TOWN OF SANFORD FINANCIAL OVERVIEW Presented by: Hank Farrah - - PowerPoint PPT Presentation

TOWN OF SANFORD

FINANCIAL OVERVIEW

Presented by: Hank Farrah RUNYON KERSTEEN OUELLETTE Recently, the Town of Sanford completed the financial audit process. The Town has received an unqualified opinion which means the financial statements are fairly stated in all material respects. The Town reported two significant deficiencies in internal control

• ver financial reporting and two findings in regards to its federal programs (both involving the School Department). The remainder
• f this publication is dedicated to providing you with the financial results for fiscal year 2011. We hope you find this information

useful and understandable. Finally, we wish to express our appreciation to all those who where so helpful to us during the audit

• process. It truly is a pleasure working with your staff.

INSIDE

• 2. General Fund Assets
• 3. General Fund Liabilities
• 4. General Fund - Fund Balance

5. General Fund Revenues 6. General Fund Expenditures 7. Comparisons to Other Municipalities 8. General Fund Revenues 9. General Fund Expenditures

About this presentation This presentation is intended as a tool to assist the Town of Sanford’s Town Council and management in understanding its financial operating results. The information contained in this publication should be read in conjunction with the audited financial statements and related disclosures and should not be used for any other purposes without the expressed consent of RUNYON KERSTEEN OUELLETTE. Please contact us at 207-773-2986 or 1-800-486-1784 20 Long Creek Drive, South Portland, ME 04106

TOWN OF SANFORD

General Fund Assets

Cash & Investments Taxes Receivable Accounts Receivable, net 2007 $11,371,426 $1,530,450 $708,417 2008 $12,614,826 $1,968,877 $393,593 2009 $13,597,304 $2,030,955 $362,010 2010 $13,442,640 $1,889,717 $513,633 2011 $13,324,196 $1,848,942 $577,916 $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 2

Observations:

• Cash and investments are shown net of amounts due to and from other funds
• Taxes receivable decreased over $40K
• Accounts receivable increased over $64K

TOWN OF SANFORD

General Fund Liabilities

Accounts Payable Accrued Payroll Deferred Revenue 2007 $1,163,983 $4,380,807 $1,204,241 2008 $1,540,875 $3,968,410 $1,647,786 2009 $1,334,380 $4,052,274 $1,654,716 2010 $1,345,627 $3,939,429 $1,509,627 2011 $940,328 $4,034,764 $1,482,812 $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 3

Observations:

• Accounts Payable decreased over $405K as a result of timing differences
• Accrued payroll, represents payroll earned prior to June 30th but not yet paid
• Deferred revenue represents taxes still unpaid 60 days after the end of the year

TOWN OF SANFORD

General Fund - Fund Balance

Restricted Committed Assigned Unassigned 2007 $20,456 $762,679 $770,000 $5,308,127 2008 $35,555 $612,081 $650,000 $6,522,589 2009 $26,034 $725,825 $650,000 $7,547,040 2010 $52,574 $658,224 $650,000 $7,689,509 2011 $26,618 $1,727,087 $825,038 $6,714,407 $- $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000

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Observations:

• Total fund balance increased over $110K
• Committed fund balance represents amounts for the capital plan
• Assigned fund balance is made up of various reserves and use of surplus
• Unassigned decreased over $975k from prior year

TOWN OF SANFORD

General Fund Revenues

Budget Actual Variance

Taxes 26,535,600 26,595,964 60,364 Licenses and Permits 2,937,947 2,154,814 (783,133) Intergovernmental Revenues 24,164,421 24,070,714 (93,707) Investment Income 100,000 93,519 (6,481) Other 176,067 248,197 72,130 Use of Surplus & Carryforwards 2,030,224

• (2,030,224)

Transfers from Other Funds

• 85,000

85,000

Total 55,944,259 53,248,208 (2,696,051)

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Observations:

• Licenses and permits came in under budget due to the PAYT not passing
• Other was over budget due to the receipt of employee benefit reimbursements and

airport revenues

TOWN OF SANFORD

General Fund Expenditures

Budget Actual Variance

General Government 4,969,590 5,040,223 (70,633) Public Services 1,860,790 1,606,137 254,653 Public Safety 7,368,918 7,284,397 84,521 Public Works 3,915,768 3,715,587 200,181 Education 33,193,084 32,754,040 439,044 County Tax 808,389 808,389

• Other

699,687 546,735 152,952 Debt Service 1,299,884 1,250,859 49,025 Capital Improvement Plan 1,828,149 186,062 1,642,087 Transfers to Other Funds

• 25,244

(25,244)

Total 55,944,259 53,217,673 2,726,586

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Observations:

• The largest savings in public services came under the cemetery and town hall lines
• Other contains the budgeted overlay of $155K
• Capital improvement plan is carried over to next year and is committed in fund balance

CITY OF SANFORD

12.00% 10.94% 9.65% 16.33% 14.74% 0% 3% 6% 9% 12% 15% 18% Sanford Portland Lewiston Auburn South Portland

Unassigned Fund Balance as a % of Budget Compared to Other Municipalities

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2.32% 11.96% 18.50% 10.18% 6.97% 0% 4% 8% 12% 16% 20% Sanford Portland Lewiston Auburn South Portland

Debt Service as a % of Budget Compared to Other Municipalities

CITY OF SANFORD

2011 General Fund Revenues

8 Taxes 50.03% Licenses, Fees 4.05% Intergovernmental 45.28% Investment 0.18% Other 0.47%

Revenues

CITY OF SANFORD

2011 General Fund Expenditures

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General Government 9.48% Public Services 3.02% Public Safety 13.69% Public Works 6.99% Education 61.58% County Tax 1.52% Other 1.03% Debt Service 2.35% Capital Improvement 0.35%

Expenditures

Thank you for your time! Any Questions?

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