INFORMATION #1 08-19-2013 - Laserfiche WebLink

Home Browse Search

INFORMATION �i City of Elk River MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: August 19, 2013 SUBJECT: July 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 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,revenue collections are about 50.6% of budget estimates. The remaining first half property taxes were received in July along with the second quarter gravel tax collections. • Licenses and permit collections are 59% of budget estimates and building permit collections are about 66% of budget. • Intergovernmental revenue collections for July include the state aid street maintenance and PERA aid payments. • Charges for services are 63% of budget estimates and about 60% of budgeted recreation fees have been collected. • Many of the budgeted transfers were recorded in July. Expenditures: • Excluding transfers,total departmental expenditures are about 51% 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. P 0 W II R 1 0 9 Y �-4AUR