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Owensboro finance staff reports September revenue ahead of budget, expenditures below budget; commission approves report
Summary
Finance presenter reported September general fund revenues exceeded budget for the month and year-to-date, while expenditures were below budget for month and year-to-date; the commission voted to approve the September financial report.
Angela Waniger presented the city's September general fund financials and highlighted several variances she attributed primarily to timing.
For September, actual revenues were $5,001,346 compared with budgeted revenues of $4,757,887, a positive variance of $243,459, driven largely by higher occupational withholding and net profits partially offset by timing of property tax. Year-to-date (three months ended September), actual revenues were $15,485,354 versus a budget of $15,157,902 (variance $327,452), attributed to higher insurance premium license fees and net profits but partially offset by lower occupational withholding.
Monthly expenditures were $6,682,715, below the budgeted $6,841,383 by $158,670, primarily due to timing and certain contributions; year-to-date expenditures were $18,852,691 compared with budgeted expenditures of $23,801,314, a variance of $4,948,623, which Waniger again described as timing-related. Waniger told commissioners she expects property-tax collections to increase revenues in coming months.
After the presentation, a motion to approve the financial report was made and approved by voice vote.
