Crestwood’s first-quarter finances show net cash balance decrease of $340,157

Crestwood City Clerk Tina Flowers administers the oath of office to four aldermen who were re-elected in the April 6 election. Pictured, from left, are: Flowers, Ward 1 Alderman Mimi Duncan, Ward 2 Alderman Jeff Schlink, Ward 3 Alderman John Foote and Ward 4 Alderman Jerry Miguel. At the April 27 board meeting, aldermen were presented with an overview of city finances for the first quarter of 2010. Bill Milligan photo

Crestwood City Clerk Tina Flowers administers the oath of office to four aldermen who were re-elected in the April 6 election. Pictured, from left, are: Flowers, Ward 1 Alderman Mimi Duncan, Ward 2 Alderman Jeff Schlink, Ward 3 Alderman John Foote and Ward 4 Alderman Jerry Miguel. At the April 27 board meeting, aldermen were presented with an overview of city finances for the first quarter of 2010. Bill Milligan photo

Staff Report

Crestwood aldermen last week were presented with an overview of city finances for the first quarter of 2010.

As of March 31, the city had generated $3,163,530 in revenue and spent $3,503,687 across its general, capital improvement and park and stormwater funds, resulting in a net cash balance decrease of $340,157.

In 2009 at this time, the city had realized $3,423,126 in revenue and $3,459,037 in expenditures, resulting in a net balance decrease of $35,911.

During the first quarter of 2010, the general fund took in $2,379,107, or roughly 27.5 percent of the $8,657,452 in revenues budgeted for the year.

General fund expenditures for the first quarter totaled $2,086,029, or 24.8 percent of the $8,410,722 budgeted for the year. That leaves a positive net fund balance increase of $293,078.

The general fund balance is expected next quarter to increase by $348,375, the result of the transfer of moneys from the non-expendable trust fund aldermen recently voted to eliminate. Those dollars, however, will be reserved.

The city’s capital improvement fund realized $368,314 in first quarter revenue, or roughly 24 percent of the $1,530,197 budgeted for 2010.

The fund spent $220,687, or 15.6 percent of the $1,412,748 total expenditures budgeted for 2010.

That leaves revenues exceeding expenditures by $147,627.

However, officials transferred $600,000 from the capital improvement fund to the park and stormwater fund this quarter, as outlined in the 2010 budget, to help the latter fund make a debt payment on certificates of participation issued in 2001 to construct Crestwood’s aquatic center.

With the $600,000 transferred out, the capital improvement fund shows a fund balance decline of $452,373 for the first quarter.

The park and stormwater fund received $416,109 in first-quarter revenue, or 21.5 percent of the $1,931,400 budgeted 2010 revenues. The fund spent $1,196,971 as of March 31, or roughly 48.9 percent of the $2,449,414 budgeted expenditures for 2010. That results in expenditures exceeding revenues in the park and stormwater fund by $780,862.

However, with the $600,000 transfer from the capital improvement fund, that gap was reduced to $180,862.