Finance Director reviews budget status for third quarter

 City Finance Director Marc LaBossiere presented the budget status report for the third quarter of fiscal year 2016-17, ended March 31, 2017, during Monday night’s City Commission meeting.

During the meeting, LaBossiere highlighted the General Fund, Solid Waste Fund, Ponca City Energy Fund, the Airport Fund, and the Marland Estate Fund.

The General Fund showed:

Sales tax revenue of $5,502,975 (74.9 percent of the annual budget), a decrease of approximately 1.9 percent over the prior year’s collections.

Use tax revenue of $610,990 (98.6 percent of budget)

Total revenues $16,175,109 (74.9 percent of budget)

Total expenditures $16,964,767 (70.8 percent of budget)

Expenditures over revenues at the close of the third quarter were $789,648, LaBossiere said. He said this deficit is likely to shrink in the next quarter as the year concludes and accruals for timing lags are realized.

The Solid Waste Fund, which is an enterprise fund type, showed:

Residential service $1,791,430 (74.3 percent of budget)

Commercial service $1,067,603 (75.4 percent of budget)

Total revenues $3,796,322 (76.1 percent of budget)

Revenues exceeding expenses through the third quarter were $236,417.

The Ponca City Energy Fund is an enterprise fund type and showed:

Electric sales of $27,501,892 (77.9 percent of budget)

Broadband revenue $214,249 (85.7 percent of budget)

Total revenues $29,255,254 (78.7 percent of budget)

Revenue over expenses at the end of the third quarter totaled $2,258,754.

The Airport Fund is an enterprise fund which operates the Ponca City Regional Airport. Its budget showed:

Fuel Sales of $546,013 (83.6 percent of budget)

Rentals/ T-hangar $85,965 (84.3 percent of budget)

Revenues over expenses $101,085

LaBossiere said  the airport had a very good third quarter.

The Marland Estate Fund is another enterprise fund which operates the city-owned estate properties. LaBossiere said operating revenues were strong at the close of the quarter, due in part to a recent documentary on E.W. Marland and increased tourism to The Mercantile in Pawhuska.

The fund shows:

Tour revenue of $59,256 (126.1 percent of budget)

Mansion rental $45,108 (100.2 percent of budget)

Total revenue of $295,438 (90.5 percent of budget)

Revenue over expenses was $52,872 at the end of the third quarter.

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LaBossiere said the numbers overall indicate the sales tax contraction is nearing an end.

The General fund shows slightly negative to the budget, but Ponca City Utility Authority has recorded a normal quarter with positive results.

He said he expects the budget to break even at the end of the fiscal year on June 30.