INFORMATION 07-18-2011 - Laserfiche WebLink

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INFQRMATION fiver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: July 18, 2011 SUBJECT: June 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 June, actual revenues (except for property taxes and state aids) and expenditures should run 50% 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.c: • Excluding transfers in, revenue collections are slightly below 38% of budget. 70% of the first half property taxes were received in June and the remainder of the first half will be collected in July. • Collection of the cable franchise tax from Sherburne-Wright Cable Commission was also received in June; indications are this will be a one-time payment in 2011. • Licenses and permits are over budget estimates due mainly to business license annual renewals and several larger building-related permits. • Charges for services and fines & forfeits are about 49% of budget and within the budget benchmark • The second-half state-aid street maintenance payment was received in June. • Transfers in will be reflected in the July report.