The URL can be used to link to this page

Home My WebLink About[03] Financial Report Council Agenda Item 3 MEETING DATE: February 11, 2020 AGENDA ITEM: 4th Quarter Treasurer’s Report SUBMITTED BY: Finance PREVIOUS BOARD ACTION: None BACKGROUND INFORMATION: Enclosed are the 4th Quarter 2019 financial position for Board’s review. The operational fund balance is a deficit of $14,718.24 as of December 31, 2019 (unaudited). The Fire fund is mainly funded by contract revenue from the City of St. Joseph, St. Joseph Township and St. Wendel Township. The contract revenue is paid quarterly. The reserve funds include the 2019 capital budget of $72,050. Without the capital budget, there would be a surplus of $57,332. The reports do not include journal entries for payables and receivables at the end of the year. The City’s auditors will audit th the balances the week of March 16. The final 2019 audit report and fire fund balances will be completed by early May. The 2019 fire fund revenue represents 104% of the budgeted revenue for the year. The main source of revenue includes the contract fire service revenue from the three jurisdictions. Interest earnings and the State 2% fire aid are over budget. The 2019 market investments brought in a higher return compared to other recent years due to improved economic conditions. The fire fund expenditures represent 61% of the budgeted expenditures. The expenditures are operational. As said above, the capital budget provides funding for capital purchases in the 5-year capital equipment plan. The Fire Board puts money away each year to help fund the future purchase. In doing so, spikes in the budget are minimized. The second half fire service salaries were paid in January. The July-December fire salaries totaled $44,185 and will be booked as a payable in 2019. The City will transfer the audit and accounting services once all journal entries are booked. The budgeted amount is $12,365 and not reported in 2019 yet. BUDGET/FISCAL IMPACT: Information Only ATTACHMENTS: Request for Board Action – Treasurer’s Report 4th Quarter 2019 Summary Report Fire Dept Balance Sheet Fire Board Revenue Fire Board Expenditures Fire Board Check Register Fire Dept 2019 Capital Improvement Plan Summary REQUESTED BOARD ACTION: Consider accepting the 4th Quarter 2019 Treasurer’s Report.