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1NFt~RMATIt~N <br /> <br />fiver <br />MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Tim Simon, Finance Director <br />DATE: September 19, 2011 <br />SUBJECT: August 2011 Monthly Financial Report <br />This report is designed to provide summary 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 Ciry's financial health. <br />For the month of August, actual revenues (except for property taxes and state aids) and <br />expenditures should run about 67% of the annual budget. It is natural for some of the items <br />to vary from month to month, such as exceeding budget for Supplies but being significantly <br />below for 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 />Revenuer: <br />• Excluding transfers in, revenue collections are 55% of budget. The second quarter <br />gravel tax collections were received in August from the County. <br />• License and permit collections exceed the annual budget at 134%. <br />• Charges for services continue to exceed budget estimates at 78% of budget as of the <br />end of August. <br />• Court fine collections have been delayed due to the State shutdown that happened in <br />July. <br />• All revenue transfers in have been recorded. <br />Exfienditure.c: <br />• Excluding transfers out, the total departmental expenditures axe about 58% of <br />budget estimates and most departments are well within or below budget. <br />