Agenda

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Brentwood ECD Agenda

Meeting Date:	07/25/2022
Submitted by:	Karen Harper, Finance
Department:	Finance

Information

Subject

ECD Quarterly Financial Report

Background

Financial Reporting

Please find attached the unaudited financial reports for the fourth quarter of fiscal year 2022 which includes Statement of Revenues and Expenses, Statement of Net Assets, and Budget to Actual Report for the Emergency Communications District (ECD) Fund. The Statement of Revenues and Expenses shows actual year to date revenues and expenses. The Statement of Net Assets shows year to date balances for all asset, liability, and equity accounts. The Budget to Actual Report shows the actual comparisons between the budgeted amount and the year to date actual as of June 30, 2022.

Year to date revenues collected as of June 30, 2022 are $1,818,281 or 102% of budget. Year to date expenses are $1,511,349 or 85% of budget. For comparison purposes, for the same period for fiscal year 2021, revenues were $1,821,616 or 119% of budget, and expenses were $1,472,197 or 96% of budget.

The difference between FY 2022 and FY 2021 year to date revenues is due to the base funding amount received in August 2020 as a special distribution authorized by TECB (Tennessee Emergency Communications Board) during the June 8, 2020 meeting for the purpose of "bridging the gap" between the start of fiscal year 2021 on July 1, 2020 and the effective date of SJR0836 that increased the 911 surcharge rate to $1.50.

Other Items of Interest

The rate increase from $1.16 to $1.50 was effective on January 1, 2021 and is expected to increase ECD 911 annual revenues $325,000 per year. The City's first monthly distribution at the increased rate was received in February 2021.

Please advise if you have any questions concerning the Emergency Communications District (ECD) revenue and expense quarterly report as of June 30, 2022.

Staff recommendation

N/A

Fiscal Impact

Attachments
Statement of Revenues and Expenses as of 06/30/2022
Statement of Net Assets as of 06/30/2022
ECD Budget to Actual as of 06/30/2022