2021 Financial Overview
Town Manager · 10 pages · 1,043 words · all documents · the town's PDF →
Town of Durham
FINANCIAL OVERVIEW
Presented By: Jennifer Conners RUNYON KERSTEEN OUELLETTE
INSIDE
2. Summary of Audit Results
3. General Fund Fund Balance
4. General Fund Revenues
5. General Fund Expenditures
6. General Fund Expenditures Pie Chart 2021
7. General Fund Expenditures Pie Chart 2020
8. General Fund Committed Fund Balances
9. General Fund Reserved Fund Balances
10. Analysis of Available Funds
About this presentation
This presentation is intended as a tool to assist the Town Board of Selectmen and management in understanding its financial operating results. The information contained in this publication should be read in conjunction with the audited financial statements and related disclosures and should not be used for any other purposes without the expressed consent of RUNYON KERSTEEN OUELLETTE.
Please contact us at 207-773-2986 or 1-800-486-1784 20 Long Creek Drive, South Portland, ME 04106
Town of Durham
SUMMARY OF AUDIT RESULTS
• Timing of Audit
– Audit performed the week of March 14, 2022
– Reports issued August 25, 2022
– Financial Statement Opinion – Unmodified
• Report Required by Government Auditing Standards (GAS)
– Material weakness related to cash account reconciliations
– Significant deficiency related to segregation of duties
– Significant deficiency related to preparation of financial statements and audit adjustments
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Town of Durham
General Fund – Fund Balance
$5,000,000
$4,500,000
• Nonspendable fund balance
$4,000,000 includes prepaid expenditures.
• Restricted fund balance includes
$3,500,000
unspent grant, donation, and
$3,000,000 scholarship funds.
• Committed fund balance includes
$2,500,000
balances that were set aside for
$2,000,000 specific uses and are non-lapsing
per town vote.
$1,500,000
• Assigned fund balance includes
$1,000,000 approved carry forwards and
budgeted use of fund balance.
$500,000
• Unassigned fund balance
$- represents the remaining fund
2021 2020 2019 2018 2017 balance not restricted or assigned
Nonspendable - - - 479,724 - for specific purposes.
Restricted 35,879 35,659 35,416 21,932 40,691 • Total fund balance increased by
$216,774 from 2020 to 2021.
Committed 473,662 1,047,814 1,654,606 595,289 -
Assigned 1,498,991 1,362,264 1,300,941 2,199,551 1,930,937
Unassigned 1,946,059 1,292,080 1,285,202 1,194,979 1,179,5003
Town of Durham
GENERAL FUND - REVENUES
• Taxes were higher than budgeted
Budget Actual Variance
due to collections on prior year
Taxes $ 8,475,239 8,537,190 61,951 taxes and unbudgeted
supplemental taxes.
Intergovernmental 837,699 973,663 135,964
• Intergovernmental revenue was
Charges for Services 131,943 246,948 115,005
higher than budgeted due to
Investment income 32,740 41,644 8,904 higher than anticipated state
revenue sharing.
Other revenues 10,991 7,388 (3,603)
• Charges for services were higher
Total revenues 9,488,612 9,806,833 318,221
than anticipated due to
Carry forward balances 316,600 - (316,600) unbudgeted fire department
revenues (which include
Utilization of prior year surplus 29,364 - (29,364) ambulance billing) of $99K, plus
Total revenues and other sources $9,834,576 9,806,833 (27,743) higher than anticipated sewer
user fees.
• Total revenues were higher than
the budget by 3%.4
Town of Durham
GENERAL FUND - EXPENDITURES
Budget Actual Variance
• General government expenditures were under
General government $ 513,871 479,309 34,562 budget due to turnover in the
Public safety 503,351 471,836 31,515 manager’s/administrative assistant position.
Public works 1,188,604 1,120,242 68,362 • Public safety expenditures were under budget
due to the budgeted but unused capital
Solid waste disposal 310,000 294,576 15,424 amounts.
Community services 73,235 59,335 13,900 • Public works expenditures were under budget
due to the budgeted but unused capital
Education 5,349,456 5,349,456 - amounts, as well as the timing of some projects.
County tax 558,960 558,960 - • Unclassified expenditures were under budget as
Unclassified 107,637 1,269 106,368 the budget includes the amount raised in overlay
that was only used to offset $1,269 in
Debt service 980,862 980,859 3 abatements.
Capital outlay 248,600 215,493 33,107 • Capital improvements expenditures were under
budget due to the timing of projects.
Total expenditures $9,834,576 9,531,335 303,2415
Town of Durham
General Fund – 2021 Expenditure Distribution
Education 56%
County tax 6%
Unclassified 0%
Debt service 10%
Capital outlay Community services 2% 1%
Solid waste disposal Public works
12% Public safety General government
3% 5%
5%
6Town of Durham
General Fund – 2020 Expenditure Distribution
Education 54% County tax 6% Unclassified 0%
Debt service 10%
Community services Capital outlay
0% 7%
Solid waste disposal
3%
Public works Public safety General government
10% 5% 5%7
Town of Durham
General Fund – 2021 Committed Fund Balances - Reserves
Balance Balance Balance
Funds 1/1/2021 Receipts Disbursements 12/31/2021 Adjustments 12/31/2021
Emergency fund 16,953 - - 16,953 - 16,953
Restoration fund 38,120 108 - 38,228 - 38,228*
Telecommunications 84,007 44,861 98,129 30,739 2,282 33,021
Municipal capital 97,632 - - 97,632 - 97,632
Recreation 15,682 7,339 12,213 10,808 9,330 20,138
Fire/Rescue capital 252,351 - 116,950 135,401 90,000 225,401
Public works capital 447,599 - 377,180 70,419 218,620 289,039
Eureka capital 1,719 - - 1,719 - 1,719
Eureka center telecom 1,000 - - 1,000 - 1,000
Grants 27,077 - - 27,077 - 27,077
Unspent bond proceeds 65,165 - 21,479 43,686 - 43,686*Total 1,047,305 52,308 625,951 473,662 320,232 793,894
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*Held in separate bank accounts
Town of Durham
General Fund – 2021 Restricted Fund Balances
Balance Balance
Funds 1/1/2021 Receipts Disbursements Transfers 12/31/2021
Jackson Tupper
Memorial Fund $ 123 - - - 123
Durham Heating Fund 10,666 - 706 1,025 10,985
Giving Tree 1,025 868 - (1,025) 868
Historical District
Commission 1,330 - - - 1,330
Subtotal – restricted
funds in operating
account 13,145 868 706 - 13,306
River Park Project 7,917 18 - - 7,935
Scholarship Fund 14,597 41 - - 14,638
Total $ 35,659 927 706 - 35,879
9Town of Durham
Available Funds Total operating cash 12/31/2021 4,038,041.00 Estimated non-tax revenues (first 7 1/4 months) 1,342,465.58 ** Taxes due beginning of August Estimated expenditures (until next taxes are raised) (5,628,321.21) Operating expenditures for 7 1/4 months Shortfall (247,814.63) Operating cash balance 12/31/2021 4,038,041.00 Restricted balances held in operating cash (1) (13,306.00) Committed balances held in operating cash (2) (711,980.00) Can only be used for capital and other purposes Available for expenditures 3,312,755.00 4 Months of expenditures Actual expenditures through 12/31/2021 9,315,842.00 * One month's worth of expenditures 776,320.17
*Excludes capital expenditures **Excludes property and supplemental taxes
(1) - Scholarship and River Park restricted balances are held in separate bank accounts.
(2) - Durham Restoration Fund and Unspent Bond Proceeds are held in separate bank accounts.
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Source: durham_2021_financial_overview_.pdf on durhammaine.gov. Text extracted with pdftotext; no wording has been corrected.