09-2018_General Fund Preliminary Year End AnalysisFY 2018 Preliminary Year‐End Analysis (General Fund)
Note: Information presented in this report is preliminary. The preliminary report provides the Village's
financial activity as posted to date. Actual results could differ as accounts are updated and analyzed.
FY 2018 Budget Amendments:
Differences between the original budget and the final amended budget were $5,527,789 and can be
briefly summarized as follows:
Prior Year Open Purchase Order Carryover ($755,281)
Use of Developer Fees ($252,000)
Grant Match ($50,000)
Funding for Public Safety Roof Project ($547,981)
Funding for Clubhouse Project ($3,922,527)
Budget‐to‐Actual Variance Summary
Year‐to‐date Revenues:
The favorable variance of approximately $1.03 million in earned revenue is primarily attributable to the
following:
Ad‐Valorem Taxes (Favorable Variance = $213,273): Only 95% of the gross ad‐valorem taxes are
budgeted.
Franchise Fees & Utility Service Taxes (Favorable Variance = $345,941): Revenues are budgeted
on prior year trends. Actual receipts are based on a percentage of sales by service provider.
Licenses & Permits (Favorable Variance = $264,394): Building Permit revenue was under‐
estimated by Department
Investment (Favorable Variance = $61,188): Change in investment policy to allow additional
options for the Short‐Term Portfolio resulted in a positive impact
Miscellaneous Revenue (Favorable Variance = $237,974): Includes several unbudgeted items such
as insurance refunds, sales of surplus, etc.)
Year‐to‐date Expenses:
The overall favorable budget to actual cost variance of approximately $585,962 is primarily a result of
several unfinished projects at fiscal year‐end that were carried over into the following fiscal year
($391,427). Explanation of variances in departmental expenses are provided below:
General Government: The positive variance is primarily a combination of savings as a result of
several position vacancies & employees hired at reduced salary & benefits
Police & Fire: The overage in Police & Fire is personnel related. The FY’17 employee merit
increases were processed for PBA in addition to the FY’18 merit increases. Also, the employee
merit increases were higher than the budgeted amount
Public Works: The positive variance is primarily attributable to savings in operating costs.
Infrastructure monies were used for sidewalks; storm‐water projects have been postponed until
the storm‐water study is finalized; used grant monies for projects related to Anchorage Master
Plan & Anchorage Park Bulkhead.
Community Development: The positive variance is primarily a combination of savings as a result
of several position vacancies & employees hired at reduced salary & benefits
Leisure Services: The positive variance is primarily a combination of savings as a result of several
position vacancies & employees hired at reduced salary & benefits.
Other Government: The overage in this category is primarily attributable to hurricane related
expenses of $248k.
Net change in Unassigned Fund Balance (estimate):
Beginning Balance $11,811,468
FY’18 Revenue over Expense estimate 1,171,416
Less: Transfers Out:
CIP Transfer $190,799
Use of Developer Fees 252,000
Grant Match 50,000
Public Safety Roof 547,981
Clubhouse Project 3,922,527 (4,963,307)
Net Change (Before CC Advance) (3,791,891)
Advance to Country Club (1,700,000)
Preliminary Year End Estimate $6,319,577