Embed Size (px)
DESCRIPTION
Town of Nags Head. Six Month Financial Report February 2, 2011. Six Month Financial Report. Six Month Financial Report. Six Month Financial Report. Six Month Financial Report. Six Month Financial Report. Six Month Financial Report. Ad valorem collection rates: - PowerPoint PPT Presentation
Citation preview
Town of Nags HeadTown of Nags Head
Six Month Financial ReportSix Month Financial ReportFebruary 2, 2011February 2, 2011
Six Month Financial Report
FY 10-11 FY 09-10Total Budget 12,050,381 11,622,447
Revenues at 12/31 7,358,395 7,312,336 % of Budget 61.1% 62.9%
Expenditures at 12/31 6,209,041 5,597,312 % of Budget 51.5% 48.2%
Net Revenues Over Expenditures 1,149,354 1,715,024
Six Month Financial ReportCurrent Year Budgeted General Fund Revenues
Occupancy14%
Other17%
Ad-valorem41%
Sales Taxes10%Land Transfer
3%
License/ Permits3%
Intergovernmental
10%
Misc2%
Six Month Financial ReportCurrent Year Actual General Fund Revenues
Ad-valorem57%
Sales Taxes10%
Occupancy17%
Land Transfer1%
License/ Permits3%
Misc2% Other
3%
Intergovernmental7%
Six Month Financial Report
Prior Year Actual General Fund Revenues
Occupancy17% Ad-valorem
54%
Other5%
Misc3%
License/ Permits3%
Intergovernmental8%
Land Transfer1%
Sales Taxes9%
0 500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
Ad Valorem
Sales Taxes
Occupancy
Land Transfer
Building Permits
All Other
General Fund Revenues Comparison FY 10-11 FY 09-10
Six Month Financial Report
• Ad valorem collection rates:
– 86.37 % at 12/31/10 versus 85.43 % at 12/31/09
– 93.79% at 1/21/11 versus 95.19% at 1/25/10
• 2009 collection:
– Uncollected advalorem at 6/30/10 $12,064
– 2009 advalorem collected ytd FY11 $9,201
Six Month Financial Report
Six Month Financial ReportSix Month Financial Report
12/31/2010 12/31/2009 Change Rate at 12/31/10 Rate at 12/31/09
Petty Cash 1,000 1,000 - 0% 0%Operating accounts 128,131 346,297 (218,166) 0% 0%Beach Nourishment Trust Account 2,654 2,652 2 .05% 0.25%Facility Fee Accounts 232,143 296,012 (63,869) .25% 0.50%North Carolina Capital Management Trust 6,072,445 5,975,460 96,985 0.12% 0.12%Finistar 3,023,654 3,009,917 13,737 0.35% 0.50%Certificates of Deposit 6,092,212 6,529,225 (437,013) .75% to 3.00% 0.85% to 4.00%Government Agencies/Securities 179,073 302,862 (123,789) 5.00% 2.65% to 5.00%
Total Cash & Investments 15,731,312 16,463,425 (732,113)
Six Month Financial Report
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total toDate
Land Transfer Tax through January FY 10-11 FY 09-10
Six Month Financial Report
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total toDate
Total Sales Tax through January FY 10-11 FY 09-10
Six Month Financial Report
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total toDate
Occupancy Tax through January FY 10-11 FY 09-10
Governing BodySpecial Projects
AdministrationAdmin. Services
Information TechnologyLegal
PlanningPW Admin
PW FacilitiesPW Garage
Powell billSanitation
Solid WastePolice
Drug ForfeitureAnimal Control
Fire Volunteer FireOcean Rescue
Interfund
General Fund Expenditures Comparison FY 10-11 FY 09-10
Six Month Financial Report
Personnel
O & M
Capital
Debt Service
Contributions
Interfund
General Fund by type FY 10-11 FY 09-10
Six Month Financial Report
Six Month Financial Report
Revenues and Expenditures
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
Jul Aug Sep Oct Nov Dec
FY 10-11 Revenues FY 10-11 ExpendituresFY 09-10 Revenues FY 09-10 Expenditures
Water Sales
Interest
Impact Fees
Other
Water Fund Revenues FY 10-11 FY 09-10
Six Month Financial Report
0 75000150000
225000300000
375000450000
525000600000
675000750000
825000
Administration
Septic Health
Operations
Fresh Pond
Distribution
Interfund
Water Fund Expenditures FY 10-11 FY 09-10
Six Month Financial Report
Personnel
O & M
Capital
Debt Service
Interfund
Water Fund Expenditures by type FY 10-11 FY 09-10
Six Month Financial Report
Six Month Financial ReportSix Month Financial Report
• The Town is in overall stable financial shape at the mid-year point of this fiscal year. Areas of concern going forward for both the remainder of this fiscal year and in budgeting for next fiscal year includes:
• State of the economy and affects on major revenue sources– Ad valorem collections– Land transfer tax revenues– Occupancy tax revenues– Combined sales tax revenues– Building related revenues– Potential state and federal budget cuts
• Return on invested funds• Increased demand for services and capital projects
Questions/Comments
Six Month Financial Report
Town of Nags HeadTown of Nags Head
Six Month Financial ReportSix Month Financial ReportFebruary 2, 2011February 2, 2011
