Page 145 - HurstFY23AnnualBudget

APPROVED BUDGET FISCAL YEAR 2022-2023

Bank activity reviewed daily ✓ ✓ ✓

AP checks issued 3,724 4,500 4,500

Purchasing card transactions 10,500 10,500 10,500
Investments within the city’s
portfolio 31 27 27
Internal audit reviews 1 1 1
Debt service payments made,
arbitrage calculations performed,
and all regulatory reports filed. ✓ ✓ ✓
Effectiveness:

GFOA distinguished budget
presentation award ✓ ✓ ✓
GFOA certificate of achievement
award ✓ ✓ ✓

MYFP presented to council ✓ ✓ ✓
General fund sales tax over/(under)
budget $ 2,800,000 $ 3,000,000 $1,000,000
Credit ratings (Moody’s / S&P)
(benchmark: A or higher) Aa2 / AA Aa2 / AA Aa2 / AA
General debt service as percentage
of general fund expenditures 10.5% 10.0% 9.0%
Tax supported debt as a
percentage of taxable assessed
valuation 1.4% 1.4% 1.2%
General fund exp. as percentage of
taxable assessed valuation 1% 1% 1%
Actual general fund revenue
over/(under) estimated budget 6.4% 9% 3%
Undesignated general fund balance
(number of days) 90 90 90

Debt service rate to total tax rate 19.4% 17.3% 16.3%
AP checks paid within 30 days
(Benchmark: 100%) 92% 95% 95%
Rebate provided by purchasing
card activity $38,000 $36,000 $40,000
Average annual return on
investment / 3-mo. t-bill rate .41%/ 0.05% 0.47%/ 1.05% 2.75%/ 3.75%

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