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0 <br /> City <br /> EIE)k Memorandum <br /> .. <br /> RiVer <br /> To: Mayor and City Council <br /> From: Tim Simon, Finance Director <br /> Date: February 18,2014 <br /> Subject: January 2014,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 provide an important picture of the city's financial health. <br /> For the month of January, actual revenues (except for property taxes and state aids) and <br /> expenditures should run slightly over 8% of the annual budget. It is natural for some of the <br /> items to vary from month to month, such as exceeding budget for Supplies but being <br /> significantly below for Services. This is not considered serious as long as the total expenditure <br /> budget 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 /> ■ Charges for services include the semiannual billing for the school liaison officer. <br /> ■ Contributions include the $14,000 donation by The Bank of Elk River for the 2014 <br /> parks and recreation programs. <br /> ■ The negative interest income is related to the reversal of the prior year's interest <br /> receivable which was done as of January. <br /> ■ The transfers in will be recorded mid-year. <br /> Expenditures: <br /> • Excluding transfers, total departmental expenditures are about 7.5% of budget and <br /> most departments are within or below budget. <br /> • Many departments' expenditures include the first quarter allocation of liability and <br /> workers comp insurance and annual software maintenance agreements, as is the case <br /> for Mayor& Council, Finance and Police Administration. <br /> ■ The Snow Removal budget reflects the seasonal expenditures for personal services. <br /> ■ The Transfer Out to Pinewood Golf will be made at the end of the year. <br /> W I HE0 8 P <br />