November 07, 2012 - Though all three of Crestwood's funds decreased overall by $460,366 for the third-quarter, the city increased its year-to-date overall fund balance by more than $630,000.
Finance Officer Greg Kremer presented the city's third-quarter financial report to the Board of Aldermen at its Oct.
Citywide, revenues totaled $2,306,840 for the third quarter, which ran from July 1 to Sept. 30. Expenditures totaled $2,767,206, decreasing the overall fund balance by $460,366, according to information Kremer provided to the board.
The city's general revenue fund reached $1,603,560 in the third quarter. Year-to-date revenues for the general fund are at $5,942,661. Revenue is down roughly $66,000 from the same time period in 2011.
"The main driver for the decrease are lower utility taxes collected — natural gas receipts — and lower fines and forfeitures — traffic fines and court costs," Kremer wrote. "Sales tax receipts in 2012 are up approximately $43,000 compared to the same period in 2011— the increase in sales tax receipts is due to the timing of the county's sales-tax sharing formula."
Third-quarter expenditures totaled $1,864,467 for the general fund, making year-to-date expenditures $5,512,444. Kremer wrote that "referencing the third quarter 2011 financial report, on a (year-to-date) basis, the city has expended 66.1 percent of budgeted expenditures."
In capital improvement, revenues came in at $253,646 for the third quarter, "bringing (year-to-date) revenues to $915,186." Revenue is "basically flat" in the capital improvement fund compared to last year, according to Kremer.
"The city has received approximately $17,000 less in sales tax receipts in 2012 compared to 2011 on a (year-to-date) basis," Kremer wrote. "However, that decrease has been offset by revenue received from the sale of city vehicles and higher grant revenue."
Expenditures for capital improvement are $411,538 for the third quarter, making year-to-date expenditures $958,541. Mill and overlay work increased expenditures in 2012 from 2011, according to Kremer's report.
The capital improvement fund also received a transfer-in from the park and stormwater fund of $48,000, according to Kremer. The fund balance decreased by $109,892 for the third quarter, but year-to-date, the balance has increased by $4,645.
In the park and stormwater fund, third quarter revenues totaled $449,634, making year-to-date revenues $1,462,678. Revenues are "basically flat" compared to 2011, according to Kremer.
"The city has received approximately $23,000 less in sales tax receipts in 2012 compared to 2011 on a year-to-date basis," Kremer wrote. "However, that decrease has been offset by higher charges for services receipts."
Third-quarter park and stormwater expenditures came in at $491,201, according to Kremer, "bringing (year-to-date) expenditures to $2,067,291."
Overall, the park and stormwater fund balance has decreased by $3,805.
In other business, the board approved the following items:
● Request for qualifications for legal services.
● A second reading of an ordinance for a budget amendment to the general fund.