Crestwood’s third-quarter expenditures exceed revenues by nearly $31,500, aldermen told

Staff Report

Crestwood’s total third-quarter expenditures exceeded revenues across the city’s three major funds by nearly $31,500, according to a financial report presented last week to the Board of Aldermen.

Finance Officer Greg Kremer presented the third-quarter finance report to the Board of Aldermen Oct. 25. For the third quarter, which ran from July 1 through September 30, the city brought in $2,337,006 in combined revenues from its general, capital improvement and park and storm-water funds during the third quarter of 2011.

However, combined expenditures from those funds totaled $2,368,460, a deficit of $31,454.

During the third quarter, the general fund brought in $1,538,629 with expenditures totaling $1,718,447, a deficit of $179,818.

The capital improvement fund reported revenues of $323,304 with expenditures of $125,301, a surplus of $198,003.

The park and stormwater fund netted revenues of $475,073 with expenditures totaling $524,712, a deficit of $49,639.

Year-to-date totals are:

• General fund revenues so far total $6,164,376, 75.3 percent of budgeted revenues for the year. Expenditures total $5,348,336, 66.1 percent of budgeted expenditures for the year. With booked cash transfers out of $476,543, a fund balance increase of $339,497 was realized.

• The capital improvement fund has brought in $916,841, 54.9 percent of budgeted revenues for the year. Expenditures are listed at $319,997, 24.8 percent of budgeted expenditures for the year. With booked cash transfers out totaling $300,000, a fund balance increase of $296,843 was reported.

• Revenues for the parks and stormwater fund total $1,470,674, 88 percent of budgeted revenues for the year. Expenditures total $2,075,090, 86.7 percent of budgeted expenditures for the year. With cash transfers in of $776,543, a fund balance increase of $172,128 was realized.

So far this year across the three major funds, the city has brought in $8,551,890, 74.2 percent of budgeted revenues, with expenditures of $7,743,423, 65.8 percent of budgeted expenditures.

An overall increase in fund balances of $808,468 was realized, according to the report.