11/04/2013 – Financial Report

11/04/2013 Financial Report – September

Dr. Bell (Chief Financial Officer)
You have 2 documents the Monthly Financial Report and the Vendor Spend Report.  The last page on the monthly report has a variance report.

Page 1
We’ve collected fiscal year to date $143 million.  Expenditures are $104 million.  Same time period last year we collected $152 million.  We did allocate prior year revenue that came in July back into ’13.  That’s one of the reasons.  Not all the wire transfers have come through and are not reported.

Page 2

Page 3
As requested, we added some projected data.  Down 12% on local and up 18% on state revenue collection.  The tax collector is optimistic.

Last Page
You’ll see the variance report requested.  We have under expended $1.9 million.

The finance department has responded to numerous emails from the board.  Any other questions?

Coleman
Bravo finance department.  Why are employee benefits in worker’s compensation way higher than expected?

Dr. Bell
We have some issues with the workers comp right now.  We are expending at a rate that is in excesses of what was budgeted.  We’re looking at how we might make some modifications in that area.

Coleman
OK.  Can you update us on that in the future.  Are we in danger of property taxes coming in lower than expected?

Dr. Bell
The tax commissioner said we are roughly $10 million ahead of where we were this time last year.  We just haven’t received it yet.

Jim McMahan
Is the property tax digest higher this year?

Dr. Bell
We anticipated a 3% decline.  There was a decline between 1% and 2%.  There is also erosion, not 100% of the people pay their taxes.