November 2024
Financial Overview – General Fund Revenues
• We booked the amount billed from Jackson County for real estate taxes this month, which were slightly below the budgeted amounts by approximately $50,000. However, these anticipated revenues boost the General Fund unassigned fund balance as real estate taxes are not booked on a monthly basis. Spend down of these revenues occurs over a 12-month period.
• Sales tax receipts are down compared to budget, this reflects an overall trend of negative annual growth in retail sales over the most recent three-month period for which we have DOR records (July – August 2024 business activity month), though it is relatively flat to last year. Receipts for the 1.0000 city sales tax are down 0.5% YTD compared to 2023. A 2% growth in sales tax receipts is anticipated in the budget.
• Use Tax
o Use tax is a significant revenue source for the General Fund, but revenues will not begin to flow into the fund until after funding obligations are met in the Police Use Tax Fund. The first anticipated revenues are expected in February.
o Use Tax Receipts, though only received in the Animal Shelter and Police Use Tax Funds, is down 8% year-to-date. However, this appears to be due to the timing of the remittance to the Department of Revenue, as the most recent business activity month reflects a 5.9% increase year-over-year. Use tax have seen a positive increase on a monthly basis every month since December 2022.
o A 2% growth in use tax receipts is anticipated in the budget.
• Franchise fees
o Franchise fees appear to be below budget, but we’ll see higher revenues in the colder months due to electric and gas charges for heating. Compared to 2023, YTD revenues are down slightly at 0.7%
o YTD compared to 2023, telephone franchise fees are down 8.3%. Cable franchise fees are down 22.8%, but this is largely offset by the increase in the natural gas franchise fee.
o Overall, PILOTS are up a combined total of 2.2% YTD.
Expenditures
• Debt service appears artificially high because a payment was made that includes both principal and interest, thus front-loading the expense to the fund.
• Police expenses that are higher to budget are related to the salary increases that are to be funded with remaining ARPA funds as well as the new sales tax to begin collection in January. Once adjustments are made for these two items, the Police Department is expected to be within their budgeted expenditures.
• Non-Departmental expenditures are higher due to utilities, elevator maintenance and other items related to the purchase of the Independence Municipal Commons building.
• Increase in Fire expenditures are due to higher than anticipated salary costs, overtime and other pays.
Unassigned Fund Balance, 11/30/24
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule General Fund
For the period ended November 30, 2024
Restricted - Debt Reserve Project Accounts - Capital Projects
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Street Improvements Sales Tax Fund For the period ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Storm
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Police Public Safety Sales Tax Fund For the period ended November 30, 2024
Expenditures:
Excess of Revenues Over (Under) Expenditures and Other Financing Uses
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Fire Protection Sales Tax Fund For the period ended November 30, 2024
Change in Other Fund Balance Components During the Year
Year-end investment market value adjustment
Ending Unassigned Fund Balance, 11/30/24
Other Fund Balance Components: Restricted - Current Year Encumbrances
Restricted - Prior Year Encumbrances
Total Fund Balance
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Marijuana Sales Tax Fund For the period ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Animal Shelter Use Tax For the period ended November 30, 2024
Excess of Revenues Over (Under) Expenditures and Other Financing Uses
Unassigned Fund Balance at Beginning of Year
Cancellation of Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Year-end investment market value adjustment
Ending Unassigned Fund Balance, 11/30/24
Other Fund Balance Components:
Restricted - Current Year Encumbrances
Restricted - Prior Year Encumbrances
Total Fund Balance
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Police Use Tax For the period ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Health Property Tax Levy
For the period ended November 30, 2024
Revenues:
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Parks and Recreation Property Tax Levy
For the period ended November 30, 2024
Revenues:
Other Financing Sources:
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Tourism Fund
For the period ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Independence Square Benefit District
For the period ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Community Development Block Grant Fund For the period ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Rental Rehabilitation For the period ended November 30, 2024
Revenues:
Expenditures:
Excess of Revenues Over (Under) Expenditures and Other Financing Uses $ 1,667
(2,010,371) (2,010,371)
Unassigned Fund Balance at Beginning of Year (53)
Cancellation of Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Ending Unassigned Fund Balance, 11/30/24 (2,010,424)
Other Fund Balance Components:
Restricted - Current Year Encumbrances 2,010,371
Restricted - Prior Year Encumbrances 53 Total Fund Balance $
Cancellation of Prior Year Encumbrances
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule License Surcharge For the period ended November 30, 2024
Change in Other Fund Balance Components During the Year
Ending Unassigned Fund Balance, 11/30/24
Other Fund Balance Components:
Total Fund Balance
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Grants
For the period ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Power and Light For the period ended November 30, 2024
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary
Power and Light - Open Capital Projects As of November 30,
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Water For the period ended November 30, 2024
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Water
Projects Fund For the period ended November 30, 2024
Water - Open Capital Projects
As of November 30, 2024
Income (Loss) Before Transfers
CITY OF
INDEPENDENCE, MISSOURI
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Sanitary Sewer - Open Capital Projects As of November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Events Center Debt Service For the period ended November 30, 2024
(Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Events Center Debt Service Capital Project Fund For the period ended November 30, 2024
(30,869)
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Central Garage
For the period ended November 30, 2024
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Staywell Health Care For the period ended November 30, 2024
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Workers' Compensation For the period ended November 30, 2024
Unassigned Fund Balance at Beginning of Year (8,582,073) Cancellation of Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Year-end investment market value adjustment
Ending Unassigned Fund Balance Non-GAAP Basis, 11/30/24 (9,299,105)
Other Net Position Components: Restricted - Work Comp Escrow Assigned - Current Year Encumbrances
Assigned - Prior Year Encumbrances 334 Total Fund Balance $ (9,161,687)
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Risk Management For the period ended November 30, 2024
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Finance & Support Services
For the period ended November 30, 2024
Income (Loss) Before Transfers
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Finance & Support Services Capital Project Fund For the period ended November 30, 2024
Unassigned Fund Balance at Beginning of Year
Cancellation of Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Ending Unassigned Fund Balance Non-GAAP Basis, 11/30/24
Other Net Position Components: Assigned - Current Year Encumbrances
Assigned - Prior Year Encumbrances
Fund Balance
Cancellation of Prior Year Encumbrances
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Debt Service - Neighborhood Improvement Districts For the period ended November 30, 2024
Other Fund Balance Components: Restricted - Current Year Encumbrances
Restricted - Prior Year Encumbrances
Total Fund Balance
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Street Improvements Capital Project Fund For the period ended November 30, 2024
Excess of Revenues Over (Under) Expenditures and Other Financing Uses, Budget Basis $
Unassigned Fund Balance at Beginning of Year
Cancellation of Prior Year Encumbrances
Change to Prior Year Encumbrances (8,948,996)
Year-End Investment Market Value Adjustment
Ending Unassigned Fund Balance, 11/30/24 (7,743,469)
Other Fund Balance Components:
Committed - Current Year Encumbrances 3,025,711
Committed - Prior Year Encumbrances 4,778,447
Total Fund Balance $ 60,689
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Police Improvements Capital Project Fund For the period ended November 30, 2024
Excess of Revenues Over (Under) Expenditures and Other Financing Uses, Budget Basis $
Unassigned Fund Balance at Beginning of Year (4,385,005)
Cancellation of Prior Year Encumbrances
Change to Prior Year Encumbrances (1,305,675)
Year-End Investment Market Value Adjustment
Ending Unassigned Fund Balance, 11/30/24 (5,560,877)
Other Fund Balance Components:
Committed - Current Year Encumbrances 481,968
Committed - Prior Year Encumbrances 5,078,909
Total Fund Balance
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Fire Improvements Capital Project Fund For the period ended November 30, 2024
Excess of Revenues Over (Under) Expenditures and
Unassigned Fund Balance at Beginning of Year
Cancellation of Prior Year Encumbrances
Change to Prior Year Encumbrances (3,607,102)
Year-End Investment Market Value Adjustment
Ending Unassigned Fund Balance, 11/30/24 (6,260,124)
Other Fund Balance Components:
Committed - Current Year Encumbrances
Committed - Prior Year Encumbrances
Total Fund Balance
Excess of Revenues Over (Under) Expenditures and Other Financing Uses, Budget Basis
Unassigned Fund Balance at Beginning of Year
Cancellation of Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Year-End Investment Market Value Adjustment
Ending Unassigned Fund Balance, 11/30/24
Other Fund Balance Components: Committed - Current Year Encumbrances
Committed - Prior Year Encumbrances
Total Fund Balance
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Revolving Public Improvements Capital Project Fund For the period ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Buildings and Other Improvements Capital Project Fund For the period ended November 30, 2024
Excess of Revenues Over (Under) Expenditures and Other Financing Uses, Budget Basis
Unassigned Fund Balance at Beginning of Year
Cancellation of Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Year-End Investment Market Value Adjustment
Ending Unassigned Fund Balance, 11/30/24
Other Fund Balance Components:
Committed - Current Year Encumbrances
Committed - Prior Year Encumbrances
Restricted - Debt Reserve Project Accounts - Capital Projects
Total Fund Balance
Excess of Revenues Over (Under) Expenditures and Other Financing Uses, Budget Basis
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Storm Drainage Capital Project Fund For the period ended November 30, 2024
Unassigned Fund Balance at Beginning of Year
Cancellation of Prior Year Encumbrances
Change to Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Ending Unassigned Fund Balance, 11/30/24 (1,405,748)
Fund Balance Components:
Committed - Current Year Encumbrances 359,515 Committed - Prior Year Encumbrances 2,036,869
Total Fund Balance $ 990,636
Excess of Revenues Over (Under) Expenditures and Other Financing Uses, Budget Basis
Unassigned Fund Balance at Beginning of Year
Cancellation of Prior Year Encumbrances
Change to Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Year-End Investment Market Value Adjustment
Ending Unassigned Fund Balance, 11/30/24
Fund Balance Components:
Committed - Current Year Encumbrances
Committed - Prior Year Encumbrances
Total Fund Balance
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Park Improvements Capital Project Fund For the period ended November 30, 2024
Excess of Revenue and Other Financing Sources Over (Under) Expenditures and Other Financing
Cancellation of Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Unassigned Ending Fund Balance, 11/30/24
Other Fund Balance Components:
Restricted - current year encumbrances
Restricted - prior year encumbrances
Total Fund Balance
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Independence Events Center CID For the period ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Crackerneck Creek TDD For the period ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Hub Drive CID For
CITY OF INDEPENDENCE, MISSOURI
Budgetary
Unassigned Fund Balance at Beginning of Year
Cancellation of Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Year-End Investment Market Value Adjustment
Unassigned Ending Fund Balance, 11/30/24
Other Fund Balance Components: Restricted - Current Year Encumbrances
Restricted - Prior Year Encumbrances
Restricted - Trust Debt Service
Total Fund Balance
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Tax Increment Financing Summary For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI Budgetary Comparison Schedule Santa Fe TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Eastland TIF
For the Period Ended November 30, 2024
of Revenues Over (Under) Expenditures and Other Financing Uses
Cancellation of Prior Year Encumbrances
Change in Other Fund Balance Components During the Year
Year-End Investment Market Value Adjustment
Unassigned Ending Fund Balance, 11/30/24
Other Fund Balance Components: Restricted - Current Year Encumbrances
Restricted - Prior Year Encumbrances
Restricted - Trust Debt Service
Total Fund Balance
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Crackerneck Creek TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
CITY OF INDEPENDENCE, MISSOURI Budgetary Comparison Schedule Trinity TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule HCA TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Cinema East TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
23rd & Noland Project 1 TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule 23rd & Noland Project 2 TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule 23rd & Noland Project 3 TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule 23rd & Noland Project 4 TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
Independence Square TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule I-70 & Little Blue Parkway Project 1 TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule I-70 & Little Blue Parkway Project 3 TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Marketplace Project 1 TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule Marketplace Project 2 TIF For the Period Ended November 30, 2024
CITY OF INDEPENDENCE, MISSOURI Budgetary Comparison Schedule
CITY OF INDEPENDENCE, MISSOURI
Budgetary Comparison Schedule
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