Regular meeting (Budget Report)
Event Date: 2024-02-13
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**Executive Summary**
**Budget Overview**
This document presents the budget report for the Township of Kasson for the period from April 2023 to January 2024. The report includes detailed income and expenses across various departments, indicating a total income of $247,997.50 against a budgeted amount of $534,870.00, resulting in a budget deficit of $286,872.50 or 46.4% below the planned income. The overall situation suggests an urgent need for reassessment of income-generating activities and strategies to bridge the budgetary gap.
**Income Analysis**
The income section highlights several primary revenue streams, where property taxes contribute a significant portion at $50,087.12, indicating that only 62.1% of the anticipated income in this category has been realized. Other notable sources include state shared revenue and various permits and licenses, many of which are also underperforming against budget. Notably, the ARPA funds returned zero revenue, signaling missed opportunities or miscalculations in budget forecasting.
**Expense Overview**
On the expenditure side, total expenses are at $229,201.19, which accounts for only 42.9% of the anticipated $534,870.00 budget. Several departments are under budget, which is mostly attributed to unspent allocations in areas like the Township Board and Supervisor’s office. However, critical departments, such as Fire and Rescue, are closely aligned with their expected budgets, highlighting the need for careful monitoring and potential resource reallocation moving forward.
**Conclusion and Future Considerations**
The findings indicate a substantial operating loss of $76,319.23, necessitating a strategic review of both income and expenditure components. The significant gap between budgeted and actual figures calls for enhanced financial oversight, revised budgeting practices, and an exploration of alternative funding sources or cost-cutting measures to improve the fiscal health of the Township. Continuous fiscal management will be essential to navigate these critical budgetary challenges in the coming months.