TOWN OF SMITHFIELD
Page 1
BUDGET REPORT SUMMARY FISCAL YEAR 2017
MONTHLY/BUDGET-TO-ACTUAL(formerly Quarlerty Report) PERIOD ENDING March 31, 2017
In accordance wilh seclion 45-12-22.2 ol Ihe General Laws o1 Rhode Island, as amended, the budgcl-to-aclual report shall be provided
within Iwcrtly live days of the month succeeding the last day ol the sixth, ninth, and twelfth month ol each liscal year to the Division of Municipal Finance.
%
Adopted
Budget
General Fund(page 2)
lOpeninq SurplusftPeficil)
Revised
Budget
Actual
Year To Date
Collected
Projected
Expended
YTD
Total
Projected
FY 2017
Variance
15.122,668
16.122,666
|FY 16 Futxl Balance Budgeted for use in FY 17
O.00%l
Iflevenues
68,445,313 r
[Expenditures
69.045,313
[Projected Net Change in Fund Balance
•|Projected Ending Fund Balance Surplus/(DeflcltF
63,445,313
53.631.431
76.43%
68.673.402 i
226.089
68.71%
(600.000)1
15.522,666
(600,000)1
(371.911)1
(600,000)1
15.750.955 !
•jUnresolved Budget Deficit
%
Collected
Adopted
Budget
School Fund (page 3)
Actual
Expended
Total
Projected
Budget
Year To Date
YTD
FY2017
Variance
1.182,716 f
i Qpcnirxi Surplus/(Dclicit)
Projected
Revised
1,182.716
308.401
205,502 I
iRevenuM
37.015.375
36,915,375 1
35,194.562 f
lExpendilures
37.323,776 f
37.120,877 r
23,066.743
(308.40111
(205.502)1
213,701
874,315
(205.502)
1,396,417
|FY 16 Fund Balance Budgeted lor use in FY 17
I Projected Net Change in Fund Balanc^
•[Projected Ending Fund Balance Sufplus/(De(iclt)
0.00%
95.34%
36,940,375
25.000
36,726.674
(394.203)1
lUnresolvcd Budget Deficit
[Adjustmonts(page 4)
Total Projected Net Change In Fund Balance
(158,210)
Total Projected Ending Fund Balance Surplus/(Deflclt)
17,147,372
NOTES:
* A corrective action plan Is required lor deficits reported on lines marked with an aslerlslt.
This Transparency Report has to be signed and posted to l^e Municipality/Regional School district website. Additionally, please send signed version back to DMF tor posting to
the Transparency Portal.
I hereby certify thai the infotmaiio
nicipal deparim
regarding
cutive Officer
Municipal Chiel Financial Oflicer
I hereby certify thai the information in the within report
regardioQ the schoolI department
accurate ano
and coriecw
correcL
u^spdrimeni is accuraie
Supcrinlcndcnt ol ScJjmIs
Scpdol/Business fitafiager
Date
/J
Date
''The state has been tasked with Iransitloning these reports to the "Transpapeney Portal" so that they will be searchable by the public. However, this particular report Is considered
to be in the "old"format, and as such is only available In pdf and will not have searchable data on the Transparency Portal website, www.municipallinance.ri.gov. Eventually,
reports In this format will be phased out and municipalities/school districts will
reporting in what Is considered a "new" searchable format. Additionally,financial information
presented In budget to actual reports are as of the close of the particular reporting period and representative ot the time ot its preparation. Figures are unaudited and not subject
to update until the next budget to actual report.
TOWN OF SMITHFIELD
Page 2
GENERAL FUND BUDGET REPORT FISCAL YEAR 2017
MONTHLY/BUDGET-TO-ACTUAL (formerly Quarterly Report) PERIOD ENDING March 31, 2017
Revenues
Local Property Taxes
Local Non-Property Taxes:
Licenses and Permits
Fines and Forfeitures
Investment Income
Departmental
Federal Aid (Please Attach Detail)
State Aid:
MV Excise Tax Reimbursement
PILOT
Distressed Community Relief Fund
Library Aid
Public Service Corporation Tax
Meals & Beverage Tax
General - School Aid
School Construction Aid
Other (Please Attach Details)
Total Municipal Revenues
Appropriated Fund Balance
Expenditures
Salaries:
Municipal
Police
Fire
Employee Benefits:
FICA
Medical Insurance - (Active)
Medical Insurance - (Retirees)
Dental & Vision Insurance - (Active)
Dental & Vision Insurance - (Retirees)
Life Insurance
OPEB Contribution
Pension Contributions:
Municipal
Police
Fire
Police Department
Libraries
Fire Department
Debt Service (Municipal):
Principal on Debt
Interest on Debt
Debt Service (School):
Principal on Debt
Interest on Debt
Public Works
Other (Please Attach Details)
Education
Total Municipal Expenditures
Deficit reduction
%
Collected
YTD
81.96%
Projected
Total
Revenues
FY 2017
56,077,294
Projected
Revenue
Variance
FY 2017
Adopted
Budget
56,077,294
Revised
Budget
56,077,294
Actual
Revenues
Year To Date
45,959,123
720,000
240,000
55,000
440,000
0
720,000
240,000
55,000
440,000
0
661,654
228,310
31,435
192,876
0
91.90%
95.13%
57.15%
43.84%
720,000
240,000
55,000
440,000
0
0
0
0
0
255,759
710,097
0
0
265,491
917,885
5,798,787
200,000
2,765,000
255,759
710,097
0
0
265,491
917,885
5,798,787
200,000
2,765,000
191,819
710,097
0
0
276,509
690,228
4,322,309
417,071
0
75.00%
100.00%
104.15%
75.20%
74.54%
208.54%
0.00%
255,759
710,097
0
0
276,509
917,885
5,798,787
417,071
2,765,000
0
0
0
0
11,018
0
0
217,071
0
68,445,313
68,445,313
53,681,431
78.43%
68,673,402
228,089
600,000
600,000
Adopted
Budget
Revised
Budget
0
0%
Actual
Expenditures
Year To Date
%
Expended
YTD
Projected
Total
Expenditures
FY 2017
Projected
Expenditure
Variance
FY 2017
3,548,817
4,480,124
4,833,388
3,548,817
4,480,124
4,833,388
2,596,721
3,271,406
3,659,416
73.17%
73.02%
75.71%
3,548,817
4,480,124
4,833,388
0
0
0
985,000
2,549,678
874,683
149,373
40,266
45,296
100,000
985,000
2,549,678
874,683
149,373
40,266
45,296
100,000
749,376
1,856,691
636,881
108,691
29,475
33,972
100,000
76.08%
72.82%
72.81%
72.76%
73.20%
75.00%
100.00%
985,000
2,549,678
874,683
149,373
40,266
45,296
100,000
0
0
0
0
0
0
437,266
2,382,371
670,363
753,049
1,321,571
660,300
437,266
2,382,371
670,363
753,049
1,321,571
660,300
299,516
2,317,873
459,163
363,902
991,178
581,033
68.50%
97.29%
68.49%
48.32%
75.00%
88.00%
437,266
2,382,371
670,363
753,049
1,321,571
660,300
0
0
0
0
0
0
685,000
399,939
685,000
399,939
385,000
376,444
56.20%
94.13%
685,000
399,939
0
0
490,000
258,296
3,109,235
3,419,704
36,851,595
490,000
258,296
3,109,235
3,419,704
36,851,595
490,000
258,296
2,281,743
2,170,042
23,424,264
100.00%
100.00%
73.39%
63.46%
63.56%
490,000
258,296
3,109,235
3,419,704
36,851,595
0
0
0
0
0
69,045,313
69,045,313
47,441,084
68.71%
69,045,313
0
TOWN OF SMITHFIELD
Page 3
SCHOOL FUND BUDGET REPORT FISCAL YEAR 2017
MONTHLY/BUDGET-TO-ACTUAL (formerly Quarterly Report) PERIOD ENDING March 31, 2017
Revenues
Municipal Appropriations
State Aid:
General
Group Home (If Applicable)
School Construction Aid
Other (Please Attach Detail)
Federal Aid:
Impact Aid
Medicaid
Federal Stabilization Funds
Other (Please Attach Detail)
Other (Please Attach Details)
Total Education Revenues
Appropriated Fund Balance
Expenditures
Salaries
Employee Benefits:
FICA
Medical Insurance - (Active)
Medical Insurance - (Retirees)
Dental & Vision Insurance - (Active)
Dental & Vision Insurance - (Retirees)
Life Insurance
Pension Contributions:
Teacher
Non-Certified
Purchased Services
Supplies and Materials
Capital Outlays
Other (Please Attach Details)
Total Education Expenditures
Deficit reduction
%
Collected
YTD
100.00%
Projected
Total
Revenues
FY 2017
30,702,808
Adopted
Budget
30,802,808
Revised
Budget
30,702,808
Actual
Revenues
Year To Date
30,702,808
5,651,760
5,651,760
4,149,523
73.42%
5,651,760
235,340
467
235,340
467
172,786
467
73.42%
100.00%
235,340
467
255,000
255,000
107,381
42.11%
270,000
70,000
70,000
61,597
88.00%
80,000
37,015,375
36,915,375
35,194,562
95.34%
36,940,375
308,401
205,502
Projected
Revenue
Variance
FY 2017
0
0
0
0
0
0
15,000
0
10,000
0
25,000
0
%
Expended
YTD
64.07%
Projected
Total
Expenditures
FY 2017
22,480,538
Projected
Expenditure
Variance
FY 2017
(52,890)
Adopted
Budget
22,568,847
Revised
Budget
22,533,428
Actual
Expenditures
Year To Date
14,437,416
588,265
3,252,687
349,289
257,792
28,127
48,309
588,265
3,197,687
330,961
251,120
28,127
48,309
362,617
1,812,930
249,436
151,433
16,543
26,442
61.64%
56.70%
75.37%
60.30%
58.82%
54.74%
588,265
3,197,687
330,961
251,120
28,127
48,309
2,821,516
305,300
4,939,368
1,241,888
535,539
386,849
2,821,516
305,300
4,776,407
1,242,094
609,545
388,118
1,595,859
174,746
2,796,587
747,092
444,607
251,035
56.56%
57.24%
58.55%
60.15%
72.94%
64.68%
2,821,516
305,300
4,620,094
1,057,094
609,545
388,118
0
0
(156,313)
(185,000)
0
0
37,323,776
37,120,877
23,066,743
62.14%
36,726,674
(394,203)
0
0
0
0
0
0
Page 4
TOWN OF SMITHFIELD
BUDGET REPORT FISCAL YEAR 2017
MONTHLY/BUDGET-TO-ACTUAL (formerly Quarterly Report) PERIOD ENDING March 31, 2017
List below amounts for items outside the general fund and school fund budgets
which would impact these funds and cause a year end deficit.
Name of Item
Amount
Explanation
Special Revenue Fund Deficits
Capital Projects Fund Deficits
Enterprise Fund Deficits
Internal Service Fund Deficits
Other:
0
0
0
0
0
Total Adjustments
0
* Note:
Unfunded Pension Liability $27,045,347 Per Actuarial Reports dated 10/2016 and 11/2016
Fire Pension Unfunded Actuarial Accrued Liability: $8,686,072
Police Pension Unfunded Actuarial Accrued Liability: $18,359,275
Page 5
TOWN OF SMITHFIELD
BUDGET REPORT FISCAL YEAR 2017
MONTHLY/BUDGET-TO-ACTUAL (formerly Quarterly Report) PERIOD ENDING March 31, 2017
Fund Balance Reconciliation: Municipal
Classification
Beginning Fund Balance
Reported In the FY 2016
Financial Statements*
FY 2016 Fund
Balance Budgeted
for use in FY 2017
Projected Ending Fund
Projected Changes
Balance for FY 2017 &
in Fund Balance Available for Appropriation
during FY 2017**
in FY 2018
Nonspendable
$
1,225,584
$
1,225,584
Restricted:
$
30,438
$
30,438
Committed:
$
7,777,967
$
7,777,967
$
3,180,000
(371,911) $
3,536,966
(371,911) $
15,750,955
Assigned:
3,180,000
Unassigned:
3,908,877
Total Fund Balance
$
16,122,866
(600,000)
$
(600,000) $
* Please indicate if the numbers provided for beginning fund balance are the best available estimate or audited numbers.
Estimate ________ Audited ____X____
** Please provide an explanation for any changes within the various fund balance classifications.
Nonspendable:
Amounts that are not in a spendable form (Example: Inventory) or are required to be maintained intact (Example: Principal of an
endowment fund).
Restricted:
Amounts that can be spent only for the specific purposes stipulated by external resource providers (Example: Grants),
constitutionally, or through enabling legislation. Effectively, restrictions may be changed or lifted only with consent of resource
provider.
Committed:
Amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s
highest level of decision-making authority. Those committed amounts cannot be used for any other purpose unless the
government’s highest level of decision-making authority removes or changes the specified use by taking the same type of action
it employed to previously commit those amounts.
Assigned:
Amounts constrained by the government’s intent to be used for specific purposes that are neither restricted nor committed are
reported as assigned fund balance.
Unassigned:
This is the residual classification for the general fund and includes all amounts not contained in the other classifications.
Unassigned amounts are technically available for any purpose. If another governmental fund has a fund balance deficit, then it
will be reported as a negative amount in the unassigned classification in that fund. Positive unassigned amounts will be reported
only in the general fund.
Page 6
TOWN OF SMITHFIELD
BUDGET REPORT FISCAL YEAR 2017
MONTHLY/BUDGET-TO-ACTUAL (formerly Quarterly Report) PERIOD ENDING March 31, 2017
Fund Balance Reconciliation: School
Classification
Nonspendable:
Beginning Fund Balance
Reported In the FY 2016
Financial Statements*
$
66,322
FY 2016 Fund
Balance Budgeted
for use in FY 2017
$
-
Projected Ending Fund
Projected Changes
Balance for FY 2017 &
in Fund Balance Available for Appropriation
during FY 2017**
in FY 2018
$
(66,322) $
-
$
-
Restricted:
Committed:
$
1,116,394
$
(205,502) $
280,023
$
1,396,417
Assigned:
$
-
Unassigned:
$
-
Total Fund Balance
$
1,182,716
$
(205,502) $
213,701
$
1,396,417
* Please indicate if the numbers provided for beginning fund balance are the best available estimate or audited numbers.
Estimate ________ Audited ___X_____
** Please provide an explanation for any changes within the various fund balance classifications.
Nonspendable:
Amounts that are not in a spendable form (Example: Inventory) or are required to be maintained intact (Example: Principal of an
endowment fund).
Restricted:
Amounts that can be spent only for the specific purposes stipulated by external resource providers (Example: Grants),
constitutionally, or through enabling legislation. Effectively, restrictions may be changed or lifted only with consent of resource
provider.
Committed:
Amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s
highest level of decision-making authority. Those committed amounts cannot be used for any other purpose unless the
government’s highest level of decision-making authority removes or changes the specified use by taking the same type of action
it employed to previously commit those amounts.
Assigned:
Amounts constrained by the government’s intent to be used for specific purposes that are neither restricted nor committed are
reported as assigned fund balance.
Unassigned:
This is the residual classification for the general fund and includes all amounts not contained in the other classifications.
Unassigned amounts are technically available for any purpose. If another governmental fund has a fund balance deficit, then it
will be reported as a negative amount in the unassigned classification in that fund. Positive unassigned amounts will be reported
only in the general fund.