Finance staff reports mid‑year budget-to-actuals; several funds below year-to-date projections

City finance staff presented the monthly budget‑to‑actual report for the period Nov. 1, 2023 through July 31, 2024 (75% of the fiscal year) at the Aug. 20 New Iberia City Council meeting, outlining variances across operating, special revenue and enterprise funds.

Key figures cited by staff include general fund budgeted revenues of $32.5 million with actual receipts of $16.6 million (51% of budget) and general fund expenditures of $37.7 million with $18.4 million expended (49% of budget). Staff said some variances are timing differences and that operating transfers are typically completed toward the end of the fiscal year.

Other fund highlights included:

- Sales tax fund (1960): Budgeted revenue $10.5 million; actual $7.2 million (68%); expenditures $15.4 million budgeted, $6.1 million expended (40%). - Pepperplex: Revenue budget $800,000; actual $553,000 (69%); expenditures budget $964,000; actual $220,000 (23%). - Public safety tax: Revenue budget $4.2 million; actual $2.8 million (67%); expenditures at 50% of budget. - Section 8 vouchers: Budgeted revenues $1.5 million; actual $1.4 million (91%); expenditures $1.4 million (88%). - Wastewater: Budgeted revenues $15.3 million; actual $3.4 million (22%); expenditures budget $20 million; actual $4.2 million (21%) — staff said project-driven revenues and expenditures explain low year-to-date percentages.

Council members asked questions about police‑department revenue/expense timing and insurance allocations; staff responded that timing differences explain several variances and that operating transfers will be handled later in the fiscal year. The finance presenter offered to provide additional detail on insurance and other departmental splits on request.