Laserfiche WebLink
<br />City of <br />El <br />fiver <br />MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Tim Simon, Finance Director <br />DATE: August 16, 2010 <br />SUBJECT: July 2010 Monthly Financial Report <br />This report is designed to provide summary information regarding the overall level of <br />revenues and expenditures in the General Fund and Pinewood Golf and Ice Arena special <br />revenue funds. These funds are the primary concern in analyzing the City's financial health. <br />For the month of July, actual revenues (except fox property taxes and state aids) and <br />expenditures should run 58.3% of the annual budget. It is natural for some of the items to <br />vary from month to month, such as exceeding budget fox Supplies but being significantly <br />below for Services. This is not considered serious as long as the total expenditure budget <br />amount is not overspent. Significant variances from budget are highlighted below <br />accompanied with a general discussion for the variance. <br />General Fund <br />Kevenues: <br />• Excluding transfers in, revenue collections axe about 51% of budget. The remaining <br />first half property taxes were received in July, in addition to the second quarter gravel <br />tax. <br />• Licenses and permits are at 68% of the budget benchmark due mainly to annual <br />business license renewals. Building permit collections at 52% is slightly below <br />budget estimates. <br />• Charges for services exceed budget estimates due mainly from the annual police and <br />fire contracts and recreation-related fees. The second half installment for the school <br />liaison contract was recorded in July. <br />• Transfers in to the general fund were recorded in July. <br />