|The 2018 General Fund is projected to have an excess of revenues over expenditures and net transfers out (estimated at $435,172) of $1,775,221 after carry-forwards. Funds allocated in the 2018 budget for specific items can be taken out of the 2018 budget and added to the 2019 budget. This allows for maximum utilization of an item before being replaced. A portion of this excess will be available to transfer to the Facilities Construction Fund when final year end numbers are known. Comparisons of 2018 estimated General Fund revenues and expenditures to 2018 amended budget are detailed on the attached document.
General Fund 2018 Mid-Year Estimates (shown in the 2019 Budget document) to current projections are as follows:
The 2018 General Fund net change in fund balance as compared to the mid-year estimate shown in the 2019 budget document of $923,109 is an increase of $852,112.
General Fund revenues are estimated to be $31,909,745 or $528,321 more than previously estimated in the 2019 budget document.
General Fund expenditures were reviewed by activity managers or department heads. It is anticipated that overall expenditures for 2018 will be $29,699,352 which includes $65,000 being carried forward to next year. This is $323,791 less than the 2018 mid-year estimate shown in the 2019 budget document. The carry-forwards include budgeted amounts for purchases that will be received after December 31, 2018 or are not needed until 2019. Accounting standards require that purchases be recorded in the year the items or services are actually received.
General Fund 2018 Amended Budget revenues and expenditures to current projections are as follows:
The 2018 General Fund net change in fund balance in the amended budget shown in the 2019 budget document is negative $150,640. The current estimate is an increase of $1,925,861.
Revenues are estimated to be $31,909,745 which is $684,224 or 2.2% over the amended revenue budget of $31,225,521.
Expenditures, including carry-forwards of $65,000, are estimated to be $29,699,352 which is $1,223,729 or 3.9% under the amended budget of $30,923,081. A summary of expenditure estimates compared to budget by department is as follows:
It is estimated that expenditures in the Personal Services category will be $23,854,487. This is $850,000 under budget primarily due to vacancies.
Other Charges and Services
It is estimated that expenditures in the Other Charges and Services category will be $4,399,592 or $4,404,592 including carry-forwards. This is $107,255 under the amended budget primarily due to less being spent than was budgeted for professional and consulting services and travel, school and conferences.
It is estimated that expenditures in the Supplies category will be $1,130,596 or $1,136,696 including carry-forwards. This is $181,681 under the amended budget primarily due to less being spent than was budgeted for general supplies.
It is estimated that expenditures in the Capital Outlay category will be $224,517 or $278,417 including carry-forwards. This is $47,953 under the amended budget primarily due to savings from the amounts originally budgeted.
It is estimated that expenditures in the other disbursements category will be $25,160 which is $36,840 under budget due to lower than anticipated concession merchandise purchases at the Ice Center.
2018 CARRY-OVER TO 2019 BUDGET
Council is asked to consider carrying forward $65,000 in the General Fund and $1,879,918 for other funds into fiscal year 2019 for items not purchased or completed in 2018 as detailed in Resolution No. 18-123.