City finance report: General fund revenues trailing, expenditures under budget; follow-up budget session planned
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Summary
Finance staff reported through-July actuals showing general fund revenues under budget by $766,000 and enterprise fund revenues under by $920,000; expenditures are below budget creating healthy projected fund balances, and the council scheduled a follow-up budget meeting when HCAD final numbers are available.
Finance Director Mike presented the city’s monthly financial report for July at the Aug. 19 Seabrook City Council meeting, reporting year-to-date variances and projected fund balances.
Mike said general-fund revenues are underperforming by $766,000 to date, driven by lower property tax, sales tax and building-related receipts. He said current general fund expenditures are under budget by $1.5 million, largely due to personnel cost savings and unexecuted services, producing a forecasted ending revenue of about $6,300,000 and an estimated general fund balance near $10.5 million after accounting for planned returns to fund balance.
Enterprise fund revenues were reported under budget by $920,000 year to date, with expenditures under budget by $777,000; the enterprise forecast shows a near $899,000 revenue shortfall by September but a healthy projected ending balance of about $2.3 million. Hotel-motel occupancy and the EDC funds were reported to be outperforming budgeted projections modestly.
Mike told council the main water-related weakness is lower water sales, which reduced purchased-water costs and produced an expenditure surplus. Council members agreed to meet again to review the budget once the Harris County Appraisal District (HCAD) final values are published; the City Manager asked if council members were available for a follow-up meeting the next Tuesday at 6 p.m.