INFORMATION 08-15-2011 - Laserfiche WebLink

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tNFt~RMA'Tlt'~N ver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: August 15, 2011 SUBJECT: July 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 July, actual revenues (except for property taxes and state aids) and expenditures should run about 58% of the annual budget. It is natural for 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 for the variance. General Fund Revenuer: • Excluding transfers in, revenue collections are 54% of budget. The remaining first half property taxes were received in July and collections are at 48%. • License and permit collections exceed the annual budget at 124%. • Charges for services axe over 71% of budget due to the second half billing of the police and fire contracts. • Intergovernmental revenues and fines and forfeits are within budget estimates. • Transfers in are reflected in the July report. E.xpenditure.r: • Excluding transfers out, the total departmental expenditures are about 51% of budget estimates and most departments are well within or below budget. • The Administrative Services expenditures are at 74% of budget due to the severance payout.