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INFORMATION <br />ver <br />MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Tim Simon, Finance Director <br />DATE: November 21, 2011 <br />SUBJECT: October 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 City's financial health. <br />For the month of October, actual revenues (except for property taxes and state aids) and <br />expenditures should run about 83% 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 />Revenue.r.• <br />• Excluding transfers in, revenue collections are 58% of budget. Third quarter gravel <br />tax collections were received in October. The second half property taxes will be <br />received in December. <br />• License & permit collections exceed budget projections by over $142,600. <br />• Charges for services are slightly over the budget benchmark at about 85%. <br />• Fines and forfeits are over 76% of budget; however, court fine collections lag a <br />month. <br />• All revenue transfers in have been recorded. <br />Expenditures: <br />• Excluding transfers out, the total departmental expenditures are about 78°/n of <br />budget estimates and most departments are well within or below budget. <br />