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} Information <br /> City of Memorandum <br /> Elk <br /> RiV6wr <br /> TO: Mayor and City Council <br /> From: Tim Simon, Finance Director <br /> Date: March 17, 2014 <br /> Subject: February 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 February,actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 16.7% 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 <br /> expenditure budget amount is not overspent. Significant variances from budget are <br /> highlighted below 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 are 23.7% of budget and include the semi-annual billing in <br /> February for the Otsego fire contract. <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 slightly under 15% of <br /> budget and most departments are within or below budget. <br /> • The Snow Removal expenditures for personal services and road salt are at 61% of <br /> budget due to the unusual snowy winter we have experienced this year. <br /> • The Transfer Out to Pinewood Golf will be made at the end of the year. <br /> p 0 W I H L a 0 <br /> AVRE <br />