Director Reports City's Latest Financial Activities

Aberdeen's director of finance, Opiribo Jack, reported the city's year-to-date financial activities for July 2011 through November 2011 at a City Council meeting on Monday.

The report compares actual receipts and expenses to budged amounts for the various funds.

Overall, Aberdeen's total receipts exceeded expenses by $2.4 million. There were $11.8 million in receipts and loan proceeds and $9.4 million in expenses, according to the report.

Below is breakdown of the financial activities in each fund category.

General Fund

Total receipts exceeds total expenses by $3.8 million with $8.1 million in collections and $4.4 million in expenses.

Property tax collection was more than budgeted by $49,000. State shared revenues were $124,000 less than budgeted. County shared revenues were in line with budget.

Expenses were better than budgeted by $983,000. This was mostly due to

• Savings from vacant positions
• Transfers of appropriated funds to the Capital Projects and Ripken Stadium fund not being made
• Savings from property insurance premium
• Delayed cash outlays in line items such as winter operations, IT, legal and street signs and sidewalk repairs.

There were practically no activities in the Capital Projects fund other than the purchase of police cars for $88,000.

Capital Projects Fund

Total expenses exceeded total receipts by $757,000 with expenses of $1.68 million and $919,000 in receipts.

Utility usage charges were in line with budget. No loan proceeds were received, but a draw-down request of $650,000 is pending.

Expenses were more than budgeted by $259,000. This was due to faster pace in the implementation of some capital projects.

Stadium Fund

Total receipts exceeded total expenses by $211,000 with $266,000 in receipts and $55,000 in expenses.

Admissions and amusement tax was $85,000 higher than budgeted.

Sewer Fund

Total expenses exceeded total receipts, including grants and loan proceeds by $745,000 with expenses of $3.2 million and receipts of $2.4 million.

Utility usage charges were below budgeted amount by $80,000. Grants and loan proceeds were $6 million less than budgeted because of the slower pace of capital projects construction.

Aberdeen can only request for grant and loan proceeds after expenses have been incurred. Requests for $856,000 in grant funds and $1.1 million loan proceeds are pending for expenses already incurred.

Expenses were less than budgeted by $5.3 million because of slower pace of capital projects construction.