Appendix A - 2019 Year-End Operating Budget Variance
FINANCE
Financial Summary
Annual Gross Budget (GB) Annual Net Budget Annual Net Expenditures Year End Variance Variance as % of GB
2017 Financials
2017 Est. Variance
9,445,098
10,259,010
11,261,685
First Quarter (Q1)
6,229,178
6,467,287
6,727,929
Second Quarter (Q2)
6,228,301 877 0.0%
6,466,414 873 0.0%
6,848,914 (120,985)
Third Quarter (Q3)
Year-End (Q4)*
- 137,000 - 877
(39,000)
(170,000)
-1.1%
Year End Actuals vs. Year End Net Budget 6,849
6,466 6,467 6,228 6,229
2017 2018 2019 | Quarterly Year End Variance Projections * 200 100 -
(100) (200)
Q1 Q2 Q3 Year-End |
Thousands
Salaries: $84,815
Overall salary expenditures resulted in a year-end surplus of $84,815, due primarily to the timing of recruitments and vacancies of various positions.
External Revenues: ($205,800)
A shortfall in revenue generated through external sources amounted to ($205,800). This deficit is comprised of ($169,800) in Tax Lien Registration Fees, ($28,000) in Dial-Up Service Fees, ($43,000) in Letters of Default, partially offset by a surplus of $35,000 in other added charges and services. Many of these revenues are dependent upon external factors such as real estate sales, property standard complaints and property tax arrears activity, which can fluctuate annually and can be difficult to predict with any certainty. Positive economic conditions, which has afforded taxpayers the ability to address their individual situations involving tax arrears, have resulted in a decreased number of tax lien registrations. As such, a phased in approach in reducing the annual revenue anticipated from Tax Lien Registration Fees has begun with the approval of a $50,000 reduction in the department’s 2020 approved operating budget.
The Finance department ended the year with a deficit of ($120,985).
Summary of Description
Summary of Description
Category | Amount | ||
1. Salaries | Salaries & Benefits | $ | 84,815 FIN |
2. External Revenues | Other Miscellaneous Revenue | $ | (205,800) |
Net Year End Surplus/(Deficit) | $ | (120,985) | |
Mitigating Steps | |||
N/A | |||
Council Agenda - May 4, 2020 | |||
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