"As a whole, the second quarter of fiscal year 2005-06 appears to be on schedule," Winslow Finance Director Regina Reffner told the city council in her financial report last week.
She added that the city has expended 35 percent of its budgeted expenditures while 54 percent of estimated revenues have been received and/or recorded.
"We closed the December books with $16.7 million in cash and investments, representing $4.9 million in restricted funds and $11.8 million in regular cash and investments," she noted.
"Citywide revenues received year to date are at $15 million," Reffner siad. "General fund revenues are at 40.5 percent with $2.8 million received year to date. Various taxes account for 72 percent, or $2,027,000, of the general fund. Land sales account for another $96,000, grants $240,000, Cemetery fees $33,000, Court fines and fees, $25,000, Licenses and Permits, $36,0000, Interest revenue, $25,000, and pools and recreation $22,000."
She added that citywide year to date expenditures are at $8 million. "In December, we paid $249,000 in semiannual bond interest and fees, and have paid $252,000 so far this fiscal year toward capital lease purchase obligations," she said.
"General Fund expenditures for the first half of the fiscal year are at $3.7 million, 50 percent of the adopted budget," Reffner continued. "Major expenditures so far include $55,000 for Phase I balance on the Rt. 66 Renaissance project, $850,000 for balance on Mike's Pike project, and $39,000 for work on the New Municipal Complex."
"In December, we liquidated $59,918 and $44,325 respectively from the HURF and Water debt service sinking fund investment accounts in order to pay semi-annual interest due on the bond issues. We also liquidated $140,000 from HURF investments and $10,000 from Wastewater."
Reffner told the council that the City is in good financial health at this time, noting that only a few funds are spending above current year revenues. "This was anticipated when the budget for fiscal year 2005-06 was adopted due to various planned capital projects," she said.
"It has been seven years since the City purchased the city street lights from APS," Reffner noted. "In that time, we have seen a cumulative gross savings of $612,843 on our electric bills. We have paid out $458,306 on our debt service for this purchase, leaving a cumulative net cash flow of $154,537 in the HURF fund. Once the lease purchase is paid off (Pee. 2006), we should recognize about $100,000 savings each year thereafter."