First Quarter Financial Summary

1ST QTR REVENUE COMPARISON

1ST QTR EXPENSE COMPARISON

Key Points:

  • Revenue Growth: The first quarter of 2024 shows a slight overall increase in revenue compared to the same period in 2023, primarily driven by higher municipal income tax and property tax collections. Investment earnings and donations have also seen a substantial increase.
  • Expense Management: Total expenses have increased marginally from 2023 to 2024. The most significant increases were observed in salaries, wages, and employee benefits, reflecting higher personnel costs. However, there was a reduction in other expenditures.
  • Budget Adherence: Both revenue and expenses are tracking closely with the budgeted figures for the first quarter, indicating effective financial management and adherence to financial plans.
  • Notable Variations:
    • Revenue: A notable decrease in other revenue was observed due to the lack of such revenue in Q1 2024 compared to Q1 2023.
    • Expenses: The only notable decrease in expenses was in other expenditures, which saw a reduction.

Revenue Overview

  1. Municipal Income Tax
    • 2024 Budget: $8,005,100
    • 2024 YTD: $1,964,034
    • 2023 YTD: $1,827,536
    • Change: +$136,498
  2. Property & Other Local Taxes
    • 2024 Budget: $1,622,810
    • 2024 YTD: $900,282
    • 2023 YTD: $830,084
    • Change: +$70,198
  3. Investment Earnings & Donations
    • 2024 Budget: $513,261
    • 2024 YTD: $229,021
    • 2023 YTD: $142,896
    • Change: +$86,125
  4. Charges for Services
    • 2024 Budget: $561,200
    • 2024 YTD: $164,607
    • 2023 YTD: $174,614
    • Change: -$10,007
  5. Intergovernmental Receipts
    • 2024 Budget: $415,700
    • 2024 YTD: $70,881
    • 2023 YTD: $93,580
    • Change: -$22,699
  6. Grants
    • 2024 Budget: $270,250
    • 2024 YTD: $16,026
    • 2023 YTD: $24,045
    • Change: -$8,019
  7. Fines
    • 2024 Budget: $2,500
    • 2024 YTD: $972
    • 2023 YTD: $924
    • Change: +$48
  8. Other Revenue
    • 2024 Budget: $624,000
    • 2024 YTD: $0
    • 2023 YTD: $210,000
    • Change: -$210,000

    Total Revenue for Q1 2024: $3,345,823 Total Revenue for Q1 2023: $3,304,679 Overall Change: +$41,144

Expense Overview

  1. Salaries & Wages
    • 2024 Budget: $5,642,000
    • 2024 YTD: $1,386,000
    • 2023 YTD: $1,334,000
    • Change: +$52,000
  2. Employee Benefits
    • 2024 Budget: $2,311,000
    • 2024 YTD: $589,000
    • 2023 YTD: $562,000
    • Change: +$27,000
  3. Purchased Services
    • 2024 Budget: $1,974,000
    • 2024 YTD: $456,000
    • 2023 YTD: $441,000
    • Change: +$15,000
  4. Supplies & Materials
    • 2024 Budget: $1,232,000
    • 2024 YTD: $301,000
    • 2023 YTD: $295,000
    • Change: +$6,000
  5. Capital Outlay
    • 2024 Budget: $1,710,000
    • 2024 YTD: $438,000
    • 2023 YTD: $421,000
    • Change: +$17,000
  6. Other Expenditures
    • 2024 Budget: $1,145,000
    • 2024 YTD: $292,000
    • 2023 YTD: $368,000
    • Change: -$76,000

    Total Expenses for Q1 2024: $3,462,000 Total Expenses for Q1 2023: $3,421,000 Overall Change: +$41,000