Year End Review
BudgetAI Summary
The 2024 Year End Fiscal Report presents the municipality's financial position as of December 31, 2024, with total fund balances across all accounts reaching approximately $1.87 million, including restricted-use funds for debt reduction, highway aid, and ARPA programs. General Fund revenues exceeded the budget by 1% at $2,163,609 against a budgeted $2,143,181, driven by strong earned income tax collections (122.6% of budget) and interest earnings (1,090.5% of budget), though real estate tax revenue underperformed at 89.8% of budget. The General Fund maintained a surplus of $88,055 with expenditures at $2,075,554 (101% of budget), while multiple treasury notes totaling approximately $738,857 are set to mature on March 25, 2025.
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Page 1 of 9 2024 Year End Analysis and Summary The 2024 Year End Fiscal Report compares the 2024 actual income and expenses to the 2024 budget. Below is a summary of notable items. CHECKING FUND BALANCES AS OF DECEMBER 31, 2024 General Fund: $213,797 Blight Fund $84,624 Debt Reduction Fund $7,995*** Fire Fund $1,965*** Library Fund $21,025*** Highway Aid Fund $69,735*** Sinking Fund $55,178 Street Lighting Fund $69,808*** ARPA Fund $17,090 *** Reserve $57,745 Park Maintenance $31,642 Snow Removal Reserve $15,015 Fire Escrow $46,251*** ***Restricted Use TREASURY NOTE BALANCES MATURE MARCH 25, 2025 General Fund: $149,912 Sinking Fund $204,157 Debt Reduction Fund $101,585*** ARPA Fund $52,272 *** Highway Aid Fund $204,157*** Reserve $75,934 ***Restricted Use MONEY MARKET FUND BALANCES AS OF DECEMBER 31, 2024 General Fund: $261,227 Sinking Fund $423 Debt Reduction Fund $684*** ARPA Fund $184,463 *** Highway Aid Fund $423*** Reserve $7 ***Restricted Use TOTAL FUND BALANCES AS OF DECEMBER 31, 2024 General Fund: $624,936 Blight Fund $84,624 Debt Reduction Fund $110,264*** Fire Fund $1,965*** Library Fund $21,025*** Highway Aid Fund $274,315*** Sinking Fund $259,758 Street Lighting Fund $69,808*** ARPA Fund $253,285 *** Reserve $133,686 Park Maintenance $31,642 Snow Removal Reserve $15,015 Fire Escrow $46,251*** ***Restricted Use -- 1 of 9 -- Page 2 of 9 GENERAL FUND Jan - Dec 2024 FY Budget % of FY Budget Revenue 2,163,609 2,143,181 100.95 Expenditures 2,075,554 2,060,422 101.04 Surplus/(Deficit) 88,055 89,058 REVENUE Actual Budget % of Budget Real Estate Taxes - Current 401,214.32 446,550.91 89.8% Real Estate Taxes – Prior/Delinquent 172,202.80 174,000.00 99.0% Per Capita 6,596.16 2,500.00 263.8% Real Estate Transfer 41,655.81 37,500.00 111.1% Earned Income Tax 994,035.82 811,000.00 122.6% Occupation Tax 3,066.28 2,500.00 122.7% Local Services Tax 11,069.12 12,000.00 92.2% Business License and Permits 31,238.90 46,000.00 67.9% Fines 26,222.60 16,050.00 163.4% Interest Earnings 22,191.30 2,035.00 1090.5% State Capital & Operating Grant 12,578.53 133,265.47 9.4% State Shared Rev & Entitlements 103,264.88 64,565.42 159.9% Local Government Grants 140,000.00 0.00 0.0% General Government 51.75 520.00 10.0% Public Safety 71,864.50 79,950.00 89.9% Highway and Streets 3,875.00 1,500.00 258.3% Miscellaneous Revenues 11,548.74 6,850.00 168.6% Non classified Operating Rev 22,829.74 0.00 0.0% Proceeds of Asset Disposition 0.00 5,000.00 0.0% Interfund Operating Transfers 88,103.68 301,393.70 29.2% Total Revenues 2,163,609.93 2,143,180.50 101.0% -- 2 of 9 -- Page 3 of 9 GENERAL FUND Revenue: The 2024 budget calls for $2,143,080 in revenue to be received. In 2024 we received $2,163,609 which is 101% of the 2024 yearly budget. Notable variances for major revenue sources are listed below. 1. Real Estate tax revenue came in at 92.4% of 2024 budget. 2. Earned income tax revenue came in at 122.6% of 2024 budget. This is due to higher than anticipated income tax revenue. 3. Other tax revenue came in at 114.5% of 2024 budget. 4. License and Permit revenue came in at 67.9% of 2024 budget on a cash reporting basis. The majority of the shortfall is not receiving 4th cable franchise payment until 2025. 5. Intergovernmental revenue came in at 129.3% of 2024 budget. Excess revenue is mainly due to Veterans Wall and ARLE Crosswalk grant funding. 6. Public Safety revenue came in at 89.9% of 2024 budget. 7. Interfund transfers came in at 29.2% due to no transfers for B Street project in 2024. 8. Other revenue came in at 271.4% of 2024 budget. Mainly due to higher than anticipated interest earnings and higher than anticipated fine revenue. 0.00 200,000.00 400,000.00 600,000.00 800,000.00 1,000,000.00 1,200,000.00 Revenue Actual FY Budget -- 3 of 9 -- Page 4 of 9 EXPENSES Actual Budget % of Budget General Government 420,433.87 413,957.36 101.6% Public Safety Protection 502,340.37 489,358.77 102.7% Fire Company 29,578.76 39,426.47 75.0% Code Enforcement 48,885.95 49,388.91 99.0% Emergency Management 450.00 0.00 0.0% Health & Human Services 2,550.00 2,626.50 97.1% Public Works - Hwys Roads Sts. 128,172.74 157,532.63 81.4% Highway-Storm Sewers & Drains 180,790.60 200,000.00 90.4% Highway-Repairs Tools/Machinery 2,415.00 500.00 483.0% Street Maintenance 2,112.00 1,000.00 211.2% Culture and Recreation 846.00 18,500.00 4.6% Shade Trees 0.00 5,000.00 0.0% Community Development 0.00 2,500.00 0.0% Center Street Demo Expenses 11,180.00 0.00 0.0% Comprehensive Plan Expenses 22,207.50 75,000.00 29.6% Miscellaneous Expenses 2,140.05 0.00 0.0% Employer Paid Benefits 230,095.35 245,030.30 93.9% Insurance, Casualty & Surety 75,839.55 72,442.26 104.7% Health Insurance Benefit 256,795.59 203,544.24 126.2% Codification 1,195.00 0.00 0.0% ARLE Crosswalk Expenses 53,910.00 0.00 0.0% Transfer tax and recording fees 1,896.75 0.00 0.0% ARDCO Building Grant Exp 15,397.28 0.00 0.0% Interfund Operating Transfers 83,643.81 76,267.70 109.7% M&T Bank Fees 17.45 150.00 11.6% Payroll Expenses 2,660.99 1,896.49 140.3% Total Expenditures 2,075,554.61 2,054,121.63 101.0% -- 4 of 9 -- Page 5 of 9 Expenses: The 2024 budget estimated $2,054,121 in expenses. In 2024 the total expenses were $2,075,554 which is 101.0% of the 2024 budget. Notable variances for major expense categories are listed below. 1. Both general government and police expense are within 2% of the 2024 budget. 2. Other public safety expenses came in 89.1% of the 2024 budgeted amount. 3. Public works expenses came in at 81.6% of the 2024 budgeted amount. Partially due to how we record wages. 4. Employee Benefit expense came in at 108.5% of the 2024 budgeted amount. Mainly due to addition of Secretary family on plan. 5. Grant expense came in at 136.9% of the budgeted amount for 2024. This is due to ARLE Crosswalk expenses. This was offset by ARLE Crosswalk income. 6. Insurance expense came in at 104.7% of the 2024 budgeted amount. Due to higher than anticipated costs. 0.00 100,000.00 200,000.00 300,000.00 400,000.00 500,000.00 600,000.00 Expenses Actual FY Budget -- 5 of 9 -- Page 6 of 9 BLIGHT FUND Jan-Dec 2024 % of 2024 FY Budget FY Budget Revenues 83,789 103,282 81.1 Expenditures 138,250 90,000 153.6 Surplus/(Deficit) -54,460 13,282 Blight Fund is used to account for property demolition for property deemed dilapidated, unsafe, uninhabitable, or in an unsightly condition. The city annually allocates approximately 1.5 mills of General Fund Real Estate taxes and $50,000 of Earned Income Tax. The council approved the purchase of the Pascoli building for $90,000 for future development which significantly increased expenses. Additionally, there were no CDBG funds received this year resulting in a $27,000 revenue shortfall Revenue: 1. Incurred unbudgeted expense for $90,000 for purchase of Pascoli building. There will be no CDBG funds this year. We had a revenue shortfall for this fund. DEBT REDUCTION FUND Jan-Dec 2024 % of 2024 FY Budget FY Budget Revenues 104,316 111,247 93.77 Expenditures 102,514 102,512 100.0 Surplus/(Deficit) 1,802 8,735 Debt Service/Reduction Fund is used to account for the accumulation of funds restricted or committed for the periodic payment of principal and interest on general long-term debt. Property taxes totaling 4.75 mills were allocated to the Debt Service Fund for 2024. Expenditures include debt service for the Fire Hydrants, USDA loans and the Act 47 loan. -- 6 of 9 -- Page 7 of 9 Revenue: 1. Revenue came in at 93.77% of 2024 budget. Expenses: 1. Expenses came in at the 2024 budget amount. FIRE FUND Jan-Dec 2024 % of 2024 FY Budget FY Budget Revenues 20,215 22,238 91.35 Expenditures 26,920 21,920 122.81 Surplus/(Deficit) -6,604 319 Fire Tax Fund is used to collect the fire tax from residents and partially fund expenditures for Mahanoy City’s Fire Department. Property taxes totaling 0.95 mills were allocated to the Fire Tax Fund for 2024. Monies from this tax are distributed to the Fire Companies. Revenue: 1. Revenue came in at 91.3% of the 2024 budget. Expenses: 1. Expenses came in at 122.8% of the 2024 budget. This is due to an additional $5,000 given to the fire companies from the Fire Fund balance. LIBRARY FUND Jan-Dec 2024 % of 2024 FY Budget FY Budget Revenues 7,468 8,202 91.05 Expenditures -381 8,000 0 Surplus/(Deficit) 7850 203 -- 7 of 9 -- Page 8 of 9 Library Fund is used to collect the library tax from residents and partially fund expenditures for the library. Property taxes totaling 0.35 mills were allocated to the Library Fund for 2024. Monies from this tax are distributed to the library. Revenue: 1. Revenue is currently 91.1% of the budgeted amount. Expenses: 1. No expenses as Library funds will be transferred in Jan 2025. HIGHWAY AID FUND Jan-Dec 2024 % of 2024 FY Budget FY Budget Revenues 101,483 98,093 103.5 Expenditures 57,693 217,280 26.6 Surplus/(Deficit) 43,790 -119,188 Liquid Fuels/Highway Aid Fund is used to account for the revenues and expenditures funded by the Pennsylvania Department of Transportation to aid in certain costs associated with the Borough’s roadways. Revenue: 1. Liquid Fuels revenue came in at 103.5% of the 2024 budget. Expenses: 1. Expenses below budget due to repaving B Street moved to 2025 and no storm inlet replacement in 2024. -- 8 of 9 -- Page 9 of 9 SINKING FUND Jan-Dec 2024 % of 2024 FY Budget FY Budget Revenues 16,371 $12,386 132.2 Expenditures 0 0 - Surplus/(Deficit) 16,371 12,386 The Sinking/Capital Reserve Fund is used to account for the financial resources used for capital outlays, including the acquisition and capital construction of major capital facilities and other capital assets. The fund accounts for monies transferred from the General Fund and grants received to be used for the acquisition and maintenance of major capital facilities and projects. Property taxes totaling 0.124 mills are allocated to the Capital Projects Fund for 2024. Any collections from the delinquent sanitation bills are recorded in this fund. Revenue: 1. Revenue came in at 132.2% of 2024 budget due to an increase in interest income. STREET LIGHTING FUND Jan-Dec 2024 % of 2024 FY Budget FY Budget Revenues 82,494 90,137 91.5 Expenditures 74,484 85,169 87.5 Surplus/(Deficit) 8,010 4,968 Street Lighting Fund is used to collect the street lighting tax from residents and to pay for necessary expenditures for utilities and repairs to keep the streetlights in service. Property taxes totaling 3.854 mills are allocated to the Street Lighting Fund for 2024. Revenue: 1. Revenue came in at 91.5% of the 2024 budget amount. -- 9 of 9 --
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The Borough of Mahanoy City presented its 2023 budget to council on November 15, 2022, and approved it on December 13, 2022, with no proposed tax increase and millage remaining at 35.524 mils across six funds. The budget reflects a $42,300 increase in real estate tax revenue due to a $1.66 million rise in assessed property values, and includes $70,000 from the ARPA fund to cover a fifth police officer position. The borough is scheduled to exit Act 47 financial distress status in March 2023 after seven years in the program, marking the completion of its financial recovery plan.
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