INFORMATION 08-20-2012 - Laserfiche WebLink

Home Browse Search

City of INFORMATION Elk ,... _ River MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: August 20, 2012 SUBJECT: July 2012 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 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 Revenues: • Excluding transfers in,revenue collections are 53% of budget. The remaining first half property taxes were received in July and collections are slightly over 50%. Also received in July was the second quarter gravel tax. • License and permit collections are about 67% of budget estimates. • July collections of Intergovernmental Revenues consisted of the second half state-aid street maintenance and the first half PERA aid payments. • Charges for services are almost 69% of budget due to the annual fire contracts and recreation-related fees. • The majority of transfers in are reflected in the July report. Expenditures: • Excluding transfers out, the total departmental expenditures are slightly over 48% of budget estimates and most departments are well within or below budget. • The Finance expenditures are 61% of budget due to the final payment of the annual audit contract.