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.