Broken Arrow City Council
Meeting of: 02/05/2019
Title:
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Presentation of Financial Statements for the 2nd quarter of Fiscal Year 2019 for the General Fund, Police Sales Tax Fund, Fire Sales Tax Fund, Sales Tax Capital Improvements Fund and the Broken Arrow Municipal Authority
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Background:
It is beneficial for the City Council to review the financial status of the City on a regular basis. This presentation is for the first six months of the fiscal year and includes an overview of the results as well as the Income Statement for the six month period ending December 31, 2018.
General Fund:
The City had a strong second quarter with revenue exceeding expenses by $1,392,167. Sales tax and use tax for the general fund was up $1,386,615 or 8% over budgeted amount. Other taxes were up $54,105. On a cash basis total revenue was $21,324,575 and expenses/transfers out were $20,398,602 leaving us a net income of $1,392,167.
Staff has included in the packet the list of the top ten sales tax categories with the comparison to last year. There are many categories of sales tax but the top ten compromise 98 % of total sales tax collected.
Police Sales Tax Fund:
Revenues for the Police Sales Tax fund for period ending December 31, 2018 including transfers in was $11,582,959 and expenditures for the same period was $10,064,481 leaving a net income of $1,518,478. Capital expenditures as of December 31, 2018 were only $183,235 or 22.04% of the capital budget.
Fire Sales Tax Fund:
Revenues for the Fire Sales Tax fund for period ending December 31, 2018 including transfers in was $10,756,231 and expenditures for the same period was $10,025,747 leaving a net income of $730,484. Capital expenditures as of December 31, 2018 were only $156,904 or 33.40% of the capital budget.
Sales Tax Capital Improvement Fund:
Revenue for the Sales Tax Capital Improvement Fund for period ending December 31, 2018 was $3,716,062 with expenditures of $3,833,013.
Broken Arrow Municipa...
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