INFORMATION 06-20-2011 - Laserfiche WebLink

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INFORMATION V~'~` MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: June 20, 2011 SUBJECT: May 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 axe the primary concern in analyzing the City's financial health. For the month of May, actual revenues (except for property taxes and state aids) and expenditures should run about 41.7% 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 revenues: • Excluding transfers, revenue collections are about 6.5% of budget; however, property taxes, our largest revenue source, will be received in July and December. 70% of the July tax settlement will be received in June. • Licenses and permits are 92% of budget estimate due mainly to the annual renewal of liquor licenses. • Charges for services are slightly above budget estimates at 46%, due to the collection of recreation fees and the semi-annual police and fire contracts. • Fines and forfeits are 43% 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 uz will be recorded mid-year.