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City Council Meeting Minutes September 17, 2019 <br />Heather Hurlbert, Director of Finance, provided the City Council with the <br />presentation of the third quarter investment and financial reports. <br />Ms. Hurlbert reviewed the revenue highlights as follows: <br />General Fund -Favorable $1.4M or 2.2% <br />• Sales tax collections above forecast $900K due to collections above budget <br />for the <br />• Outlet Malls and Base Sales Taxes <br />• City owned Franchise Fees $750K below forecast due to reduced utility <br />revenue <br />• License and Permits $600K above forecast <br />W/WW-Unfavorable $2.OM or -6.6% <br />• Water sales 3% below same time last year <br />• Usage has returned to normal in 3rd quarter -Expecting to make up a portion <br />of the lowered usage due to dry conditions. <br />Electric -Unfavorable $1.9K or -4.4% <br />• Electric power sales flat compared to same time last year for the first 2 <br />quarters <br />• Usage in the 4th quarter expected to make up the a large portion of the <br />deficit <br />Hotel/Motel Tax -Favorable $170K or 6.4% <br />• Revenue collections slightly higher year to date than same time last year due <br />the new hotel collections <br />Expenditure Highlights <br />General Fund -Favorable $400K or 1.0% <br />• $340K ED incentive payment timing <br />• $500K Street Overlay timing <br />W/WW-Favorable $1.6K or 7.2% <br />• $1.0M contract timing <br />• $300K franchise fee savings due to lower revenue <br />Electric -Favorable $4.5M or 10.5% <br />• $2.OM cost of power and $300K franchise fee savings due to lower revenue <br />• $600K personnel savings <br />• $1.3M Other operating expenses <br />Ms. Hurlbert reviewed the investment report. No further direction was <br />City of San Marcos Page 10 <br />