Aldermen review 3rd quarter finances
In a review of the third quarter revenues and expenses, City Administrator Dale Klussman informed the Concordia Board of Aldermen the city is doing well financially at its meeting Monday, Jan. 5. He noted revenues are expected to be at or above projected goals by the end of the fiscal year.
In a packet provided by Klussman, forecasted revenues are expected to be around $1.41 million, and expenses are projected to be about $1.37 million, which means the city is likely to have a positive budget of approximately $40,000.
"This is not inclusive of the potential settlement with CenturyLink," said Klussman. "That has not been calculated into any of these funds. This is basically our everyday nuts and bolts of revenues that come in."
He reviewed revenue statuses by type with the board. Most revenues are at 80 percent or above of the goal to reach the $1.41 million forecast. The only revenues well below 80 percent are interest or miscellaneous revenues.
"Don't get too alarmed with the interest because we're only talking $95," he explained to the board. "The miscellaneous revenues that potentially will be coming in are things like rent ... if this settlement happens, that will be miscellaneous revenue."
The positive budget is due mostly to the adjustment of the city's tax structure last year.
"The one thing that has made it easier on us this year is the fact that we rededicated those two taxes -- the transportation tax and the parks' tax," Klussman said. "Usually July, August, September we're scratching our head. We're doing a lot of transferring trying to make it to where we have money in the general fund. This year we didn't have any problem at all."
Along with budget revenues, he also briefed the board on expenses, the majority of which is dedicated to salaries and wages. The second largest chunk belongs to employee benefits, such as health insurance or the local government employee retirement system.
"We're really in pretty good shape when you look at it -- expenses wise," Klussman noted.
He also added expense areas within the tourism and promotion fund and parks' capital improvements are less than what was initially forecast. Overall, the city is on track to finish the fiscal year with a positive budget due to increased revenue and reduced expenses.
The next board meeting is Tuesday, Jan. 20, due to the Martin Luther King Jr. holiday Monday, Jan. 19. All aldermen were present at the Monday, Jan. 5, meeting.