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AGENDA ORO VALLEY
BUDGET AND FINANCE COMMISSION
REGULAR SESSION
SEPTEMBER 17, 2024
COUNCIL CHAMBERS
11000 N. LA CAÑADA DRIVE
REGULAR SESSION AT OR AFTER 4:00 PM
CALL TO ORDER
ROLL CALL
PLEDGE OF ALLEGIANCE
CALL TO AUDIENCE - at this time, any member of the public is allowed to address the Commission on any
issue not listed on today’s agenda. Pursuant to the Arizona open meeting law, individual Commission
members may ask Town staff to review the matter, ask that the matter be placed on a future agenda, or
respond to criticism made by speakers. However, the Commission may not discuss or take legal action on
matters raised during "Call to Audience." In order to speak during "Call to Audience", please specify what
you wish to discuss when completing the blue speaker card.
STAFF LIAISON REPORT
REGULAR SESSION AGENDA
1.REVIEW AND APPROVAL OF THE JUNE 18, 2024 REGULAR SESSION MEETING MINUTES
2.PRESENTATION AND DISCUSSION ABOUT THE COMMUNITY'S EFFORT TO CREATE THE NEXT
10-YEAR ACTION PLAN, KNOWN AS OV'S PATH FORWARD.
3.PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN'S FY 23/24 FINANCIAL UPDATE
THROUGH JUNE 2024 (Please reference attachments)
COUNCIL LIAISON COMMENTS
ADJOURNMENT
POSTED: 9/13/24 at 5:00 PM by dt.
When possible, a packet of agenda materials as listed above is available for public inspection at least 24 hours prior
to the Commission meeting in the Town Clerk's Office between the hours of 8:00 a.m. – 5:00 p.m.
The Town of Oro Valley complies with the Americans with Disabilities Act (ADA). If any person with a disability needs
any type of accommodation, please notify the Town Clerk’s Office at least five days prior to the Commission meeting
at 229-4700.
INSTRUCTIONS TO SPEAKERS
Members of the public have the right to speak during any posted public hearing. However, those items not
listed as a public hearing are for consideration and action by the Commission during the course of their
business meeting. Members of the public may be allowed to speak on these topics at the discretion of the
Chair.
If you wish to address the Commission on any item(s) on this agenda, please complete a blue speaker card located
on the Agenda table at the back of the room and give it to the Recording Secretary. Please indicate on the
speaker card which item number and topic you wish to speak on, or if you wish to speak during “Call to
Audience,” please specify what you wish to discuss when completing the blue speaker card.
Please step forward to the podium when the Chair announces the item(s) on the agenda which you are interested in
addressing.
1. For the record, please state your name and whether or not you are a Town resident.
2. Speak only on the issue currently being discussed by the Commission. Please organize your speech, you will only
be allowed to address the Commission once regarding the topic being discussed.
3. Please limit your comments to 3 minutes.
4. During “Call to Audience”, you may address the Commission on any issue you wish.
5. Any member of the public speaking must speak in a courteous and respectful manner to those present.
Thank you for your cooperation.
“Notice of Possible Quorum of the Oro Valley Town Council, Boards, Commissions and Committees: In accordance
with Chapter 3, Title 38, Arizona Revised Statutes and Section 2-4-4 of the Oro Valley Town Code, a majority of the
Town Council, Board of Adjustment, Historic Preservation Commission, Parks and Recreation Advisory Board,
Stormwater Utility Commission, and Water Utility Commission may attend the above referenced meeting as a
member of the audience only.”
Budget and Finance Commission 1.
Meeting Date:09/17/2024
Submitted By:Melissa Flores, Legal
SUBJECT:
REVIEW AND APPROVAL OF THE JUNE 18, 2024 REGULAR SESSION MEETING MINUTES
RECOMMENDATION:
Staff recommends approval
EXECUTIVE SUMMARY:
N/A
BACKGROUND OR DETAILED INFORMATION:
N/A
FISCAL IMPACT:
N/A
SUGGESTED MOTION:
I MOVE to approve the June 18, 2024 regular session meeting minutes.
Attachments
Draft Minutes 061824
D R A F T
MINUTES
BUDGET AND FINANCE COMMISSION
REGULAR SESSION
JUNE 18, 2024
COUNCIL CHAMBERS
11000 N. LA CAÑADA DRIVE
REGULAR SESSION AT OR AFTER 4:00 PM
CALL TO ORDER
ROLL CALL
Present: Joyce Garland, Member
Michael Mason, Chair
Matthew Miller, Member
Absent:Jennifer Carr, Vice Chair (Excused)
Gerald LeMay, Member
Staff Present:Joe Winfield, Mayor
David Gephart, Chief Financial Officer
Wendy Gomez, Deputy Finance Director
Chris Hutchison, Senior Budget Analyst
PLEDGE OF ALLEGIANCE - Chair Mason led the group in the Pledge of Allegiance.
CALL TO AUDIENCE - No speaker cards were received.
STAFF LIAISON REPORT
Chief Financial Officer, David Gephart, reported on the following:
- Town Council will be off for the Month of July.
- Town Council approved water rate increases and adopted the tentative budget.
- The Financial Policies will be on the Town Council's next Agenda for approval, as well as the final
adopted budget for the Town.
- There is a Path Forward presentation on the survey results
- There will be various Personnel Policy amendments also on the next Town Council Agenda.
- Staff prepares for the arrival of the Auditors.
- Canceling of the July Budget and Finance Commission Meeting.
REGULAR SESSION AGENDA
1.REVIEW AND APPROVAL OF THE MAY 21, 2024 REGULAR SESSION MEETING MINUTES
Motion by Member Matthew Miller, seconded by Member Joyce Garland to approve the May 21, 2024
Motion by Member Matthew Miller, seconded by Member Joyce Garland to approve the May 21, 2024
Regular Session Meeting Minutes as written.
Vote: 3 - 0 Carried
2.PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN'S FY 23/24 FINANCIAL UPDATE
THROUGH APRIL 2024
Presentation by Senior Budget Analyst, Chris Hutchison. Discussion ensued amongst Staff and
Commissioners.
3.PRESENTATION, REVIEW AND POSSIBLE DISCUSSION OF FY2024/2025 BUDGET
Presentation by Chief Financial Officer David Gephart. Discussion ensued amongst Staff and
Commissioners.
COUNCIL LIAISON COMMENTS
Mayor Winfield extends his and the Town Council's appreciation for reviewing the financial polices of the Town
so diligently. Mayor Winfield continues to report the following:
- In addition to the new water rate increase and water preservation fee increase, the Town Council also
approved unanimously, in terms of land use, a self-storage expansion area near Hardy and Oracle.
ADJOURNMENT
Motion by Member Joyce Garland, seconded by Member Matthew Miller to adjourn the meeting at
4:39 P.M.
Vote: 3 - 0 Carried
I hereby certify that the foregoing minutes are a true and correct copy of the minutes of the regular session of the
Town of Oro Valley Budget and Finance Commission of Oro Valley, Arizona held on the 18 day of June, 2024. I
further certify that the meeting was duly called and held and that a quorum was present.
Dated this 18 day of June, 2024.
___________________________
Melissa Flores
Legal Secretary
Budget and Finance Commission 2.
Meeting Date:09/17/2024
Requested by: Bayer Vella, Community and Economic Development
Submitted By:Milini Simms, Community and Economic Development
SUBJECT:
PRESENTATION AND DISCUSSION ABOUT THE COMMUNITY'S EFFORT TO CREATE THE NEXT 10-YEAR ACTION
PLAN, KNOWN AS OV'S PATH FORWARD.
RECOMMENDATION:
This item is for information and discusion purposes only.
EXECUTIVE SUMMARY:
The process to create the resident-driven, 10-year action plan was launched in October 2023. The first phase of this 3-year
effort, focused on inviting residents to participate, providing information about the plan, and most importantly listening to their
ideas, perspectives and expectations for OV's future.
Over 8,900+ contributions were made through the BIG Community Survey, online discussions and at events. This not only
exemplifies the commitment and care residents have for Oro Valley but also provides significant direction to create a plan that
represents the community. Resident responses form the building blocks for the plan. The surest path to ensure the plan will be
ratified by the voters and remain relevant over a 10-year time frame is making sure it stays true to the direction from residents
provided over the past 9 months.
How the 10-year plan affects the Budget and Finance Commission:
The 10-year action plan includes a vision, principles, goals, policies and actions that will
guide town decisions. The plan produces real results to meet the community's vision.
These results, generally in the form of town improvements, projects, or programs, directly
impact the town's budget. The image to the right is from the current, Your Voice, Our
Future plan. It depicts how the 10-year plan guides the town budget and resources.
The first step in creating the plan is building the draft vision and guiding principles. Both
provide a high-level view of residents' values, aspirations and priorities for OV's future.
More specifically, the guiding principles set the foundation for resident working groups to
forge goals, policies, and actions to turn the community's vision into a reality. Therefore, it
is highly important the draft vision and guiding principles stay true to what residents
said because they not only create the framework for the 10-year plan but set things in
motion.
Your voice is needed
Calling all residents to help make sure the draft vision and guiding principles reflect what most residents have said over
the past 9 months. Do the draft vision and guiding principles reflect what most residents said or are there better phrases
to capture resident voices? Take the Wordsmith Challenge to share your thoughts. Click HERE.
Join a resident working group. All board and commission members are asked to join the resident working group most
relevant to their area of focus. The "Economic Development and Town Finances" resident working group is most
applicable to the Budget and Finance Commission. More information about working groups and a sign-up is available
HERE.
This item is being presented for information and discussion purposes only.
BACKGROUND OR DETAILED INFORMATION:
Since October, residents have shared their ideas and perspectives on OV's future through surveys, at booths setup in front of
their favorite restaurants and shops, and online. The 8,900+ responses received through these three primary tools are
summarized in the "Phase 1, Let's Talk" report (click HERE).
In addition to the three primary engagement tools, responses from a statistically representative housing phone survey and data
from the Parks and Recreation Master Plan are also referenced in the report. Both provide more focused direction from
residents on these topics. Two factors should be considered when interpreting the results:
The phone surveys (BIG Community Survey and Housing) are the only tools that are statistically representative of all
adults in OV. This means a 50% response can be accurately projected to 19,442 adult residents. Event and online
comments provide important context the survey could not capture.
Low percentages are directly correlated with open-ended questions that have a broader range of responses. Low
percentages should not be misconstrued as unimportant or a low priority. This makes similar responses that rise above
others more notable.
ALL the feedback from residents is significant and will be used to create the 10-year plan. Using the statistically
representative phone survey as a guide, event, and online comments were categorized to find trends. Most of the comments
received at events and online were consistent with the responses to the phone survey.
DISCUSSION/ANALYSIS:
DRAFT VISION STATEMENT
The draft vision statement aims to capture the core values and aspirations for OV's future shared by residents through surveys,
online discussions, and at events. The draft vision statement, along with the guiding principles, set the framework for the
10-year action plan.
DRAFT GUIDING PRINCIPLES
In addition to the draft vision statement, there are 13 guiding principles capturing the residents' priorities for an array of topics.
This includes public safety, water, development, parks, housing, and more. Goals, policies and actions to address the priorities
expressed in the guiding principles will be forged by resident working groups in "Phase 2: Let's Think", which kicks-off in January.
An example of a guiding principle that is relevant to the Budget and Finance Commission is below and all 13 are available
HERE.
YOUR VOICE IS NEEDED
TAKE THE WORDSMITH CHALLENGE!
All residents are invited to help build the draft vision and principles by taking the
wordsmith challenge, available now on www.OVPathForward.com. Resident voices
are needed to help make sure these foundational elements of the plan reflect what
most residents said. There is also an opportunity to suggest improvements to better
capture resident voices.
The challenge will run through September 30. Responses that stay true to residents
may be incorporated into the draft vision and guiding principles that will be
presented to Town Council in December for potential endorsement. This will wrap
up Phase 1 of this 3-year effort.
JOIN A RESIDENT WORKING GROUP
Building the vision and guiding principles is just the first step in creating the 10-year action plan. "Phase 2: Let's Think" will
begin in January with resident working groups. Five resident working groups will help forge goals, policies, and actions to turn
the community's vision into a reality. The resident working groups are depicted in the image below. Please note, the community
group will discuss topics like parks, recreation, art, culture, and safety.
Resident working groups will meet online with some in-person opportunities. Board and commission members are asked to sign
up and attend the working group most applicable to their board (e.g., Economic Development and Town Finances for the
Budget and Finance Commission). Learn more about resident working groups and sign up HERE.
In summary, a significant amount of direction was provided by residents to help create the next 10-year action plan. The draft
vision and guiding principles are the first step to creating a plan. They set the framework for resident working groups to use the
feedback gathered over the past 9 months to forge goals, policies and actions next year.
FISCAL IMPACT:
Not applicable
SUGGESTED MOTION:
This item is for presentation and discussion only.
Budget and Finance Commission 3.
Meeting Date:09/17/2024
Submitted By:Christopher Hutchison, Finance
SUBJECT:
PRESENTATION AND POSSIBLE DISCUSSION OF THE TOWN'S FY 23/24 FINANCIAL UPDATE THROUGH
JUNE 2024 (Please reference attachments)
RECOMMENDATION:
N/A
EXECUTIVE SUMMARY:
Please reference attachments for this item.
Financial Status Fiscal Year to Date:
General Fund
Highway Fund
Community Center Fund
Capital fund
Water Fund
Stormwater Fund
Appendix:
Appendix 1 – Golf Income statement
Appendix 2 – Golf Analysis
Appendix 3 – All funds YTD actuals + Fund balance
Appendix 4 – Local Sales Tax Collections detail
Appendix 5 – General Fund State Shared Revenues
Appendix 6 – Debt Service
BACKGROUND OR DETAILED INFORMATION:
N/A
FISCAL IMPACT:
N/A
SUGGESTED MOTION:
N/A
Attachments
Consolidated June 2024 Monthly Financial Report
General Fund
Financial Status Fiscal Year to Date: June 2024
Revenues `
Amount Percent
Local Sales Tax 27,319,039$ 27,494,515$ 26,398,318$ 1,096,197$ 104%
State Shared Revenues 18,969,634 22,785,500 22,953,222 (167,723) 99%
Licenses & Permits 2,643,013 2,122,503 1,717,118 405,385 124%
Grants 653,525 444,210 657,415 (213,205) 68%
Intergovernmental 1,857,521 2,022,779 1,869,500 153,279 108%
Charges for Service 2,909,080 2,971,448 3,204,246 (232,798) 93%
Other Revenue 999,393 1,579,404 688,000 891,404 230%
Total Revenues 55,351,205$ 59,420,360$ 57,487,819$ 1,932,541$ 103%
Uses
Amount Percent
Personnel Services 33,318,117$ 34,857,663$ 35,698,399$ 840,736$ 98%
Operations and Maintenance 12,173,641 13,437,337 14,208,828 771,491 95%
Capital Outlay 425,873 180,402 620,487 440,085 29%
Transfers Out 15,996,977 12,274,644 12,274,644 - 100%
Total Uses 61,914,608$ 60,750,046$ 62,802,358$ 2,052,312$ 97%
Change in Fund Balance
Total Revenues 55,351,205$ 59,420,360$ 57,487,819$ 59,420,360$
Total Uses (61,914,608) (60,750,046) (62,802,358) (60,750,046)
Change in Fund Balance (6,563,403)$ (1,329,687)$ (5,314,539)$ (1,329,687)$
Beginning Fund Balance 23,798,492$
Estimated Ending Fund Balance 22,468,806$ 18,483,953$
Note: The estimated ending fund balance exceeds the town's 30% expenditure reserve policy by a margin of $7.9 million.
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
FY 2023/24
Budget
Year End
Estimate
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
FY 2022/23
Actuals
FY 2023/24
Actuals
Page 1 of 15
General Fund
Financial Status Fiscal Year to Date: June 2024
Local Sales Tax Revenue
Amount Percent
Construction 5,525,757$ 5,524,238$ 4,609,182$ 915,057$ 120%
Utilities 3,708,954 4,015,841 3,721,616 294,225 108%
Retail 9,129,647 9,282,717 9,339,301 (56,584) 99%
Bed Tax 2,470,488 2,043,280 2,384,479 (341,200) 86%
Restaurant & Bar 2,721,681 2,736,422 2,596,724 139,699 105%
Other 2,999,201 3,176,684 2,982,017 194,667 107%
Cable Franchise 763,311 715,334 765,000 (49,666) 94%
Local Sales Tax Total 27,319,039$ 27,494,515$ 26,398,318$ 1,096,197$ 104%
State Shared Revenue
Amount Percent
State Income Tax 9,082,721$ 12,779,482$ 12,839,525$ (60,043)$ 100%
State Sales Tax 7,077,517 7,281,900 7,207,659 74,241 101%
Vehicle License Tax 2,421,489 2,438,980 2,582,388 (143,408) 94%
Smart and Safe 271,786 285,138 323,650 (38,512) 88%
Opioid Settlement 116,120 - - - -
State Shared Total 18,969,634$ 22,785,500$ 22,953,222$ (167,723)$ 99%
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Actual to budget variance of $(168,000) or -0.7%: The
unfavorable budget variance is primarily due to lower-than-
expected vehicle license tax (VLT) collections.
Note that approximately 20% of the revenue collected by the
Arizona Department of Transportation (ADOT) for annual
vehicle registrations is distributed to cities and towns based
on population. This tax is calculated using the assessed
value of each licensed vehicle in Arizona and adjusts
according to the vehicle's age.
Actual to budget variance of $1.1 million or 4%: The
favorable variance is attributed to stronger performance in
construction (driven by the ongoing construction of La
Posada senior living center), remote seller (online sales),
and utilities taxes. The tempered growth in retail sales tax is
offset by a significant increase in remote seller sales tax,
suggesting a greater shift towards online shopping
compared to the prior year.
Please refer to Appendix 5 for a detailed breakdown of
General Fund local sales tax collections.
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
$12.8
$7.3
$2.4
$0.3 $0.0
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
State Income
Tax
State Sales
Tax
Vehicle
License Tax
Smart and
Safe
Opioid
SettlementMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
$5.5
$4.0
$9.3
$2.0
$2.7 $3.2
$0.7
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
Millions FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
Page 2 of 15
General Fund
Financial Status Fiscal Year to Date: June 2024
Licenses & Permits Revenue
Amount Percent
Business Licenses & Permits 206,005$ 206,918$ 205,000$ 1,918$ 101%
Residential Building Permits 1,085,416 1,326,813 1,090,118 236,695 122%
Commercial Building Permits 1,042,431 398,687 250,000 148,687 159%
Other Building Permits and Fees 309,161 190,086 172,000 18,086 111%
Licenses & Permits Total 2,643,013$ 2,122,503$ 1,717,118$ 405,385$ 124%
Grants Revenue
Amount Percent
Federal grants 579,259$ 292,732$ 582,415$ (289,683)$ 50%
State Grants 74,267 151,478 75,000 76,478 202%
Grants Total 653,525$ 444,210$ 657,415$ (213,205)$ 68%
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Actual to budget variance of $(0.2) million or -32%: An
unfavorable variance resulted from lower-than-anticipated
federal grants awarded to the Police Department. This is
due to a timing discrepancy, as some grant revenues
budgeted for FY24 are actually applicable to FY25.
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Actual to budget variance of $0.4 million or 24%: Favorable
due to greater than expected residential building permits and
commercial activity. A total of 178 Single Family Residential
(SFR) permits have been issued through June, greater than
the budgeted expectation of 119.
$0.2
$1.3
$0.4
$0.2
$0.0
$0.5
$1.0
$1.5
Business
Licenses &
Permits
Residential
Building Permits
Commercial
Building Permits
Other Building
Permits and
FeesMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
$0.3
$0.2
$0.0
$0.2
$0.4
$0.6
$0.8
Federal grants State GrantsMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
Page 3 of 15
General Fund
Financial Status Fiscal Year to Date: June 2024
Intergovernmental Revenue
Amount Percent
School Resource Officers 65,000$ 90,301$ 90,000$ 301$ 100%
RTA Reimbursements 1,778,249 1,930,657 1,774,000 156,657 109%
PC Library District Reimburse 14,272 1,822 5,500 (3,678) 33%
Intergovernmental Total 1,857,521$ 2,022,779$ 1,869,500$ 153,279$ 108%
Charges for Service Revenue
Amount Percent
Enterprise Funds Cost Allocation 1,648,966$ 1,653,935$ 1,897,065$ (243,130)$ 87%
Recreation Fees 843,432 928,375 796,840 131,535 117%
Development Fees 106,030 98,638 116,080 (17,442) 85%
Court Fees 152,872 135,352 194,400 (59,048) 70%
Other 157,781 155,148 199,861 (44,713) 78%
Charges for Service Total 2,909,080$ 2,971,448$ 3,204,246$ (232,798)$ 93%
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Actual to budget variance of $153,000 or 8%: Greater than
expected RTA reimbursements attributable to ridership
activity.
Actual to budget variance of $(0.2) million or -7%: Cost
allocation charges to the Town’s enterprise funds for
services provided, as well as Parks & Recreation fees, make
up the bulk of this revenue category. Unfavorable variance
due to a reduction in the enterprise service charge, lower-
than-expected engineering plan review fees and court fees,
and no transit farebox revenues.
$0.1
$1.9
$0.0
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
School Resource
Officers
RTA Reimbursements PC Library District
ReimburseMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
$1.7
$0.9
$0.1 $0.1 $0.2
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
Enterprise
Funds Cost
Allocation
Recreation
Fees
Development
Fees
Court Fees OtherMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
Page 4 of 15
General Fund
Financial Status Fiscal Year to Date: June 2024
Other Revenue
Amount Percent
Fines 84,454$ 61,640$ 125,000$ (63,360)$ 49%
Interest Earnings 283,263 923,106 300,000 623,106 308%
Miscellaneous 631,676 594,658 263,000 331,658 226%
Other Revenue Total 999,393$ 1,579,404$ 688,000$ 891,404$ 230%
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Actual to budget variance of $0.9 million or 130%: Interest
earnings are favorable due to a higher rate of return on
investments than expected. Miscellaneous is favorable due
to a rebate received from the Arizona Municipal Risk
Retention Pool (AMRRP).
$0.1
$0.9
$0.6
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
Fines Interest Earnings MiscellaneousMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
Page 5 of 15
General Fund
Financial Status Fiscal Year to Date: June 2024
Expenditures by Department
Amount Percent
Clerk 428,729$ 403,496$ 419,897$ 16,401$ 96%
Community & Econ. Dev. 3,148,683 3,548,853 3,882,445 333,592 91%
Council 197,987 184,698 209,203 24,505 88%
Finance 888,629 825,097 850,456 25,359 97%
Non-Departmental 3,328,279 2,420,253 2,555,536 135,283 95%
Human Resources 545,050 632,274 673,755 41,481 94%
Information Technology 4,513,489 5,623,576 6,004,600 381,024 94%
Legal 1,030,534 1,071,067 1,132,503 61,436 95%
Town Manager 1,354,290 1,596,585 1,760,479 163,894 91%
Parks & Recreation 3,858,974 4,464,202 4,766,140 301,938 94%
Police 19,768,568 20,185,024 20,436,591 251,567 99%
Public Works 5,889,330 6,535,148 6,825,447 290,299 96%
Town Court 965,089 985,129 1,010,662 25,533 97%
Total Department Expenditures 45,917,631$ 48,475,402$ 50,527,714$ 2,052,312$ 96%
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
$0.4
$3.5
$0.2 $0.8 $2.4
$0.6
$5.6
$1.1 $1.6
$4.5
$20.2
$6.5
$1.0
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
Millions FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
Departmental variances are explained below if they individually exceed $25,000 and 5%.
Actual to budget favorable variance of $2.1 million or 4%:
Community and Economic Development realized savings in Planning personnel due to unfilled Code compliance specialist and intern
positions. Additional savings were achieved in tourism and economic development spending on regional partnerships and targeted tourism
initiatives. Furthermore, Planning had savings on budgeted contracted personnel services for the General Plan.
Non-departmental costs were lower than budgeted due to savings in tourism and economic development, professional services, and electricity.
However, these savings were partially offset by increased general liability and property insurance claims.
Human Resources realized savings by not utilizing their full budget for outside professional services and travel & training.
Information Technology experienced a favorable variance due to unfilled GIS Analyst and IT technician positions. Additionally, the department
realized savings in operations and maintenance costs for outside professional services, software maintenance, telecommunications, and travel
and training.
Legal realized savings in contracted attorney services.
The Town Manager's office realized cost savings from an unfilled procurement specialist role, staff transitions, a management intern position
that was filled for fewer hours than originally budgeted, and lower-than-expected travel and training expenditures.
Parks and Recreation: Saving in personnel due to P&R Director vacancy for 4 months, turnover in Parks Maintenance Superintendent and
aquatics manager, and vacancies in parks maintenance workers, and savings in equipment purchases.
Page 6 of 15
Highway Fund
Financial Status Fiscal Year to Date: June 2024
Sources `
Amount Percent
Licenses & Permits 27,565$ 25,869$ 25,000$ 869$ 103%
Highway User Revenue 4,129,268 4,221,036 4,334,608 (113,572) 97%
Interest Earnings 174,391 205,034 70,000 135,034 293%
Miscellaneous 7,806 14,715 3,000 11,715 490%
Transfers In - 1,500,000 1,500,000 - 100%
Total Sources 4,339,029$ 5,966,655$ 5,932,608$ 34,047$ 101%
Expenditures
Amount Percent
Personnel 1,195,566$ 1,241,700$ 1,262,861$ 21,161$ 98%
O&M 874,503 1,052,092 1,035,930 (16,162) 102%
Capital Outlays 2,592,177 3,921,615 4,170,000 248,385 94%
Total Expenditures 4,662,246$ 6,215,406$ 6,468,791$ 253,385$ 96%
Change in Fund Balance
Total Sources 4,339,029$ 5,966,655$ 5,932,608$ 5,966,655$
Total Expenditures (4,662,246) (6,215,406) (6,468,791) (6,215,406)
Change in Fund Balance (323,216)$ (248,752)$ (536,183)$ (248,752)$
Beginning Fund Balance 878,932$
Estimated Ending Fund Balance 630,181$
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Year End
Estimate
Revenues:
Actual to budget favorable variance of $34,000 or 0.6%:
Highway User Revenue (HURF) was 2.6% lower than projected due to fluctuations in gasoline sales in Pima County. However, interest earnings
exceeded projections due to higher-than-expected investment returns. Miscellaneous revenues also exceeded expectations due to insurance
recoveries.
Expenditures:
Actual to budget favorable variance of $253,000 million or 4%:
Personnel costs came in 1.7% below budget due to vacant positions, and delayed refilling of others. However, operations and maintenance
(O&M) costs exceeded budget due to higher-than-anticipated right-of-way cleanup and landscaping expenses. Capital outlay expenditures were
lower than planned, primarily due to cost savings on roadway projects and equipment.
Page 7 of 15
Community Center Fund
Financial Status Fiscal Year to Date: June 2024
Revenues
Amount Percent
Local Sales Tax 3,707,578$ 3,792,744$ 3,726,016$ 66,728$ 102%
Contracted Operating Revenues 4,996,327 6,037,684 4,609,486 1,428,198 131%
Town Operating Revenues 1,268,736 1,453,977 1,175,800 278,177 124%
Other Revenues 232,981 194,588 197,150 (2,563) 99%
Total Revenues 10,205,621$ 11,478,993$ 9,708,452$ 1,770,541$ 118%
Uses
Amount Percent
Contracted Operating Expenditures 4,922,727$ 5,425,401$ 4,965,264$ (460,137)$ 109%
Town Operating Expenditures 2,024,200 1,879,381 1,762,218 (117,163) 107%
Capital Outlay 1,385,294 1,659,167 2,090,000 430,833 79%
Transfers Out 6,795,852 1,717,203 1,717,203 - 100%
Total Uses 15,128,072$ 10,681,152$ 10,534,685$ (146,467)$ 101%
Change in Fund Balance
Total Revenues 10,205,621$ 11,478,993$ 9,708,452$ 11,478,993$
Total Uses (15,128,072) (10,681,152) (10,534,685) (10,681,152)
Change in Fund Balance (4,922,451)$ 797,840$ (826,233)$ 797,840$
Beginning Fund Balance 1,008,233$
Estimated Ending Fund Balance 1,806,073$
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Year End
Estimate
Page 8 of 15
Community Center Fund
Financial Status Fiscal Year to Date: June 2024
Local Sales Tax Revenue
Amount Percent
Retail 2,282,412$ 2,320,679$ 2,334,825$ (14,146)$ 99%
Restaurant & Bar 680,420 684,106 649,181 34,925 105%
Other 744,746 787,959 742,010 45,949 106%
Local Sales Tax Total 3,707,578$ 3,792,744$ 3,726,016$ 66,728$ 102%
Contracted Operating Revenue
Amount Percent
Golf Revenue, Trail & Cart Fees 2,487,942$ 3,264,184$ 2,424,211$ 839,973$ 135%
Member Dues 1,388,696 1,583,698 1,219,000 364,698 130%
Food & Beverage 725,222 766,679 641,975 124,704 119%
Merchandise & Other 394,468 423,123 324,300 98,823 130%
Contracted Revenue Total 4,996,327$ 6,037,684$ 4,609,486$ 1,428,198$ 131%
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual to budget variance of $1.4 million or 31%:
The favorable variance was due to increased revenue from
member dues, greens fees, food and beverage, and
merchandise sales. By the end of the fiscal year, 109,444
rounds of golf had been played, surpassing budget
expectations by 18,459 rounds (20%).
Actual to budget variance of $66,000 or 1.8%:
Local Sales tax collections exceeded expectations in all
categories except retail, which performed within a reasonable
range (0.6% less than budget).
Actual Vs. Budget
Note: Estimated sales tax collections on golf operations for
FY 2023/24 is $150,618.
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
$3.3
$1.6
$0.8
$0.4
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
Golf Revenue,
Trail & Cart Fees
Member Dues Food &
Beverage
Merchandise &
OtherMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
$2.3
$0.7 $0.8
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
Retail Restaurant & Bar OtherMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
Page 9 of 15
Community Center Fund
Financial Status Fiscal Year to Date: June 2024
Town Operating Revenue
Amount Percent
Daily Drop-Ins 57,289$ 83,829$ 50,500$ 33,329$ 166%
Member Dues 732,111 904,710 660,000 244,710 137%
Recreation Programs 397,573 377,302 380,000 (2,698) 99%
Facility Rental Income 81,763 88,136 85,300 2,836 103%
Town Operating Revenue Total 1,268,736$ 1,453,977$ 1,175,800$ 278,177$ 124%
Other Revenue
Amount Percent
Interest Income 40,033$ 30,374$ 35,000$ (4,626)$ 87%
HOA Contributions 159,050 159,050 159,050 - 100%
Miscellaneous 33,898 5,163 3,100 2,063 167%
Other Revenue Total 232,981$ 194,588$ 197,150$ (2,563)$ 99%
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Actual to budget variance of $278,000 or 24%:
The favorable variance was primarily driven by member dues,
with additional revenue from daily drop-ins and facility rentals
exceeding budget. The CRC, OV Aquatic Center, golf, and
archery range experienced a 21% increase in membership
(950 members), ending the year with 5,479 total members.
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Actual to budget variance of $(2,600) or -1.3%:
The unfavorable variance in interest earnings was partially
offset by the sale of old fitness equipment in miscellaneous.
$0.1
$0.9
$0.4
$0.1
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
Daily Drop-Ins Member Dues Recreation
Programs
Facility Rental
IncomeMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
$0.0
$0.2
$0.0
$0.0
$0.1
$0.2
Interest Income HOA Contributions MiscellaneousMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
Page 10 of 15
Community Center Fund
Financial Status Fiscal Year to Date: June 2024
Contracted Operating Expenditures
Amount Percent
Personnel 1,730,461$ 1,908,269$ 1,738,221$ (170,048)$ 110%
Food & Beverage 596,911 684,037 550,992 (133,045) 124%
Operations & Maintenance 2,443,876 2,670,413 2,513,367 (157,046) 106%
Equipment Leases 151,479 162,682 162,684 2 100%
Contracted Expenditures Total 4,922,727$ 5,425,401$ 4,965,264$ (460,137)$ 109%
Actual to budget variance of $(460,000) or 9%:
Higher-than-expected utilities, labor costs, and cost of sales
led to an unfavorable variance. The growth in golf operating
revenue is a contributing factor to these increased costs.
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
$1.9
$0.7
$2.7
$0.2
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
Personnel Food & Beverage Operations &
Maintenance
Equipment
LeasesMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
Page 11 of 15
Community Center Fund
Financial Status Fiscal Year to Date: June 2024
Town Operating Expenditures
Amount Percent
Personnel 1,065,775$ 1,216,983$ 1,114,639$ (102,344) 109%
Operations & Maintenance 958,425 662,398 647,579 (14,819) 102%
Town Operating Expenditures Total 2,024,200$ 1,879,381$ 1,762,218$ (117,163)$ 107%
FY24 Revised
Budget
550,000
75,000
223,000
100,000
75,000
227,000
400,000
75,000
35,000
75,000
255,000
2,090,000
VTNP Improvements
Canada Golf Course Pathway Improvements
CRC fire alarm Upgrade
CRC flat roof replacement
Pusch Ridge Golf bridge replacement
Pusch Ridge Improvements
Pusch Riudge tennis bleacher demo
VTNP ADA Restrooms
Overlook Cooler/freezer Modernization
Pusch Ridge ADA & Code Compliance
Life Cycle Replacements - bunkers & turf reduction
List of FY24 Capital Projects:
Actual to budget variance of $(117,000) or -7%:
Personnel costs exceeded expectations due to increased
staffing needs for pool and event programming, as well as the
transition of some part-time positions to full-time. Additionally,
greter-than-expected costs for credit card fees, and Vistoso
Trails Nature Preserve maintenance contributed to the
unfavorable variance.
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
$1.2
$0.7
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
Personnel Operations & MaintenanceMillions
FY 2022/23 Actuals FY 2023/24 Actuals FY 2023/24 Budget
Page 12 of 15
Capital Fund
Financial Status Fiscal Year to Date: June 2024
Sources `
Amount Percent
State Grants -$ -$ 200,000$ (200,000)$ -
RTA Reimbursements - 464,000 420,000 44,000 110%
Vehicle Reserves 820,008 892,540 892,540 - 100%
Interest Earnings 467,728 759,858 100,000 659,858 760%
Miscellaneous 166,919 203,745 115,000 88,745 177%
Transfers In from General Fund 18,267,786 10,000,000 10,000,000 - 100%
Total Sources 19,722,440$ 12,320,143$ 11,727,540$ 592,603$ 105%
Uses
Amount Percent
Personnel 236,738$ 278,321$ 254,765$ (23,556)$ 109%
O&M 8,091 99,004 95,380 (3,624) 104%
Capital Outlays 18,802,455 18,081,236 23,515,716 5,434,480 77%
Transfers Out to Highway Fund - 1,500,000 1,500,000 - 100%
Total Expenditures 19,047,284$ 19,958,561$ 25,365,861$ 5,407,300$ 79%
Change in Fund Balance
Total Sources 19,722,440$ 12,320,143$ 11,727,540$
Total Uses (19,047,284) (19,958,561) (25,365,861)
Change in Fund Balance 675,156$ (7,638,418)$ (13,638,321)$
Beginning Fund Balance 24,550,287$
Estimated Ending Fund Balance 16,911,869$
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Sources:
Actual to budget favorable variance of $593,000 or 5%:
The favorable variance was primarily due to higher-than-expected interest earnings on investments, with additional support from insurance
recoveries.
Uses:
Actual to budget favorable variance of $5.4 million or 21%:
The favorable variance was primarily driven by capital improvement (CIP) projects. Approximately $4.3 million of budgeted CIP projects were not
completed in FY24 and are carrying over into the next fiscal year (about 18% of budgeted CIP), while other CIP projects were completed under
budget.
Page 13 of 15
Water Utility Fund
Financial Status Fiscal Year to Date: June 2024
Sources `
Amount Percent
Water Sales 14,539,682$ 16,252,902$ 16,060,000$ 192,902$ 101%
Charges For Services 3,052,010 3,288,475 3,200,500 87,975 103%
Interest Earnings 107,411 425,014 100,000 325,014 425%
Miscellaneous 142,032 38,752 - 38,752 -
Transfers In 1,850,636 522,701 - 522,701 -
Total Sources 19,691,771$ 20,527,844$ 19,360,500$ 1,167,344$ 106%
Uses
Amount Percent
Personnel 3,519,674$ 3,547,356$ 3,870,809$ 323,453$ 92%
O&M 9,112,931 10,042,504 11,186,793 1,144,289 90%
Capital Outlays 1,886,220 2,740,894 2,229,792 (511,102) 123%
Debt Service 4,643,045 3,745,669 3,644,440 (101,229) 103%
Transfers Out 1,033,865 3,554,480 2,882,308 (672,172) 123%
Total Uses 20,195,735$ 23,630,904$ 23,814,142$ 183,238$ 99%
Note: Excludes non-cash outlays for depreciation & amortization
Change in Fund Balance
Total Sources 19,691,771$ 20,527,844$ 19,360,500$ 20,527,844$
Total Uses (20,195,735) (23,630,904) (23,814,142) (23,630,904)
Change in Fund Balance (503,964)$ (3,103,061)$ (4,453,642)$ (3,103,061)$
Beginning Fund Balance 12,293,771$
Estimated Ending Fund Balance 9,190,711$
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Year End
Estimate
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Sources:
Actual to budget favorable variance of $1.2 million or 6%:
The variance was primarily driven by an unbudgeted transfer of ARPA funds from the Grants Fund for the NWRRDS infrastructure project,
coupled with higher-than-expected interest earnings on investments. Additionally, water sales and service charges slightly exceeded
expectations.
Uses:
Actual to budget favorable variance of $183,000 or 0.8%:
Personnel costs were lower than expected due to vacant positions. Significant savings were realized in operations and maintenance (O&M)
costs for CAP water wheeling, enterprise service charges allocated from the General Fund, outside professional services, and equipment repair
and maintenance. Capital outlay exceeded budget due to higher-than-anticipated costs for meters, reservoir lining at Big Wash, and control
system equipment. Transfers to the water impact fee fund, which fund the NWRRDS project, were higher than projected due to the accelerated
timeline of the project.
Page 14 of 15
Stormwater Utility Fund
Financial Status Fiscal Year to Date: June 2024
Revenues `
Amount Percent
Charges For Services 1,477,096$ 1,522,218$ 1,501,500$ 20,718$ 101%
Grants - - 210,000 (210,000) -
Interest Earnings 11,683 36,148 10,000 26,148 361%
Miscellaneous - 21 - 21 na
Total Revenues 1,488,779$ 1,558,387$ 1,721,500$ (163,113)$ 91%
Expenses
Amount Percent
Personnel 865,272$ 956,423$ 947,302$ (9,121)$ 101%
O&M 391,798 359,233 375,159 15,926 96%
Capital Outlays 514,550 37,700 500,000 462,300 8%
Total Expenses 1,771,621$ 1,353,356$ 1,822,461$ 469,105$ 74%
Note: Excludes non-cash outlays for depreciation
Change in Fund Balance
Total Revenues 1,488,779$ 1,558,387$ 1,721,500$ 1,558,387$
Total Expenses (1,771,621) (1,353,356) (1,822,461) (1,353,356)
Change in Fund Balance (282,841)$ 205,031$ (100,961)$ 205,031$
Beginning Fund Balance 923,112$
Estimated Ending Fund Balance 1,128,143$
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Year End
Estimate
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
FY 2022/23
Actuals
FY 2023/24
Actuals
FY 2023/24
Budget
Actual Vs. Budget
Revenues:
Actual to budget unfavorable variance of $(163,000) or -9%:
The variance was primarily due to the delay of the Sierra Wash at Via Mandarina capital project into the next fiscal year. As a result, the
associated FEMA grant was not received in FY24.
Expenses:
Actual to budget favorable variance of $469,000 or 26%:
The favorable variance was primarily due to the delay of the Sierra Wash at Via Mandarina capital project and unused budget capacity for culvert
cleaning and infrastructure maintenance. Personnel costs exceeded budget due to differences in employee benefit elections.
Page 15 of 15
APPENDIX 1
Budget Last Year Budget Last Year
Actual Budget Variance Last Year Variance Actual Budget Variance Last Year Variance
Rounds
3,033 2,200 833 2,939 94 Rounds ‐ Member 46,233 36,300 9,933 41,116 5,117
454 300 154 320 134 Rounds ‐ Outing 9,224 7,500 1,724 7,014 2,210
3,219 1,800 1,419 2,169 1,050 Rounds ‐ Public 53,987 47,185 6,802 50,932 3,055
====================================================================================================================================================================
6,706 4,300 2,406 5,428 1,278 Total Rounds 109,444 90,985 18,459 99,062 10,382
Revenue
111,657 64,000 47,657 65,886 45,771 Green Fees 2,471,673 2,087,900 383,773 2,132,305 339,368
30,085 23,125 6,960 24,593 5,491 Cart Fees 340,153 292,561 47,592 315,620 24,533
2,643 2,000 643 1,068 1,574 Driving Range 48,445 43,750 4,695 40,017 8,428
0 0 0 0 0 Golf Cards/Passes 0 0 0 0 0
16,667 10,750 5,917 12,677 3,991 Pro Shop Sales 294,480 256,625 37,855 279,684 14,796
13,096 21,400 (8,304)20,923 (7,827)Food (Food & Soft Drinks) 381,925 340,325 41,600 368,694 13,230
20,614 16,000 4,614 17,613 3,001 Beverages (Alcohol) 365,406 301,650 63,756 340,470 24,936
(808)0 (808) (714) (94)Other Food & Beverage Revenue 19,348 0 19,348 16,058 3,290
19,819 800 19,019 1,446 18,373 Other Golf Revenues (Club Rent, Handica 92,804 29,025 63,779 46,753 46,051
1,565 1,525 40 2,291 (726)Clinic / School Revenue 31,900 24,650 7,250 37,190 (5,290)
114,899 100,000 14,899 101,044 13,855 Dues Income ‐ Monthly Dues 1,574,912 1,219,000 355,912 1,383,836 191,076
0 0 0 0 0 Initiation Fee Income / Annual Membersh 4,429 0 4,429 4,860 (431)
(7,552)2,000 (9,552)7,660 (15,212)Miscellaneous Income and Discounts 3,939 14,000 (10,061)30,841 (26,903)
================================================================================= ============================================================= ================
322,684 241,600 81,084 254,486 68,198 Total Revenue 5,629,413 4,609,486 1,019,927 4,996,327 633,086
Cost of Sales
10,982 7,525 (3,457)9,899 (1,083)COGS ‐ Pro Shop 208,305 178,943 (29,362)196,985 (11,320)
7,224 6,222 (1,002)7,333 109 COGS ‐ Food 133,085 99,323 (33,761)110,988 (22,096)
3,539 992 (2,547)933 (2,606)COGS ‐ Non‐Alcoholic Beverages 25,036 15,344 (9,693)20,636 (4,401)
6,846 4,840 (2,006)4,613 (2,233)COGS ‐ Alcohol 100,465 90,556 (9,910)88,353 (12,112)
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
28,592 19,579 (9,013)22,778 (5,814)Total Cost of Sales 466,891 384,165 (82,726)416,963 (49,929)
================================================================================= ============================================================= ================
294,092 222,021 72,071 231,708 62,384 GROSS INCOME 5,162,522 4,225,321 937,201 4,579,365 583,157
Labor
36,189 27,538 (8,651)37,703 1,515 Golf Operation Labor 458,183 419,415 (38,768)436,141 (22,042)
43,042 30,063 (12,979)39,338 (3,704)General and Administrative 170,546 144,750 (25,796)151,336 (19,209)
92,177 80,611 (11,566)84,702 (7,475)Maintenance and Landscaping 911,094 839,604 (71,490)813,451 (97,643)
22,538 19,788 (2,750)21,360 (1,178)F&B 336,743 269,626 (67,117)282,845 (53,898)
7,625 5,558 (2,066)4,347 (3,277)Sales and Marketing 93,745 81,750 (11,995)83,638 (10,107)
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
201,570 163,557 (38,013)187,450 (14,119)Total Direct Labor 1,970,310 1,755,145 (215,165)1,767,410 (202,899)
15,991 14,720 (1,271)13,136 (2,855)Total Payroll Taxes 158,822 157,963 (859)143,522 (15,300)
10,684 8,550 (2,134)17,131 6,447 Total Medical/Health Benefits 129,847 110,850 (18,997)131,753 1,906
2,018 1,790 (228)2,003 (14)Total Workmans Comp 27,288 23,755 (3,533)24,642 (2,646)
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
28,692 25,060 (3,632)32,270 3,578 Total Payroll Burden 315,957 292,568 (23,389)299,917 (16,040)
================================================================================= ============================================================= ================
230,262 188,617 (41,645)219,720 (10,542)Total Labor 2,286,267 2,047,713 (238,554)2,067,328 (218,939)
Other Operational Expenses
6,917 3,964 (2,953)13,100 6,184 Golf Ops 92,741 66,061 (26,680)75,027 (17,714)
105,040 48,176 (56,864)120,246 15,207 G&A 238,901 198,822 (40,079)290,099 51,198
60,018 53,818 (6,200)80,655 20,638 Maintenance 661,201 683,791 22,590 704,703 43,503
4,631 2,600 (2,031)3,003 (1,628)F&B 47,453 42,105 (5,348)40,067 (7,386)
3,830 800 (3,030)3,432 (398)Sales and Marketing 50,290 24,925 (25,365)53,101 2,811
13,259 13,259 0 13,259 0 Golf Cart Leases 159,105 159,108 3 148,199 (10,906)
298 298 (0)298 0 Equipment Leases 3,577 3,576 (1)3,279 (298)
99,684 127,592 27,908 93,645 (6,039)Utilities ‐ Maintenance 1,027,968 982,904 (45,064)735,053 (292,915)
19,582 18,400 (1,182)17,676 (1,906)Utilities ‐ G&A 219,695 183,750 (35,945)194,729 (24,966)
10,612 10,612 (0)10,404 (208)Management Fees 127,345 127,344 (1)124,848 (2,497)
6,408 6,000 (408)5,192 (1,217)Insurance ‐ P&C 43,930 61,000 17,070 64,230 20,300
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
330,277 285,519 (44,758)360,910 30,633 Total Other Operational Expenses 2,672,206 2,533,386 (138,820)2,433,335 (238,871)
================================================================================= ============================================================= ================
560,539 474,136 (86,403)580,630 20,091 Total Expenses 4,958,472 4,581,099 (377,373)4,500,663 (457,809)
================================================================================= ============================================================= ================
(266,448)(252,115)(14,333) (348,923)82,475 EBITDAR 204,050 (355,778)559,828 78,702 125,348
================================================================================= ============================================================= ================
(266,448)(252,115)(14,333) (348,923)82,475 EBITDA 204,050 (355,778)559,828 78,702 125,348
Interest Expense/Dep&Amt
(30,164)0 30,164 0 30,164 Other Expense (390,329)0 390,329 0 390,329
0 0 0 0 0 Capital Improvements/Cap Reserve 0 0 0 27,500 27,500
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
(30,164)0 30,164 0 30,164 Total Interest Expense (390,329)0 390,329 27,500 417,829
================================================================================= ============================================================= ================
(236,284)(252,115)15,831 (348,923)112,639 Net Income 594,379 (355,778)950,157 51,202 543,177
El Conquistador Golf Club
For the Month Ending June 30th, 2024
June YTD
APPENDIX 2Operating:Through JunBudgetCumulativeFY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY2024 FY 2024 ActualsRevenue36 Hole 500,158 1,883,452 1,798,304 2,171,484 2,367,136 2,593,395 3,522,083 3,674,489 3,856,880 4,724,718 3,553,371 27,092,099 Pusch Ridge‐ 105,370 99,134 59,726 106,184 98,316 ‐ 380,375 414,225 528,346 433,565 1,791,676 F&B ‐ Overlook‐ 606,171 708,594 745,766 671,582 554,336 448,782 671,479 725,222 766,679 622,550 5,898,611 Total Revenue500,158 2,594,993 2,606,032 2,976,976 3,144,902 3,246,047 3,970,865 4,726,343 4,996,327 6,019,743 4,609,486 34,782,386 Expenses36 Hole 1,112,252 3,588,714 3,936,889 3,817,932 3,771,706 3,891,341 3,915,216 3,740,982 3,929,757 4,263,007 3,993,980 35,967,796 Pusch Ridge‐ 253,513 256,769 236,160 230,196 287,112 ‐ 319,702 390,959 478,320 420,292 2,452,731 F&B ‐ Overlook‐ 861,740 823,383 841,866 785,499 701,538 440,382 630,509 596,910 684,037 550,992 6,365,864 Total Expenses1,112,252 4,703,967 5,017,041 4,895,958 4,787,401 4,879,991 4,355,598 4,691,193 4,917,626 5,425,364 4,965,264 44,786,391 Profit/(Loss)36 Hole (612,094) (1,705,262) (2,138,585) (1,646,448) (1,404,570) (1,297,946) (393,133) (66,493) (72,877) 461,711 (440,609) (8,875,697) Pusch Ridge‐ (148,143) (157,635) (176,434) (124,012) (188,796) ‐ 60,673 23,266 50,026 13,273 (661,055) F&B ‐ Overlook‐ (255,569) (114,789) (96,100) (113,917) (147,202) 8,400 40,970 128,312 82,642 71,558 (467,253) Total Operating Profit/(Loss)(612,094) (2,108,974) (2,411,009) (1,918,982) (1,642,499) (1,633,944) (384,733) 35,150 78,701 594,379 (355,778) (10,004,005) Capital Investments45,116 47,909 29,464 ‐ ‐ 131,035 2,828,061 4,619,904 2,184,848 2,745,000 9,886,337 Initial purchase (1)300,000 350,000 350,000 ‐ ‐ ‐ ‐ ‐ ‐ ‐ 1,000,000 Notes: (1) $1,000,000 original purchase of courses and community center1/2 cent sales tax 506,710 2,030,750 2,199,466 2,330,941 2,463,034 2,584,916 2,947,420 3,535,507 3,707,578 3,792,744 3,726,016 26,099,066 HOA contributions‐ ‐ ‐ ‐ ‐ ‐ 125,000 159,050 159,050 159,050 159,050 602,150 POST AGREEMENTPRE AGREEMENTTown of Oro ValleyGolf AnalysisAPPENDIX 2Page 1 OF 2
APPENDIX 2Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunFY 2022Gross Income 229,456 231,657 245,357 246,063 421,446 388,213 469,675 503,028 597,798 492,033 313,725 219,663 Expenses 323,615 307,066 422,292 453,613 328,298 269,604 317,597 347,338 337,511 371,044 351,526 521,466 Net Income/(Loss) (94,159) (75,408) (176,935) (207,550) 93,147 118,609 152,078 155,690 260,286 120,989 (37,801) (301,802) FY 2023Gross Income 218,180 210,232 258,241 252,747 499,632 394,901 472,032 541,889 636,010 523,324 315,175 231708Expenses 306,974 296,210 432,727 576,529 322,700 297,856 310,847 307,918 355,497 313,621 429,007 558,232 Net Income/(Loss) (88,794) (85,978) (174,487) (323,782) 176,932 97,044 161,185 233,971 280,512 209,703 (113,832) (326,524) FY 2024Gross Income 213,698 225,040 295,419 332,783 495,412 480,305 525,109 589,339 694,275 586,473 430,577 294,092 Expenses 406,558 333,614 420,523 454,504 412,959 349,298 308,213 291,616 334,623 326,900 398,960 530,376 Net Income/(Loss) (192,860) (108,573) (125,103) (121,721) 82,453 131,007 216,896 297,723 359,652 259,573 31,617 (236,284) Town of Oro ValleyGolf Analysis ‐ Contractor Financials ‐ 200,000 400,000 600,000 800,000Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunComparison of Gross Income by Month ‐Total Golf OperationsFY 2022FY 2023FY 2024 ‐ 200,000 400,000 600,000 800,000Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunComparison of Total Expenses by Month ‐Total Golf OperationsFY 2022FY 2023FY 2024 (400,000) (200,000) ‐ 200,000 400,000Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May JunComparison of Net Income/(Loss) by Month ‐Total Golf OperationsFY 2022FY 2023FY 2024APPENDIX 2Page 2 OF 2
APPENDIX 3Consolidated Year-to-Date Financial Report through June 2024FY 2023/2024FundFY 23/24Beginning BalanceRevenueOther Fin Sources/Transfers InTotal In Personnel O&M CapitalDebt ServiceOther Fin Uses/ Transfers OutTotal OutFund Balance Through June 2024General Fund 23,798,492 59,420,360 59,420,360 34,857,663 13,437,337 180,402 12,274,644 60,750,046 22,468,806 Highway Fund 878,932 4,466,655 1,500,000 5,966,655 1,241,700 1,052,092 3,921,615 6,215,406 630,180 Grants and Contributions Fund 162,207 2,374,698 138,000 2,512,698 18,656 41,913 2,080,168 522,701 2,663,437 11,469 Seizure & Forfeiture - Justice/State 230,193 145,852 145,852 44,974 44,974 331,071 Community Center Fund 1,008,233 11,478,993 11,478,993 1,216,983 6,087,799 1,659,167 1,717,203 10,681,152 1,806,073 Municipal Debt Service Fund 273,719 187,172 3,902,708 4,089,880 9,729 4,027,853 4,037,583 326,016 Water Resource System & Dev. Impact Fee Fund 18,419,840 2,965,082 3,552,172 6,517,254 162,548 11,060,807 73,005 11,296,360 13,640,734 Townwide Roadway Dev Impact Fee Fund 2,188,554 404,321 404,321 1,157 1,157 2,591,717 Parks & Recreation Impact Fee Fund 671,640 123,471 123,471 540 600,000 600,540 194,571 Police Impact Fee Fund 64,727 56,399 56,399 154 46,553 46,707 74,418 Capital Fund 24,550,287 2,320,143 10,000,000 12,320,143 278,321 99,004 18,081,236 1,500,000 19,958,561 16,911,869 PAG/RTA Fund 808,007 82,783 82,783 28,340 443,610 471,950 418,839 Water Utility 12,293,771 20,005,143 522,701 20,527,844 3,547,356 10,042,504 2,740,894 3,745,669 3,554,480 23,630,904 9,190,711 Stormwater Utility 923,112 1,558,387 1,558,387 956,423 359,233 37,700 1,353,356 1,128,143 Benefit Self Insurance Fund 2,895,866 4,283,999 4,283,999 4,108,417 4,108,417 3,071,448 Recreation In-Lieu Fee Fund 17,216 850 850 - 18,066 Total 89,184,796 109,874,306 19,615,581 129,489,887 42,117,102 35,475,741 40,805,599 7,846,528 19,615,581 145,860,551 72,814,132
APPENDIX 4General Fund Local Sales Tax Collections FY 2023/24JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUNTOTALConstruction Sales Tax566,321 609,737 391,196 422,231 488,917 493,394 486,229 411,515 164,695 578,910 513,988 397,105 5,524,238 Utility Sales Tax250,515 368,788 435,027 373,297 365,463 336,739 321,251 411,797 336,202 217,994 338,593 260,175 4,015,841 Retail Sales Tax728,452 730,517 682,418 725,728 645,288 841,754 1,049,364 772,676 735,897 833,289 774,387 762,947 9,282,717 Bed Tax144,726 137,921 139,535 141,666 163,605 153,950 115,408 326,484 83,195 279,300 195,470 162,019 2,043,280 Restaurant & Bar Sales Tax192,259 193,105 215,297 223,296 212,172 217,665 234,122 232,257 227,823 298,144 260,586 229,695 2,736,422 All Other Local Sales Tax *218,097 226,809 233,029 260,403 345,752 259,882 253,288 323,686 225,166 305,031 272,153 253,387 3,176,684 Monthly Total 2,100,370$ 2,266,876$ 2,096,503$ 2,146,622$ 2,221,197$ 2,303,384$ 2,459,664$ 2,478,415$ 1,772,979$ 2,512,668$ 2,355,178$ 2,065,327$ 26,779,181$ Cumulative Total 2,100,370$ 4,367,246$ 6,463,748$ 8,610,370$ 10,831,567$ 13,134,951$ 15,594,615$ 18,073,030$ 19,846,008$ 22,358,676$ 24,713,854$ 26,779,181$ Monthly variance(63,193)$ 130,347$ (7,816)$ 27,123$ 154,685$ 46,257$ (112,892)$ 334,084$ (480,201)$ 99,431$ 241,994$ (146,365)$ Cumulative variance(63,193)$ 67,154$ 59,338$ 86,460$ 241,146$ 287,402$ 174,510$ 508,594$ 28,393$ 127,824$ 369,818$ 223,453$ FY 2022/23JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUNTOTALConstruction Sales Tax 586,039 575,738 540,567 518,177 382,338 478,496 580,594 364,554 331,226 376,895 358,367 432,766 5,525,757 Utility Sales Tax317,210 371,973 356,012 334,868 295,825 266,797 293,200 333,721 320,870 270,869 245,486 302,123 3,708,954 Retail Sales Tax 716,720 680,117 691,138 713,672 729,067 838,562 995,470 705,424 711,636 806,316 786,447 755,079 9,129,647 Bed Tax 146,263 128,132 114,626 142,628 213,392 186,186 165,540 256,564 320,963 362,494 207,226 226,474 2,470,488 Restaurant & Bar Sales Tax 186,438 180,577 199,405 204,482 205,881 227,422 246,520 215,557 281,190 281,567 256,102 236,540 2,721,681 All Other Local Sales Tax *210,893 199,992 202,571 205,672 240,009 259,665 291,232 268,511 287,294 315,096 259,556 258,710 2,999,201 Monthly Total 2,163,563$ 2,136,529$ 2,104,319$ 2,119,499$ 2,066,512$ 2,257,128$ 2,572,556$ 2,144,331$ 2,253,179$ 2,413,237$ 2,113,184$ 2,211,693$ 26,555,729$ Cumulative Total2,163,563$ 4,300,092$ 6,404,411$ 8,523,910$ 10,590,421$ 12,847,549$ 15,420,105$ 17,564,436$ 19,817,615$ 22,230,852$ 24,344,036$ 26,555,729$ *Does not include cable franchise fees or sales tax audit revenues
APPENDIX 5General Fund State Shared RevenuesFY 2023/24JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUNTOTALState Shared Income Tax 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 1,064,957 12,779,482 State Shared Sales Tax 585,790 598,642 580,255 602,020 587,629 599,429 695,594 581,121 577,773 652,448 617,138 604,061 7,281,900 County Auto Lieu 189,254 220,268 179,819 201,993 183,567 183,086 222,892 194,548 235,310 214,074 219,675 194,493 2,438,980 Smart and Safe- - - - - 136,194 - - - - - 148,944 285,138 Monthly Total 1,840,001$ 1,883,868$ 1,825,032$ 1,868,970$ 1,836,152$ 1,983,666$ 1,983,443$ 1,840,626$ 1,878,040$ 1,931,479$ 1,901,769$ 2,012,454$ 22,785,500$ Cumulative Total 1,840,001$ 3,723,869$ 5,548,900$ 7,417,870$ 9,254,023$ 11,237,689$ 13,221,132$ 15,061,758$ 16,939,798$ 18,871,277$ 20,773,046$ 22,785,500$ Monthly variance 677,489$ 462,516$ 193,669$ 356,835$ (14,336)$ 348,734$ 784,294$ (107,085)$ 193,706$ 327,451$ 319,700$ 272,893$ Cumulative variance 677,489$ 1,140,005$ 1,333,673$ 1,690,508$ 1,676,173$ 2,024,907$ 2,809,201$ 2,702,116$ 2,895,822$ 3,223,273$ 3,542,973$ 3,815,866$ FY 2022/23JULAUGSEPOCTNOVDECJANFEBMARAPRMAYJUNTOTALState Shared Income Tax 756,893 756,894 756,893 756,893 756,893 756,893 756,895 756,893 756,893 756,894 756,894 756,893 9,082,721 State Shared Sales Tax 308,350 462,557 664,529 559,547 823,170 575,594 246,387 1,007,946 568,981 656,403 601,331 602,722 7,077,517 County Auto Lieu 97,269 201,901 209,941 195,695 270,425 175,823 195,867 182,872 267,340 190,731 217,316 216,309 2,421,489 Smart and Safe- - - - - 126,622 - - - - - 145,164 271,786 Opioid Settlement- - - - - - - - 91,120 - 6,528 18,472 116,120 Monthly Total 1,162,512$ 1,421,352$ 1,631,363$ 1,512,135$ 1,850,488$ 1,634,932$ 1,199,149$ 1,947,711$ 1,684,334$ 1,604,028$ 1,582,069$ 1,739,561$ 18,969,634$ Cumulative Total 1,162,512$ 2,583,864$ 4,215,227$ 5,727,362$ 7,577,850$ 9,212,782$ 10,411,931$ 12,359,642$ 14,043,976$ 15,648,004$ 17,230,073$ 18,969,634$
APPENDIX 6Debt Service ExpenseAdopted Forecast Forecast Forecast Forecast Forecast Forecast Forecast Final Payment 2024/25 2025/26 2026/27 2027/28 2028/29 2030-2034 2035-2039 2040-2043DateMunicipal Debt Service FundExcise Tax Revenue Bonds- - - 2010 CREBS 191,318 186,370 176,066 170,437 - - - - 20282012 Revenue Bonds 226,718 224,631 227,147 224,125 - - - - 20282015a Refunding Excise Tax (1) 306,079 304,379 - - - - - - 20262016 Excise Tax 172,224 172,968 172,635 172,236 172,760 516,654 - - 20322017a Refunding Excise Tax (2) 138,657 138,645 138,626 - - - - - 20272018a Excise Tax Revenue Obligations (3) 171,718 171,515 171,446 171,502 171,429 855,649 - - 20342021 Parks & Rec Excise Tax 1,544,925 1,543,300 1,544,800 1,539,425 1,542,050 7,693,700 7,684,600 4,599,500 20422021 Pension Obligation Bonds 1,268,715 1,271,262 1,266,350 1,264,118 1,264,461 6,313,500 6,298,141 2039Total Municipal Debt Service Fund4,020,354 4,013,070 3,697,070 3,541,843 3,150,700 15,379,503 13,982,741 4,599,500 Community Center FundContracts PayableLeased Fitness Equipment 20,374 7,668 - - - - - - 2026Financed Fitness Equipment 30,126 22,677 7,559 - - - - - 2027Golf Carts 162,661 130,867 76,339 - - - - - 2027Total Community Center Fund213,161 161,212 83,898 - - - - - WRSDIF FundExcise Tax Revenue Bonds2021a Excise Tax Revenue Obligations (4) 55,711 56,550 56,693 56,295 34,889 202955,711 56,550 56,693 56,295 34,889 - - - Water Utility FundExcise Tax Revenue Bonds2015b Refunding Revenue Bonds (1) 149,356 148,500 - - - - - - 20262017b Refunding Revenue Bonds (2) 1,620,250 1,619,650 1,619,032 - - - - - 20272018b Excise Tax Revenue Obligation (3) 509,310 508,532 508,144 508,118 507,710 2,530,976 - - 20342021b Excise Tax Revenue Obligations (4) 740,667 751,828 753,730 748,434 463,845 111,139 - - 2030Water Revenue LoansWIFA Loan, 2014 371,985 376,299 376,178 376,054 375,926 - - - 2029Total Water Utility Fund3,391,568 3,404,809 3,257,084 1,632,606 1,347,481 2,642,115 - - TOTAL DEBT SERVICE - ALL FUNDS7,680,794 7,635,641 7,094,745 5,230,744 4,533,070 18,029,978 13,982,741 4,599,500 (1) Series 2015 for municpal operation facilities debt service is split between General Fund excise tax revenue (67%) and water revenue (33%.)(2) Series 2017 debt service is split between General Fund excise tax revenue (8%) and water revenue (92%.)(3) Series 2018 for water infrastucture and police evidence and substation facility. Debt service is split between General Fund excise tax revenue (25%) and water revenue (75%.)(4) Series 2021 debt service is split between the Water Utility Fund (93%) and the Water Impact fee Fund (7%.)