SEDONA AZ–Staff has completed its Preliminary Year End Report for the 12 Months ending June 30, 2010.  A report on the general operating fund is available on the City’s website at www.SedonaAz.gov/finance.

Highlights from the report include the following:

·        $750,000 surplus of revenue over expenditures in the General Operating Fund.

·        This surplus cancels out the use of reserves from the fiscal year ending June 30, 2009, bringing the general fund balance back to the June 30, 2008 level.

·        Expenditure controls and cost reductions throughout the year resulted in nearly a $1.6 million (13%) reduction over the original budget and prior year actual expenses.

·        Overall revenue came in $390,000 higher than was budgeted despite continued declines to sales tax revenues.  The increase was based on reallocated revenues and unanticipated revenues as follows:

o       Reallocation of sales taxes that were originally allocated to capital projects ($404,000)

o       Public Auction sales resulting from a reduction in the City vehicle fleet and changes to vehicle policy ($100,000)

o       In-Lieu fees negotiated in prior year agreements that recently took affect and were unbudgeted ($400,000)

The report is a draft following the initial audit period.  The final audited financial report is anticipated in late November or early December.

For additional information, please contact the City at (928) 204-7127.