INFORMATION #2 10-18-2010 - Laserfiche WebLink

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Y MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: October 18, 2010 SUBJECT: September 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 September, actual revenues (except fox property taxes and state aids) and expenditures should run 75% 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 axe about 52.7% of budget. • Collection of the cable franchise tax from Sherburne-Wright Cable Commission was received in September. • License and permit collections are slightly over 100% of the budget. Building permit revenue includes permit fee collections in September for The Depot @ Elk River Station and storm damage repairs. • Intergovernmental revenue police aid will be received in October. • Charges for services are 85% of budget and continue to exceed budget estimates as of the end of September. • Fine collections are slightly below budget at 71% due to a one month lag in the collection of court fines. • All revenue transfers in to the general fund have been recorded.