Broken Arrow City Council
Meeting of: 01/21/2020
Title:
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Presentation of Financial Statements for the 2nd quarter of Fiscal Year 2020 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 Fiscal Year 2020 and includes an overview of the results as well as the Income Statement for the six month period ending December 31, 2019.
General Fund:
Revenues for the General Fund were $31,957,950 and current expenditures including transfers out were $30,690,396. The General Fund ended the 2nd quarter with total revenues over projection of $703,296. Sales tax for the first 6 months has been over last year receipts, but we have not met the budgeted or projected amount. The budget included a 2% growth for sales tax and presently collections are trending at 1.8%. The majority of the $703,000 surplus is from Use Tax which has been trending above the projection of 2%. Other revenue have been steady. Franchise taxes which include Electric Gas, Cable and Telephone has been trending below projections.
Expenditures are at 46.55% which at this point was projected to be at 50%. Total personal services were $375,000 below projections which is due to employee vacancies.
Overall the general fund is steady, with a surplus of $1,267,553 but this is due to items discussed previously.
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 99 % of total sales tax collected.
Police Sales Tax Fund:
Revenues for the Police Sales Tax fund for period ending December 31, 2019 including transfers in was $13,011,655 and expenditures for the same period was $12,150,837 leaving a net income of $860,818.Capital ex...
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