ord-10-2024_fy2024_budget_amendment-memo.pdf
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This September 19, 2024 memo from the Finance Director is an end-of-year (June 30) update on the Town of Centreville’s FY2024 budgets and explains variances by department. General Fund revenues came in 109% of estimate ($557,404 above budget), mainly from local income tax and Public Utility Tax; the Enterprise Fund received 103% ($93,766 above estimate), driven by investment earnings and water revenue. Key expense variances include A70 (104%, $3,665 overspent for MDIA fees), A81 (109%, $4,863 overspent for an unexpected HVAC purchase for unit in 105N Liberty), H40 (167% spent, $26,794 overspent but also $32,665 extra revenue due to an unbudgeted Main Street Improvement Grant), and several enterprise accounts: 7-C21 (102%, $19,200 overspent for higher electricity charges), 7-C24 (104%, $39,461 overspent due to earlier-than-expected shipment of 200 water meters and contracted VEPO installation; 120 invoices covered by a grant), and 7-C25 (132%, $18,969 overspent for aging infrastructure repairs). The memo concludes with recommended budget amendments: General Fund $35,322 and Enterprise Fund $77,630.
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THE TOWN OF CENTREVILLE 101 LAWYERS ROW CENTREVILLE, MD 21617 410-758-1180 FAX 410-758-4741 WWW.TOWNOFCENTREVILLE.ORG MEMORANDUM September 19, 2024 TO: Carolyn Brinkley, Town Manager FROM: Karen Luffman, Director of Finance RE: EOY Budget Update As of June 30th, the Town completed the end-year mark of Fiscal Year (FY) 2024. At this time, departments should be at or around 100% of budget spent. The following is information to further explain certain line items: GF Revenue – 109% received ($557,404 above estimated budget) – The differences are in Local income tax and Public Utility Tax. A10 – 94% spent A70 – 104% spent ($3,665 overspent) –There was an increase in MDIA fees. A81 – 109% spent ($4,863 overspent) – Unexpected purchase of HVAC for unit in 105N Liberty. A92 – 88% spent B10 – 84% spent B22 – 100% spent C11 – 88% spent C22 – 98% spent D10 – 104% spent H40 – 167% spent ($26,794 overspent) 212% received ($32,665 extra received) – The overage in expenses is based on a Main Street Improvement Grant not budgeted for. H60 – 99% spent H90 – 96% spent EF Revenue – 103% received ($93,766 above estimated budget) – The differences are in investment earnings and water revenue. 7-C21 – 102% spent ($19,200 overspent) -The overage in this was based on electricity charges increasing after budget. 7-C24 – 104% spent ($39,461 overspent) – Shipment of 200 water meters came in 9 months earlier than anticipated. 120 Water invoices are included in this department and are covered by a grant. Meter Installation contracted to VEPO to install meters in large quantities. 7-C25 – 132% spent ($18,969 overspent) – Aging infrastructure and repairs that needed to be fixed. Total General Fund Budget Amendment - $35,322 Total Enterprise Fund Budget Amendment - $77,630