INFORMATION 03-21-2011 - Laserfiche WebLink

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INFORMATION 1.~~'~` MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: March 21, 2011 SUBJECT: February 2011 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 February, actual revenues (except for property taxes and state aids) and expenditures should run slightly under 17% 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 axe highlighted below accompanied with a general discussion for the variance. General Fund Kevenue.r: • Property taxes, our largest revenue source, will be received in July and December. • The majority of revenue collections in licenses & permits relates to the significant plumbing/heating permit issued in February for the data center expansion. • The first half state-aid street maintenance payment was received in February, and the second half will be received in July. • Charges for services revenue collected in February consist mainly of recreation fees collected for the spring/summer programs. • The negative interest income is related to the reversal of the prior year's interest receivable which was done as of January. • The transfers in will be recorded mid-year. Expenditures: • Excluding transfers, the total departmental expenditures are about 12% and most departments axe well within or below budget.