INFORMATION 09-17-2012 - Laserfiche WebLink

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aar=oMa1rooa cry of Elk -�-1 River MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: September 17, 2012 SUBJECT: August 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 August, actual revenues (except for property taxes and state aids) and expenditures should run about 66.7% 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 54%of budget. The second-half property taxes will be collected in December. • License and permit collections exceed budget estimates at 75% as of the end of August. Collections for building-related permits are about 64% of budget. • Intergovernmental revenues collections are at 59% of budget and consist of police grants and reimbursements. • Charges for services are almost 74% of budget estimates due mainly to the annual fire contracts and recreation-related fees. Expenditures: • Excluding transfers out, the total departmental expenditures are about 59% of budget estimates and most departments are well within or below budget. • The Finance expenditures are 70% of budget due mainly to the annual audit and assessing contracts paid in the first half of the year.