Town of Yountville
Staff Report
6550 Yount Street
Yountville, CA 94599
Agenda Item #: {{section.number}}D
Yountville Town Council Staff Report
DATE: August 6, 2024
TO: Mayor and Town Council
FROM: Celia King, Administrative Service Director
PREPARED BY: Kyle Batista, Financial Analyst; Celia King, Administrative Service Director
RECOMMENDATION
Receive and File Preliminary June 2024 Monthly Financial Report
DISCUSSION/BACKGROUND
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.
This report for June 2024 is considered preliminary. Some of the amounts are subject to change as we complete the fiscal year-end processes. Invoices pertaining to the prior fiscal year are received throughout July and August and posted back to June. Similarly, revenues such as TOT, Sales Tax, and Property Taxes relevant to the prior fiscal year are received in July and August and posted back to June.
Another item that affects this report is the year end true-up conducted with the Veterans Home to determine the true cost of Town water purchases and Veterans Home wastewater treatment.
This report will be brought back to Council once the fiscal year has been closed and the numbers are finalized, which will be once the Town Audit is completed.
June 2024 – 100% of the Fiscal Year
TOT collections included in this preliminary June 2024 monthly financial report are applicable to July 2023 through May 2024 TOT, covering 91.7% of the fiscal year. The Town has exceeded expected TOT revenues for Fiscal Year 2023/2024 and will continue to post back TOT revenues throughout July as hotels report and remit their June revenues.
Sales tax receipts lag 2½ - 3 months behind the actual collection period. Reported sales tax amounts are applicable to July through April sales tax revenues, or 83.3% of the fiscal year.
The Town has now received the majority of the expected property tax allocations from the County of Napa for Fiscal Year 2023/2024. Property tax collected to date have exceeded budget projections by $5,646. Staff will post back any smaller amounts collected to close out the fiscal year.
All General Fund department expenditures are within budgeted amounts, with the exception of the Yountville Arts Program Department. The amount overbudget in this department is due to art sales commissions, which are not budgeted as art sales are unpredictable. This expense is offset by additional revenue collected into the General Fund from the sale of the art piece.
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. Both this revenue and the related project have been pushed into Fiscal Year 2024/2025.
The $1,000,000 Miscellaneous Revenue budgeted in the same fund is applicable to the $1,000,000 Emergency Recycled Water Transmission Main Repair Project. The Town received this revenue from property damage insurance and is meant to cover the cost of the repairs.
ENVIRONMENTAL REVIEW
Exempt per California Environmental Act (CEQA) Guideline, Section 15061(b)(3)
FISCAL IMPACT
Is there a Fiscal Impact? No
Is it Currently Budgeted? N/A
Where is it Budgeted? N/A
Is it Mandatory or Discretionary? Discretionary
Is there a Staff Resource Impact? No
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.