Title
2014 Financial Update and 2016 Budget Outlook
Body
From:
Kara Skinner, Chief Financial Officer
Summary:
Preliminary 2014 Financial Update:
The General Fund, along with the Public Safety Sales Tax (PSST) Fund, the Trails, Open Space and Parks Fund (TOPS), and the Conservation Trust Fund (CTF) provide the majority of funding for traditional municipal services. This financial update focuses on those four funds. All figures are rounded for ease of discussion. In addition, the financial update provides preliminary results for the Municipal Enterprises, excluding Colorado Springs Utilities and Memorial Health System.
Based upon current pre-audited figures General Fund 2014 revenue totaled $252.4 million and 2014 General Fund expenditures totaled $255.4 million. Therefore, actual expenditures exceeded actual revenue by $3.0 million. Based upon these preliminary figures, we anticipate unrestricted fund balance as a percentage of the 2015 General Fund expenditure budget to be approximately 16.7% or $43.6 million; which is $21.1 million less than the GFOA recommended reserve balance of 25%. While there was a budgeted draw from fund balance of $1.76 million, a total of $2.5 million in supplemental appropriations from fund balance were approved by City Council during 2014 (see Previous Council Action for details). The actual draw from fund balance was less than the final budgeted amount as revenue exceeded budget and departments realized expenditure savings. The Q4 2014 Quarterly Financial Report (full report attached) provides additional detailed information and varies slightly from the information in this report due to the timing of its preparation.
The PSST Fund is a critical source of funding for public safety. For 2014, the PSST Fund revenue exceeded expenditures by $1.1 million. The 2014 PSST unrestricted fund balance is approximately $4.4 million or 16% of the 2015 PSST expenditure budget. While there was a budgeted draw...
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