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INFORMATION <br />MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Tim Simon, Finance Director <br />DATE: June 18, 2012 <br />SUBJECT: May 2012 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, Pinewood Golf Course and Ice Arena <br />special revenue funds. These funds axe the primary concern in analyzing the City's financial <br />health. <br />Fox the month of May, actual revenues (except fox property taxes and state aids) and <br />expenditures should run about 41.7% of the annual budget It is natural for some of the <br />items to vary from month-to-month, such as exceeding budget fox Supplies but being <br />significantly below fox Services. This is not considered serious as long as the total <br />expenditure budget amount is not overspent. Significant variances from budget are <br />highlighted below accompanied with a general discussion fox the variance. <br />General Fund <br />Revenue r: <br />• Excluding transfers, revenue collections are about 6.5% of budget; however, <br />property taxes, our largest revenue source, will be received in July and December. <br />70% of the July tax settlement will be received in June. <br />• Licenses and permits axe about 50% of budget estimate due mainly to the annual <br />renewal of liquor licenses received in May. <br />• Charges for services axe slightly above budget estimates at about 45%, due to the <br />collection of recreation fees and the semi-annual police and fire contracts. <br />• Fines and forfeits axe 37% of budget, but lag a month in collections from the state. <br />• The transfers in will be recorded mid-year. <br />