INFORMATION #2 06-21-2010 - Laserfiche WebLink

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gym,::°~ :~'~`Tt fiver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: June 21, 2010 SUBJECT: May 2010 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund and Pinewood Golf and Ice Arena special revenue funds. These funds are the primary concern in analyzing the City's financial health. For the month of May, actual revenues (except for property taxes and state aids) and expenditures should run about 41.7% of the annual budget. It is natural for some of the items to vary from month to month, such as exceeding budget for Supplies but being significantly below for Services. This is not considered serious as long as the total expenditure budget amount is not overspent. Significant variances from budget are highlighted below accompanied with a general discussion for the variance. General Fund Kevenue.r: • Excluding transfers in, revenue collections are about 5% of budget. 70% of the first half property taxes, our largest revenue source, will be received in June and the remainder of the first half will be collected in July. • Licenses and permits are slightly over budget estimates due mainly to the annual renewals of the business licenses. • Charges for services are exceeding budget estimates due mainly to the collection of recreation-related fees and the annual fire contract. • The negative interest income is related to the reversal of the prior year's interest receivable. • The transfers in will be recorded mid-year. E.xj~enditures: • Excluding transfers out, the total departmental expenditures are at about 35% and most departments are well within or below budget.