from staff
According to the most recent report produced by the Council Auditor’s Office, the City ended the third quarter of the fiscal year with a relatively small projected surplus. The audit indicates as of June 30, the City could end the fiscal year (Sept. 30) with a surplus in its general fund of a little over $7.6 million.
Director of Administration and Finance Mickey Miller prepared the general fund portion of the report that was compiled by Council Auditor Kirk Sherman and his staff and also includes the City’s independent agencies. Miller’s report indicates the surplus is attributable to expenditures being $16.7 million below the revised budget amount through the end of the third quarter.
The stadium fund for Jacksonville Municipal Stadium showed a favorable variance of $847,714 as of June 30. However, that could have been higher. The report says an additional $288,524 was budgeted in anticipation of corporate sponsorship for the stadium. However, there is no naming rights contract in place.
The City’s independent agencies are also required to submit quarterly reports. Those are as follows:
• JEA — The electric system is showing an operating surplus of $3.8 million thanks primarily to a fuel rate surplus of $6.99 million. The water and sewer system reported a $13.3 million surplus and a surplus of just under $8 million is projected for the year.
• JTA — According to the report, both the Bus Operations and CTC Operations divisions at JTA are experiencing budgetary problems with both divisions incurring losses the first nine months of the fiscal year. JTA’s mass transit bus division is also well behind budgeted revenue. Much of that, according to the report, is due to lower than expected revenues from federal, state and local matching grants ($1.6 million) and passenger fares ($1.8 million). Sherman’s report indicates “JTA will need to submit a budget amendment for City Council approval.”
• Neither the Jacksonville Port Authority nor the Jacksonville Aviation Authority reported any budgetary stress during the third quarter.