FINANCIAL UPDATE
Quarter Ended March 31, 2022
PROPERTY TAX UPDATE
1st payment is usually 55% of the
annual property tax receipts
$7,182,588 received in secured
Projected: $13,059,000
$321,000 more than budgeted
57%57%56%55%56%
$-
$2
$4
$6
$8
$10
$12
$14
FY2017/18 FY2018/19 FY2019/20 FY2020/21
Unaudited
FY2021/22
Mi
l
l
i
o
n
s
Quarterly & Annual Revenues -5 Year History
QE9.30 Sales Tax Actual Budget Projected
Received 2nd Payment –
Estimate for secured was spot on
Received Supplemental -$220k
(budgeted $160K)
TRANSIENT OCCUPANCY TAX UPDATE
•Town received $1.352
million for QE12.31.21 –66%
up from FY20/21 (44% up from
FY2019/20
•TOT Team is starting an
audit program to ensure that
registrants are collecting the
correct amount on the correct
items.
TRANSIENT OCCUPANCY TAX UPDATE
•If the Town collects the 3-year
average for the remaining three
quarters $5.2 million for year
•Budget was $4.2 million
•Based on these results
FY2022/23 budget is set to $5.0
million
FRANCHISE TAX UPDATE
FY2021/22 -$1,083,914
FY2020/21 -$1,156,567
For Energy & Gas Franchise
Payments
FY2021/22 -$608,239
FY2020/21 -$508,683
Budget -$1,200,000
Estimated Actual -$1,350,000
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$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
FY2017/18 FY2018/19 FY2019/20 FY2020/21 FY2021/22
Quarterly & Annual Revenues -5
Year History
Collections YTD Actual Budget
-Estimated analysis completed through the end of the year -Typically, at 73% of budget at this time of year
-Only at 66% due to position vacancies
-Working hard to fill vacancies New recruitment sites and ads, Comp & Class, etc. $-
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
FY2017/18 FY2018/19 FY2019/20 FY2020/21 FY2021/22
MI
L
L
I
O
N
S
Quarterly and Annual General Fund Salaries and Benefits Expenditures -5 Year History
Thru QE03.31.22 Actual Budget
73%73%66%74%
73%
GENERAL
FUND –FUND
BALANCE
REVIEW
•Took numbers from FY21/22
operating budget
•Added previously approved
budget amendments & estimates
•Added updated revenue
projections for supplemental
property tax, transient
occupancy tax, & franchise fees
•Estimated ending cash available:
$12.9 million (up from $4.5
million)
Fiscal Year 2021/22 2022/23 2023/24 2024/25 2025/26
Budget
Amendments
& Changes Projected Projected Projected Projected
Beginning Balance 41,503,546 41,046,957 42,486,116 42,560,860 41,307,105 40,573,728 Revenues 32,097,574 32,142,954 32,657,564 33,313,481 33,896,083 Updated Revenue Estimates
Property Tax 321,000
Supplemental Property Tax 60,000
Transient Occupancy Tax 1,090,000
Sales Tax 1,016,792 872,036 892,791 864,623 941,057 Franchise Fees 150,000
Less: Expenditures (25,611,706) (169,452) (26,542,132) (27,544,468) (28,446,137) (29,427,837) Changes to Projections
CISO Position (1,000) (1,000) (1,000) (1,000) (1,000) IT System Analyst (33,286) (126,210) (138,831) (152,714) (167,985) Janitorial Contract Savings 105,000 105,000 105,000 105,000 Facilitities - Custodial (2)(164,000) (172,200) (180,810) (189,851) Increase in Council Stipend (2,322) (4,644) (4,644) (4,644) Increase in Planning Commission
Stipend (6,000) (12,000) (12,000) (12,000) Net Operating
Revenue/(Expense)6,485,868 2,434,054 6,278,326 5,782,212 5,485,799 5,138,824 Less: Debt Service (949,494) (950,097) (948,985) (945,057) (951,344) Repayment of Loans 132,200 129,870 130,766 131,381 132,009 Capital Transfers (4,310,073) (994,895) (3,703,355) (5,912,748) (1,326,000) (488,000) Designated Spending (1,815,090) (1,680,000) (305,000) (4,079,500) (5,127,500) Net Change (456,589) 1,439,159 74,744 (1,253,755) (733,377) (1,296,012) Total Ending Fund Balance 41,046,957 42,486,116 42,560,860 41,307,105 40,573,728 39,277,717 Less: Nonspendable 1,075,875 1,075,875 1,075,875 1,075,875 1,075,875 Less: Assigned 24,832,809 24,420,961 27,051,805 26,134,672 24,990,212 Less: Restricted 225,000 225,000 225,000 225,000 225,000 Total Undesignated (Cash
Available)16,352,432 16,839,024 12,954,425 13,138,181 12,986,630 Projection in FY2021/22 Budget 10,565,453 10,374,542 5,820,827 5,385,129 4,562,999 Previously adopted amendments Updated projections a part of this Financial Update
RECOMMENDATION
Council accept the quarterly financial report for
the quarter ended March 31, 2022.