountcurrentlyisatnegative($27,338).FollowingatransferfromNorthamptonPublicSchoolsfortheirNovembershareofunemployment,theaccountwillbenegative($8)04.93).Wehavespent$51,300todateatthesixmonthmark,soIanticipateouryearendcosttobeapproximately$80,000to$90,000.Ihavepreparedthefinancialorderforabudgetarytransfermovingfundsfromtwoinsurancelineitemstotheunemploymentaccount.Thiswillbringtheaccountclosertotheanticipatedyearendestimate.IhavealsoreviewedtheOperationsandMaintenancesideofthebudgetandfindthatthelineitemsweflaggedearlyonwilllikelyneedadditionalfunds-thisincludessnowandiceOM(62.9%expended),veteransbenefits(68.7%expended),andlegal(67.1%expended).6.EnterpriseFundExpenditures:IhaveincludedaMUNISprintoutofthethreeEnterpriseFundsforthefirstsixmonthsofFY12.
ShortandLong
Term
Borrowing
1.RatingCall:AratingcallforourupcomingbondissueisscheduledforJanuary23,2012.ThiswillbewithMoody'sandisinpreparationfortheratingonourbondissuescheduledforearlyFebruary.Thetotalamountthatwewillbebondingforis$19,750,000.2.CompetitiveBondSale:ThiswillhappenonJanuary31,2012andattheFebruary2,2012FinanceCommitteemeeting,thesaleandawardofbondswillapproved.BondproceedswillbedistributedFebruary9,2012andshorttermbotrowlngs.arepaid.offcnFebruary10,2012.
 
3.PayOff:TwoprojectscurrentlyonBANSwillalsobepaidoff.Thetwoauthorizationsthatarecurrently--------on-BANS;scheduledfer-pavoff-are.->-..-..------------------$300,000fromtheOctober19,2006authorizationforthelandfillexpansion$650,000fromtheMay21,2009authorizationforthelandfillbufferacquisitionTOTAL:$950,000ThesolidwasteenterprisefundwillbepayingofftheseborrowingsthroughacombinationofunusedBANproceedsandthesolidwasteenterprisefundundesignatedfundbalance.Currently,thereis$118,964.51ofunusedBANproceedsthatwillbeusedtowardthe$950,000paydown.Theremainderofthepaydown,(whichis$831,045.49,plustheinterestonthisBANof$11,439.58,foratotalof$842,486),needstobeappropriatedbyCityCouncil,sinceitiscomingfromtheSolidWasteEnterpriseFundUndeslgnatedFundBalance.ThisfundbalancewascertifiedonJanuary3,2012bytheDORintheamountof$3,201,850.BecausetheseborrowingsneedtobepaiddownbyFebruary10,2012,CityCouncilneedstovotetotransferthesefundsfromtheundeslgnatedfundbalance20daysbeforethepaydown,whichmeansthattwovoteswillneedtobetakennolaterthanJanuary21,2012.SinceFreeCashwasonlycertifiedlastweekandtherewasnoseatedFinanceCommitteeforthefirstmeetinginJanuary,weareleftwithaverynarrowwindowtocompletetherequiredcitycouncilaction.
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