HomeMy WebLinkAboutII. A. PRELIMINARY FY2024 GENERAL FUND OVERVIEW 10.8.24FY 2024 Interim Financial Statements
Letitia Shelton, Director of Finance
General Fund –12 Months Overview
June 30, 2024 (Unaudited)
Department of Finance | October 8, 2024
AGENDA
•Overview of FY 2024 Preliminary Unaudited
Financial Results
•General Fund Revenue and Expenditure Summary
•General Fund Unassigned Fund Balance
•Fund Balance History
•General Fund Glide Path
GENERAL FUND REVENUES AND EXPENDITURES SUMMARY
FOR THE PERIOD ENDING JUNE 30, 2024
-
FY 24
AMENDED BUDGET
FY 24
YTD ACTUAL VARIANCE
FY 24 ACTUAL
% OF BUDGET
FY 23
YTD ACTUAL
REVENUES (SCHEDULE A):
LOCAL 1,200,010,441$ 1,219,175,860$ 19,165,419$ 101.6%1,124,720,661$
STATE 193,387,257 194,735,583 1,348,326 100.7%179,861,752
FEDERAL REVENUE 24,625,505 29,421,722 4,796,217 119.5%25,974,233
TRANSFERS 15,508,454 14,572,020 (936,434)94.0%14,642,842
TOTAL REVENUES 1,433,531,657$ 1,457,905,184$ 24,373,527$ 101.7%1,345,199,488$
EXPENDITURES (SCHEDULE B):
GENERAL GOVERNMENT 491,226,928$ 446,609,895$ (44,617,033)$ 90.9%397,356,865$
PUBLIC SAFETY 240,478,042 237,007,110 (3,470,932)98.6%221,288,465
NON DEPARTMENTAL 66,949,154 60,723,537 (6,225,617)90.7%49,261,096
DEBT SERVICE 47,821,899 47,798,964 (22,935)100.0%51,660,624
TRANSFERS 699,115,951 667,422,328 (31,693,623)95.5%637,872,618
RESERVES 395,860 - (395,860)0.0%-
TOTAL EXPENDITURES 1,545,987,834$ 1,459,561,834$ (86,426,000)$ 94.4%1,357,439,668$
EXCESS OF REVENUES OVER/(UNDER)
EXPENDITURES (112,456,177)$ (1,656,650)$ (12,240,180)$
FUND BALANCE:- JUNE 30, 2024 370,830,723$
LESS: RESERVATIONS (181,886,488)
UNASSIGNED FUND BALANCE: - JUNE 30, 2024 188,944,235$
TOTAL FUND BALANCE RESERVATIONS
JUNE 30, 2024
(IN MILLIONS)
Total Fund Balance June 30, 2024 370.8$
Less Reservations:
Inventories & Loans Receivable 9.1
Community Services Board Restricted Funds 6.8
School Reversion and True Up 30.5
School Reserve Fund 14.9
Carryforwards and Encumbrances 23.3
Trust and Gift Funds 1.0
FY 2025 City CIP Budget 36.2
Flood Protection Referendum Fund 55.3
2024 Presidential Election 1.0
Volunteer Rescue Squad Grants 0.8
Other uses of Fund Balance in FY 2025 3.0
181.9
Total Unassigned Fund Balance FY 2024 188.9$
% of FY2025 Budgeted Revenues 12.83%
GENERAL FUND UNASSIGNED FUND BALANCE
AS OF JUNE 30, 2015 THRU 2024
$97.0
$107.1
$118.4 $114.3 $121.3
$152.8
$111.0
$180.3
$196.1 $188.9
9.3%
10.1%10.5%9.9%10.2%
13.0%
9.0%
13.5%13.8%
12.8%
0.0%
4.0%
8.0%
12.0%
16.0%
$0
$50
$100
$150
$200
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 % of Budgeted GF RevenueDollars (Millions)Unassigned GF Balance % of Budgeted GF Revenue
GENERAL FUND REVENUE AND EXPENDITURE GLIDE
CHART AS OF JUNE 30, 2024
9.0%
16.5%
24.7%
32.2%
39.5%
47.7%
55.2%
63.0%
72.4%
80.3%
88.1%94.4%
13.8%
21.1%
28.8%
36.1%
43.7%
54.7%
60.0%
68.0%
77.2%
85.9%
93.6%
2.6%6.0%8.9%12.2%
30.9%
42.6%45.3%
49.9%
55.6%58.7%
71.4%
2.7%4.5%
9.3%12.4%
27.6%
42.2%
45.1%
49.4%
55.6%
58.6%
76.6%
100.0%
0%
20%
40%
60%
80%
100%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
% of FY2024 Exp Budget Exp Trend % of FY 2024 Rev Budget Rev Trend
FY24 YTD Actual Revenues $1,457.9M Compared to FY24 Amended
Revenue Budget $1,433.5M = 101.7%
FY24 YTD Actual Expenses $1,459,6M compared to FY24 Amended
Expense Budget 1,545.9M = 94.4%
GFOA AWARD –FY 2023 ACFR AND PAFR
THANK YOU
QUESTIONS ?