Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more ➡
Download
Standard view
Full view
of .
Add note
Save to My Library
Sync to mobile
Look up keyword
Like this
1Activity
×
0 of .
Results for:
No results containing your search query
P. 1
Finance Director Report January 19 2012 Northampton MA

Finance Director Report January 19 2012 Northampton MA

Ratings: (0)|Views: 298|Likes:
Published by Northampton Media
Northampton city finance director Susan Wright's January 2012 update to the City Council.
Northampton city finance director Susan Wright's January 2012 update to the City Council.

More info:

Published by: Northampton Media on Mar 14, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See More
See less

03/14/2012

pdf

text

original

 
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
 
I
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.
I
I
l
I

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->