PARKVILLE, MO, MARCH 4, 2016 – The City of Parkville is pleased to announce that the semi-annual financial report summarizing revenue and expenditures for the second half of 2015 is now available. The full report is available on the City of Parkville website at http://parkvillemo.gov/financialdocuments/, along with a revised December 2015 financial report that includes final figures for 2015.
City Treasurer Steve Berg announced, “2015 was an especially good year financially for the City with General Fund expenditures held to $736,964 under budget, resulting in a surplus of revenues for the year exceeding expenditures by $354,831 (or about 9%).” City Administrator Palmer stated, “I am pleased that city staff managed budgets effectively and kept spending well below authorized levels. However when we spend so far below budget, good management demands that we ask why. Either we didn’t deliver on the community expectations for municipal services, or we budgeted beyond what we needed to accomplish annual goals. In 2015, approximately 27% of the savings was the result of capital improvement projects that were started in 2015 but will have final expenses in 2016. In addition, several key staff vacancies during the year resulted in higher than expected personnel savings. In 2016, the city will redirect the savings from any mid-year personnel vacancies to a top community priority: street maintenance.”
Another highlight for the year was the early retirement of $1,516,000 in certificates of participation that were issued in 2006 to finance City Hall and other capital improvements. When combined with other principal bond payments in 2015, the City lowered its total debt by nearly $2.1 million. Palmer commented, “The City reduced its debt load by 12% in 2015, and the City’s outstanding debt is well below the limits set by state law and city policy. Parkville has its share of challenges, like many communities working to rebound after the economic recession, but overall the City is in great fiscal health.” The City ended 2015 with a General Fund cash balance of $1,442,571 and an Emergency Reserve Fund balance of $1,025,766.
Both state statute and city ordinance require the City Treasurer to produce a semi-annual financial report that summarizes revenues and expenses for the previous six-month period. The report for the second half of 2015 was completed in mid-February and includes all revenues and expenditures that are expected to be credited and charged to 2015, but does not include year-end adjustments that will be made as part of the annual audit process.
For more information, please contact City Administrator Lauren Palmer at lpalmer@parkvillemo.gov or (816) 741-7676.
