Board of Finance Special Meeting Agenda

Please click the "read more" button below for agenda and DRAFT ATTACHMENTS

Attached are three exhibits:

Exhibit 1 (BOF2021.7a): Shows the evolution of the budget submissions, the most recent of which is April 10. The last two columns show the variances between the most recent budget submission, last year’s actual expenditures, and last year’s budget. The exhibit shows that:

The current submission of $2,634,659 is $23,946 less than last year’s actual, and $141,601 less than last year’s budget – both in order of size of variance from last year’s actual.

EXHIBIT 2 (BOF2021.5d): Shows the latest current year expenditure forecast (based on nine months) of actual expenditures for the current year, compared to the previous forecast of actual expenditures based on eight months. The exhibit shows that:

The current forecast of  $2,725,588 is $6,222 less than the earlier forecast of $2,731,810. This compares to current budget of $2,776,260. Hence an underspend of $ 50,672 is projected.

EXHIBIT 3 (BOF2021.8a): Shows the evolution of Budgeted and Actual revenues for 2018/2019 and the projected revenues for the current year and the forecasted revenues for next year (2020/21). The exhibit also includes, the budgeted tax revenues and resulting shortfalls and surpluses for next year at various mill rates and collection rates. The exhibit shows that:

1. There is a projected current year shortfall in revenues of $367,893 (projected) minus $392,649 (budgeted), or ($24,756).
2. The most optimistic scenario portrayed for next year is a 17.50 mill rate with a 99.5% collection rate (shown as a .05% shrink rate) yields a projected shortfall of $60,692. Note that we have a projected expense underspend of $50,672 less a projected revenue variance of $24,756, equaling $25,916 to cushion the projected $60,692 budget shortfall.
3. There are five other scenarios on the exhibit to be considered. More can be generated if necessary.