INFORMATION #1 07-15-2013 - Laserfiche WebLink

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city°' Information El River Memorandum TO: Mayor and City Council From: Tim Simon, Finance Director Date: July 15, 2013 Subject: June 2013 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, and Ice Arena and Pinewood Golf Special Revenue Funds. These funds provide an important picture of the city's financial health. For the month of June,actual revenues (except for property taxes and state aids) and expenditures should run 50% 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,revenue collections are about 36.6% of budget estimates. The first installment of the first half property taxes was received in June and the remainder will be collected in July. • Licenses and permit collections are 53.7% of budget estimates and building permit collections are at 56.5% of budget. • Charges for services are 57.8% of budget estimates. June revenues consist mainly of the second half Otsego fire contract billing of about$90,500. • The Utilities' transfer in is their 3% contribution based on May electric sales. The majority of the other transfers will be recorded in July. Expenditures: • Excluding transfers,total departmental expenditures are about 43% of budget and almost all departments are within or below budget. • The Transfers Out to Pinewood Golf will be made at the end of the year. I-4 A U �