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INFORMATION City o Memorandum E River TO: Mayor and City Council From: Tim Simon, Finance Director Date: November 18, 2013 Subject: October 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 September,actual revenues (except for property taxes and state aids) and expenditures should run about 83% 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 56% of budget estimates. Collection of the third quarter gravel tax was received in October. The second half property taxes will be received in December. • Licenses and Permit collections are at 79% of budget with building permit collections exceeding budget estimates as of the end of October. • Intergovernmental Revenue collections for police aid of$220,772 were received in October,bringing intergovernmental revenue to 99% of budget estimates. ■ Charges for Services are about 90% of budget estimates. ■ Fines and Forfeits are in line with budget estimates as court fine collections lag a month. ■ Spectrum's payment in lieu of fee was received in October and transferred to the General Fund as budgeted. Expenditures: ■ Excluding transfers,total departmental expenditures are about 79% of budget and almost all departments are within or below budget. P0WIeEa 0 N:\Public Bodies\Agenda Packets\11-18-2013\Final\xInfoim sr Oct Financials£docx INAfURE1