INFORMATION 05-16-2011 - Laserfiche WebLink

Home Browse Search

INFORMATION MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: May 16, 2011 SUBJECT: April 2011 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, Pinewood Golf Course and Ice Arena special revenue funds. These funds are the primary concern in analyzing the City's financial health. For the month of March, actual revenues (except for property taxes and state aids) and expenditures should run slightly over 33% of the annual budget. It is natural fox some of the items to vary from month to month, such as exceeding budget fox 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 fox the variance. General Fund Kevenue,r • Excluding transfers, revenue collections are about 5% of budget; however, property taxes, our largest revenue source, will be received in July and December. • Licenses and permits are 56% of budget estimate due mainly to a few larger building- relatedpermits that have been issued. • Charges for services are slightly above budget estimates due to the collection of recreation fees and the semi-annual police and fire contracts. • Fines and forfeits are 33.5% of budget and right in line with the budget benchmark. • The negative interest income is related to the reversal of the prior year's interest receivable. • The transfers in will be recorded mid-year.