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INFORMATION <br /> �i <br /> City of <br /> Elk -�-1 <br /> River <br /> MEMORANDUM <br /> TO: Mayor and City Council <br /> FROM: Tim Simon, Finance Director <br /> DATE: April 15, 2013 <br /> SUBJECT: March 2013 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 Ice Arena and Pinewood Golf Special <br /> Revenue Funds. These funds are the primary concern in analyzing the city's financial health. <br /> For the month of February,actual revenues (except for property taxes and state aids) and <br /> expenditures should run 25% of the annual budget. It is natural for some of the items to <br /> 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 /> Revenues: <br /> ■ Property taxes, our largest revenue source,will be received in July and December. <br /> ■ Building-related permit collections are slightly over 12% of budget estimates for the <br /> first quarter of the year. <br /> ■ Charges for services are about 23% of budget and primarily consist of the semi- <br /> annual fire contract and recreation fees collected for the spring/summer programs. <br /> ■ The transfer in is the Utilities' 3% contribution based on February electric sales. All <br /> other transfers will be recorded mid-year. <br /> Expenditures. <br /> • Excluding transfers,total departmental expenditures are slightly under 21% of <br /> budget and almost all departments are within or below budget. <br /> • The second quarter payment for workers comp and liability insurance was made in <br /> March and is reflected in many departments' expenditures. <br /> P 0 N E R E I 1 Y <br /> NATURE <br />