Town of Yountville
Staff Report
6550 Yount Street
Yountville, CA 94599
Agenda Item #: {{section.number}}E
Yountville Town Council Staff Report
DATE: November 21, 2023
TO: Mayor and Town Council
FROM: Celia King, Finance Director
PREPARED BY: Kyle Batista, Financial Analyst
RECOMMENDATION:
Receive and file October 2023 Monthly Financial Report
DISCUSSION/BACKGROUND
The monthly financial reports are presented to provide a summary overview of revenues and expenses of the Town’s major funds: General Fund, Capital Projects Fund, Water and Wastewater Enterprise Funds.
See below for the October 2023 financial report.
October 2023 – 33.3% of the Fiscal Year
TOT collections included in the October 2023 monthly financial report are applicable to July through September 2023 TOT, covering 25% of the fiscal year.
Sales tax receipts lag 2½ - 3 months behind the actual collection period. Reported sales tax amounts are applicable to July and August sales tax revenues, or 16.7% of the fiscal year.
Larger allocations of property taxes are generally not received until November or December, after the first installment has been collected by Napa County.
Interest Income for the first quarter of Fiscal Year 2023/24 was higher than expected as reflected in the General Fund Investment Earnings amount and the Water and Wastewater Funds Interest Income accounts.
As stated in prior monthly finanical reports, General Fund department expenditures that appear to be higher than the percent of budget to date are because of payments that are due at the beginning of the fiscal year, such as a portion of the Chamber of Commerce contract, premiums for Liability and Worker’s Compensation Insurance, and expenditures related to the Parks & Recreation Summer Camp Program.
These expenditure accounts are leveling out as expected.
Water and Wastewater Enterprise Funds revenues and expenditures are on track with expected amounts.
The expected $2,000,000 Federal Grant revenue budgeted in Fund 63 Wastewater Capital Joint Treatment Capital Fund is applicable to the USDA low interest loan that the Town is pursuing for the Joint Treatment Plant Modifications project. The expected $1,000,000 Miscellaneous Revenue budgeted in the same fund is applicable to the $1,000,000 Emergency Recycled Water Transmission Main Repair Project that the Town is anticipating to be covered by Town property damage insurance.
ENVIRONMENTAL REVIEW
Exempt per California Environmental Act (CEQA) Guideline, Section 15061(b)(3)
FISCAL IMPACT
Is there a Fiscal Impact? Yes
Is it Currently Budgeted? Yes
Where is it Budgeted? Various Departments
Is it Mandatory or Discretionary? Discretionary
Is there a Staff Resource Impact? Nominal
STRATEGIC PLAN GOAL
Is item Identified in Strategic Plan? Yes
If yes, Identify Strategic Goal and Objective. Responsible Fiscal Policy: The Town maintains its fiscal health through policies designed to maximize economic opportunities, manage expenses, and ensure prudent reserves.
Briefly Explain Relationship to Strategic Plan Goal and Objective. Monthly budget and actual revenue and expense reports provide timely information and financial transparency. Timely financial information can help control costs by guiding policy and spending decisions.
TOWN OF YOUNTVILLE
MONTHLY FINANCIAL REPORT
October 31, 2023
General Fund Revenues
The following is a summary of General Fund revenue by major category as of October 31, 2023.
October is 33.3% of the Fiscal Year:
Revenues: Budget* Actual Variance % of Budget Note
Property Taxes 2,431,280 44,061 (2,387,219) 1.8% Note 1 Sales Taxes 1,695,000 256,547 (1,438,453) 15.1% Note 2
Other Taxes 164,000 - (164,000) 0.0%
Transient Occupancy Tax 7,775,000 2,796,632 (4,978,368) 36.0% Note 3 Investment Earnings 45,000 42,060 (2,940) 93.5%
Licenses & Permits 155,250 69,305 (85,945) 44.6%
Fines & Forfeitures 4,000 6,454 2,454 161.4%
Rents & Concessions 350,197 96,874 (253,323) 27.7%
Intergovernmental 205,000 96,747 (108,253) 47.2%
Parks & Recreation Fees 322,550 122,536 (200,014) 38.0% Charges for Services 184,600 50,465 (134,135) 27.3%
Impact Fees - - - 0.0%
Miscellaneous 123,445 29,363 (94,082) 23.8%
Other Sources - - - 0.0%
Total 13,455,322 3,611,045 (9,844,277) 26.8%
Transfers: Budget Actual Variance % of Budget Note
Tourist Imp. Dist. (Fund 22) 12,958 4,743 (8,215) 36.6% Total 12,958 4,743 (8,215) 36.6%
Note 1: Property taxes are generally not received until December, after the first installment has been collected by Napa County.
Note 2: Sales tax receipts lag 2½ - 3months behind the actual collection period.
Note 3: TOT is due one month after the collection period and received within 30 days after the collection period.
TOWN OF YOUNTVILLE
MONTHLY FINANCIAL REPORT
October 31, 2023
WATER CAPITAL IMPROVEMENT FUND (60) Budget Actual Variance % of Budget Revenues - System Replacement Fees 147,600 47,535 (100,065) 32.2% Impact Fees - 0.0%
Interest Income 4,500 3,916 (584) 87.0%
Transfers from General Fund (01) - 0.0%
Transfers from Wtr Op Fund (61) - 0.0%
Total Revenues 152,100 51,451 (100,649) 33.8%
Capital Improvement (60-4500) 344,043 19,830 (324,214) 5.8% Total Expenses 344,043 19,830 (324,214) 5.8%
Net Operating Income/(Loss) (191,943) 31,621 223,565
WATER OPERATING ENTERPRISE FUND (61) Budget Actual Variance % of Budget Revenues - Utilities 1,667,000 650,091 (1,016,909) 39.0% Interest Income 3,500 3,765 265 107.6%
Transfer-Water Subsidy (01) 6,000 - (6,000) 0.0%
Total Revenues 1,676,500 653,856 (1,022,644) 39.0%
O & M Expenses (61-4505) 774,932 214,610 (560,323) 27.7% Water Purchases (61-4507) 1,063,296 363,352 (699,944) 34.2% Total Expenses 1,838,228 577,962 (1,260,266) 31.4%
Net Operating Income/(Loss) (161,728) 75,894 237,622
WASTEWATER OPERATING ENTERPRISE FUND (62) Budget Actual Variance % of Budget Revenues - Utilities 2,531,000 1,005,500 (1,525,500) 39.7% Interest Income 7,500 5,986 (1,514) 79.8%
Transfer-Wastewater Subsidy (01) 6,000 - (6,000) 0.0%
Total Revenues 2,544,500 1,011,486 (1,533,014) 39.8%
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WW Collection (62-4510) 512,580 146,531 (366,049) 28.6% WW Treatment (62-4515) 1,702,024 459,321 (1,242,703) 27.0% Transfer to Capital (63/64) 500,000 - (500,000) 0.0%
Total Expenses 2,714,604 605,852 (2,108,752) 22.3%
Net Operating Income/(Loss) (170,104) 405,634 575,738
JOINT TREATMENT CAPITAL FUND (63) Budget Actual Variance % of Budget Federal Grant 2,000,000 - (2,000,000) 0.0%
Miscellaneous Revenue 1,000,000 250,000 (750,000) 25.0% System Replacement Fees 240,000 79,130 (160,870) 33.0%
Revenues Capital Recovery Vets 50,000 50,000 - 100.0%
Interest Income 25,000 31,454 6,454 125.8%
Transfer from Wastewater Operating (62) 50,000 - (50,000) 0.0% Total Revenues 3,365,000 410,584 (2,954,416) 12.2%
WW Joint Treatment Plant (63-4518) 4,716,484 226,030 (4,490,454) 4.8% Total Expenses 4,716,484 226,030 (4,490,454) 4.8%
Net Operating Income/(Loss) (1,351,484) 184,554 1,536,038 WASTEWATER UTILITY CAPITAL FUND (64) Budget Actual Variance % of Budget Transfer from WW Operating (62) 450,000 - (450,000) 0.0% Impact Fees - - - 0.0%
Interest Income 6,000 4,269 (1,731) 71.2%
Total Revenues 456,000 4,269 (451,731) 0.9%
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WW Capital Improvement (64-4519) 1,069,651 8,096 (1,061,554) 0.8% Transfer to Debt Service (55) 30,043 30,043 - 100.0%
Total Expenses 1,099,694 38,139 (1,061,554) 3.5%
Net Operating Income/(Loss) (643,694) (33,870) 609,824