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Panguitch reviews mid‑year financial statements showing $108,769 surplus YTD
Summary
Panguitch City Council materials for Feb. 24, 2026 show year‑to‑date revenues of $1,358,820.84 and expenditures of $1,250,051.49, producing a $108,769.35 positive change in net position; the packet flags a large Prevention Coalition expense and airport grant receipts that exceed budget.
The Panguitch City Council packet for its Feb. 24, 2026 meeting included mid‑fiscal‑year financial statements showing year‑to‑date revenue of $1,358,820.84 and year‑to‑date expenditures of $1,250,051.49, leaving a positive Change in Net Position of $108,769.35.
The packet states that 66.67% of the fiscal year had elapsed as of Feb. 19, 2026. General Fund tax receipts totaled $824,476.07 YTD, with sales and use tax YTD at $262,293.86 (56.37% of its annual budget). Overall revenues are reported at 68.70% of the annual budget while expenditures are at 63.20% of the annual budget.
The administrative expense lines show notable variances. An entry labeled "PREVENTION COALITION" records $245,370.82 in expenditures against a budget of $125,000 (196.30% used). Airport grants are recorded at $51,314.75 YTD versus a $15,000 budget line (342.10% used). The packet lists these figures without explanatory narrative in the available materials.
Water and sewer enterprise funds were provided separately. The Water Fund shows operating income of $275,530.30 YTD (63.78% of budget) against operating expenses of $205,527.57, yielding operating income of $70,002.73. Total Water Fund net income (including non‑operating items) is reported as $90,012.70 YTD. The Sewer Fund shows operating income of $205,981.18 YTD with operating expenses of $96,632.47 and a net operating surplus of $109,348.71 YTD; non‑operating receipts include $4,100 in impact fees.
The materials provided are numerical statements and line‑item lists; the packet did not include recorded motions, votes, or staff explanations for the variances in the excerpt provided. Items that substantially exceed or deviate from budgeted amounts — the Prevention Coalition expense and the airport grants line — appear in the financial document and may warrant further explanation by staff or follow up at a future meeting.
The packet also lists routine budget categories such as Class C road fund receipts, transient room taxes, utilities, and debt service lines, and notes several capital and maintenance lines (chip seal at 90.71% used, multi‑purpose center capital outlay over budget). No formal action on the budget lines is recorded in the material supplied.
