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INFORMATION <br />.V~~" <br />MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Tim Simon, Finance Director <br />DATE: April 18, 2011 <br />SUBJECT: March 2011 Monthly Financial Report <br />This report is designed to provide surrunary 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 March, actual revenues (except for property taxes and state aids) and <br />expenditures should run 25% of the annual budget. It is natural for some of the items to <br />vary from month to month, such as exceeding budget for Supplies but being significantly <br />below fox 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 />Kevenue.r: <br />• Excluding transfers, revenue collections axe about 4.3% of budget; however, <br />property taxes, our largest revenue source, will be received in July and December. <br />• Licenses and permits are 49% of budget due mainly to plumbing/heating permits <br />issued, which a significant amount is related to the data center expansion. <br />• Charges for services are 31% of budget estimates and are mainly comprised of the <br />semi-annual school liaison contract, Otsego fire contract, and spring/summer <br />recreation fees. <br />• The negative interest income is related to the reversal of the prior year's interest <br />receivable. <br />• The transfers in will be recorded mid-year. <br />