City of Titusville INTEROFFICE MEMORANDUM L. DATE: 22, 2018 31, 2017 The purpose of this memorandum is to report on the Fund and Department expenditures as required under Section 2-87 of the City Ordinance Code. This report is for the period ending December 31, 2017. The Summary Budget Report contains expenditures summarized at the fund and at major department levels in the General Fund. This report is reviewed by Finance to evaluate any budget variances outside the normal operating limits by the department/division. Through the end of December 2017, fund/department unexpended budget balances are projected to be at or above 25 percent of the current Annual Budget. An analysis of this report, based on the criteria above, indicates that overall most operating funds/departments are meeting this benchmark. Explanations are included below. While most funds/departments are managing to the bottom line benchmark, the following variances are worth noting: General Fund/Law Enforcement Investigations, Travel & Per Diem, Timing of insurance – payments, Books/Pubs/Subs/Mems General Fund/Public Works/Admin Communication Services – General Fund/Public Works/ Engineering Timing of insurance payments – General Fund/Economic Development Professional Services, Communication Services, – Books/Pubs/Subs/Mems General Fund/Non Departmental Other Services, Timing of insurance payments – Debt Service Funds Timing of debt payments – Municipal Marina/Operating Timing of insurance payments – Loss Fund Professional Services, Timing of insurance payments, Miscellaneous Operating – In addition to reviewing expenditures, Finance analyzes revenues as compared to the Annual Budget. The Summary Budget Report shows the total revenue received by fund through December 2017. Any variance is due to timing differences between the receipt of revenues and the publication of financial reports. Revenue collections are meeting projections and are expected to continue through the fiscal year. Please direct any questions concerning this memorandum to me at 321-567-3715. Cc: Executive Leadership Team Finance Budget Team
City of Titusville INTEROFFICE MEMORANDUM L. DATE: 22, 2018 31, 2017 The purpose of this memorandum is to report on the Fund and Department expenditures as required under Section 2-87 of the City Ordinance Code. This report is for the period ending December 31, 2017. The Summary Budget Report contains expenditures summarized at the fund and at major department levels in the General Fund. This report is reviewed by Finance to evaluate any budget variances outside the normal operating limits by the department/division. Through the end of December 2017, fund/department unexpended budget balances are projected to be at or above 25 percent of the current Annual Budget. An analysis of this report, based on the criteria above, indicates that overall most operating funds/departments are meeting this benchmark. Explanations are included below. While most funds/departments are managing to the bottom line benchmark, the following variances are worth noting: General Fund/Law Enforcement – Investigations, Travel & Per Diem, Timing of insurance payments, Books/Pubs/Subs/Mems General Fund/Public Works/Admin – Communication Services General Fund/Public Works/ Engineering – Timing of insurance payments General Fund/Economic Development – Professional Services, Communication Services, Books/Pubs/Subs/Mems General Fund/Non Departmental – Other Services, Timing of insurance payments Debt Service Funds – Timing of debt payments Municipal Marina/Operating – Timing of insurance payments Loss Fund – Professional Services, Timing of insurance payments, Miscellaneous Operating In addition to reviewing expenditures, Finance analyzes revenues as compared to the Annual Budget. The Summary Budget Report shows the total revenue received by fund through December 2017. Any variance is due to timing differences between the receipt of revenues and the publication of financial reports. Revenue collections are meeting projections and are expected to continue through the fiscal year. Please direct any questions concerning this memorandum to me at 321-567-3715. Cc: Executive Leadership Team Finance Budget Team
CM%20Budget%20Report%20Memo%20%2D%20Period%20Ending%20December%2031%2C%202017%20WORKING%20COPY.docx