Edgerton shares the city’s healthy 4th quarter finance report
Thursday, March 9 City Administrator Beth Linn and Finance Director Karen Kindle gave an update on the fourth quarter finances for the city ending in 2022.
Kindle said on some of the revenues the city exceeded their target numbers.
The city’s total revenue for the General Fund’s 2022 budget were $4,260,554 with a budget of $3,987,911.
Mayor Don Roberts said he wanted to know if the Ad Valorem tax revenue was under the budget because properties didn’t pay.
Kindle said she would have to find out if they were city properties. She said she thinks their estimates on the pilots were a little off and they were overestimated. The Ad Valorem Tax had $2,194,690 in revenue with a budget for $2,214,328.
Kindle said the expenditures were pretty close to what they had estimated, but public works was a little over.
“They had some traffic signal repairs,” she said. “And the city engineer expenses will fluctuate year to year depending on what things the city needs assistance on.”
Kindle said information technology was lower than what they had estimated but it was because of the timing of paying for the new software with the second payment not due until 2023.
Expenditures from the city’s General Fund were $3,787,905 giving Edgerton $226,819 in revenues at the end of 2022.
Kindle said the city ended with an adequate fund balance within the budget authority.
The water fund is on target for the fourth quarter of 2022, she said. Revenues were $488,364 for a $484,722 budget with $459,010 in expenditures for a $521,094 budget leaving the city $36,372 under budget.
Kindle said the fleet maintenance was lower because of county estimates and they don’t always need them. The expenditure was $2,389 for a $6,075 budget.
“At the end of the year we are well within our reserve requirements and well within our budget authority,” she said.
Kindle said the sewer fund were still close to the estimated revenues despite investing into the Gardner wastewater treatment plant.
The sewer revenue was $724,979 with a budget of $765,029. Expenditures were $582,537 with a $680,327 budget.
Linn said the report was the first step for the annual audit process and then they will start the process for the 2024 budget.
Roberts said he was impressed with the work Kindle has done with audits and the new software for the city’s finance department.