Town of Durham Financial Overview
2023 Audit · 9 pages · 950 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 2024
7. General Fund Expenditures Pie Chart 2023
8. Committed Fund Balances – Other Funds
9. Operating Cash Analysis
About this presentation
This presentation is intended as a tool to assist the Town Board of Selectboard 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 25, 2024
– Reports issued September 9, 2024
– Financial Statement Opinion – Unmodified
• Report on Internal Controls and Compliance
– No material weaknesses
– Significant deficiency related to purchase card disbursements
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Town of Durham
General Fund – Fund Balance • General Fund - Fund Balance
changed significantly in 2023 as
amounts that were restricted or
$5,000,000 committed were moved to new
funds.
$4,500,000
• Restricted fund balance in prior
$4,000,000 years included unspent grant,
donation, and scholarship funds
$3,500,000 These amounts are now reported in
special revenue or permanent funds.
$3,000,000
• Committed fund balance included
$2,500,000 balances that were set aside for
specific uses and are non-lapsing per
$2,000,000 town vote. These amounts are now
reported in either special revenue or
$1,500,000 capital projects funds.
$1,000,000 • Assigned fund balance includes
approved budgeted use of fund
$500,000 balance.
• Unassigned fund balance represents
$- the remaining fund balance not
2023 2022 2021 2020 2019
restricted or assigned for specific
Restricted - 35,875 35,879 35,659 35,416 purposes.
Committed - 955,912 842,023 1,047,814 1,654,606 • Total fund balance - before transfers
Assigned 668,000 2,518,574 1,498,991 1,362,264 1,300,941 to other funds increased by
Unassigned 3,015,468 924,800 1,557,698 1,292,080 1,285,202 $334,937. After transfers of balances
to other funds, total fund balance
decreased by 751,693.00 from 2022
to 2023.3
Town of Durham
GENERAL FUND - REVENUES
• Taxes were higher than budgeted due
Budget Actual Variance
to higher than anticipated vehicle
Taxes $9,061,710 9,084,053 22,343 excise taxes.
State Revenue Sharing 551,052 740,214 189,162 • State Revenue Sharing was higher
than anticipated as the budgeted
Homestead Exemption 305,116 221,886 (83,230)
amount was based on 2022 revenues.
Other Intergovernmental 80,006 160,170 80,164 • Charges for Services were higher than
Charges for Services 182,535 258,811 76,276 anticipated due to unbudgeted cable
franchise fees and higher than
Investment income 20,955 45,053 24,098 expected rescue billing revenues.
Other revenues 2,845 16,474 13,629 • Total revenues were higher than the
Total revenues 10,204,219 10,526,661 322,442 budget by 3%.4
Town of Durham
GENERAL FUND - EXPENDITURES
Budget Actual Variance
• General government expenditures were under
General government $683,944 635,952 47,992 budget as consulting services were budgeted for
Public safety 522,470 522,286 184 the entire year but only started in May. In
addition, there were changes in staffing and
Public works 1,338,920 1,275,799 63,121 related benefits.
Solid waste disposal 384,540 374,150 10,390 • Public works expenditures were under budget
due to lower than anticipated paving and fuel
Community services 16,965 13,018 3,947
costs.
Education 5,716,356 5,716,355 1 • Unclassified expenditures were under budget as
County tax 677,388 677,388 - the budget includes the amount raised in overlay
that was only used to offset $8,386 in
Unclassified 35,246 8,386 26,860 abatements.
Debt service 958,390 958,390 - • Total expenditures before transfers out were 1%
under budget.
Total expenditures 10,334,219 10,181,724 152,495
Transfers to other funds 110,000 1,096,630 (986,630)
Total expenditures and $10,444,219 $11,278,354 $(834,135)
transfers out5
Town of Durham
General Fund – 2023 Expenditure Distribution
General government Public safety
6% 5% Public works
13%
Solid waste disposal
Debt service 4%
Unclassified
0% 9%
Community services
County tax 0%
7%Education 56%
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Town of Durham
General Fund – 2022 Expenditure Distribution
General government
6% Public works
Debt service Public safety 12%
Capital outlay Solid waste disposal
10% 5%
1% 3%
Unclassified
0% Community services
0%County tax 6%
Education 57%
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Town of Durham
Committed Fund Balances – Other Funds
Balance Transfer Disbursements/ Balance
Funds 1/1/2023 Receipts Transfers Out 12/31/2023
Emergency fund $ 16,953 - - 16,953
Grant match 27,077 - - 27,077
Recreation 23,742 - - 23,742
Telecommunication 126,578 - 47,754 78,824
Revaluation 60,000 - - 60,000
Subtotal Special Revenue Funds 254,350 - 47,754 206,596
Eureka capital 2,719 1,000 - 3,719
Fire rescue capital 221,401 - 79,310 142,091
Buildings capital 97,632 7,120 90,512
Public works capital 510,950 144,330 516,265 139,015
Union church restoration 21,457 175 - 21,632
Subtotal Capital Projects Funds $ 854,159 145,505 602,695 396,9698
Town of Durham
Operating Cash Analysis
Available Funds 12/31/2023 12/31/2022 Change Total operating cash 12/31 4,391,696.04 4,765,522.00 (373,825.96) Estimated non-tax revenues (first 7 1/4 months) 1,523,152.50 ** 1,466,986.60 56,165.90 Excludes grants Estimated expenditures (until next taxes are raised) (6,151,458.25) (5,850,865.40) (300,592.85) Net available funds (236,609.71) 381,643.20 (618,252.91) Operating cash balance 12/31 4,391,696.04 4,765,522.00 Restricted balances held in operating cash (1) (19,293.00) (13,242.00) (6,051.00) Restricted in purpose Committed balances held in operating cash (2) (596,006.00) (955,912.00) 359,906.00 Can only be used for capital/other Available for expenditures 3,776,397.04 4 3,796,368.00 5 353,855.00 Actual expenditures through 12/31 10,181,724.00 * 9,684,191.00 497,533.00 One month's worth of expenditures 848,477.00 807,015.92 41,461.08
Note: 7 and 1/4 months used as taxes are committed in August *Excludes capital expenditures **Excludes property and supplemental taxes
*-See Exhibits C-1 and D-1 for amounts held in separate cash accounts.
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Source: durham-2023-presentation.pdf on durhammaine.gov. Text extracted with pdftotext; no wording has been corrected.