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City releases First Quarter Fiscal Year 2008-09 Financial Report

By Staff | Feb 23, 2009

On Friday, the City of Sanibel released the First Quarter, Fiscal Year report for the three months ended Dec. 31, 2008. By State law, the City’s budget year starts on Oct. 1.

As of Dec. 31, 2008, the City of Sanibel General Fund has collected $8,550,869 in revenues. With 25 percent of the budget year completed, 56.79 percent of revenue projected for the entire fiscal year 2008-09 amended budget of $15,056,913, has been collected. This figure includes $7,915,144 of property taxes.

As of Feb. 20, five state revenue sources including State Revenue Sharing, Local Option Gas Taxes, Communication Services Tax and Half-cent Sales Tax are trending eight percent higher than the City’s amended budget for these sources on Dec. 31, 2008.

General Fund expenditures were $ 2,581,888 through Dec. 31. This is 21.90 percent of the FY09 amended budget of $11,788,846 at the completion of 25 percent of the budget year.

During the First Quarter of the budget year, City Council approved a budget amendment that decreased the General Fund’s approved expenditures (appropriations) by an additional $290,000. This $290,000 was re-appropriated by City Council to the General Fund’s Reserves, increasing the General Fund’s Reserves to $6,580,000. Of the $6.5 million in reserves, $4.5 million is designated for disasters such as hurricanes and $1.2 million is designated for environmental initiatives such as removal of significant algae deposits on the beaches.

In addition to the designated reserves the General Fund has approximately $3.75 million in undesignated fund balance. These funds are available for appropriation upon approval by Council.

During the First Quarter of the budget year, City Council also approved a budget amendment reducing budget expenditures in other funds in the current year budget by $1.2 million. City-wide, approximately $13.9 million in fund balance and reserves are available to meet the City’s unanticipated needs.

Upon releasing the Statement, City of Sanibel Finance Director Sylvia Edwards, CPA, CGFO, CPFO, stated, “Significantly strengthening reserves combined with conservative budget revenue and expenditure estimates have positioned us well for the current economic climate.”

Citizens of Sanibel can access and review the City’s current budget as well as Fiscal Year 2007 and Fiscal Year 2008 Budgets, and the last six years of the City’s Comprehensive Annual Financial Report (CAFR) on the City’s Web site at www.mysanibel.com.

Source: City of Sanibel