INFORMATION #1 04-21-2014 - Laserfiche WebLink

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Information City of Memorandum River TO: Mayor and City Council From: Tim Simon, Finance Director Date: April 21, 2014 Subject: March 2014 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 March, actual revenues (except for property taxes and state aids) and expenditures should run 25% 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: ■ Property taxes, our largest revenue source,will be received in July and December. ■ Building-related permit collections are slightly over 13% of budget estimates for the first quarter of the year. The majority of the March plumbing/heating permit collections are for Handke Center improvements. ■ Charges for services are 27% of budget and March collections include $18,830 for spring/summer recreation registrations. ■ The negative interest income is related to the reversal of the prior year's interest receivable. ■ The transfers in reflect the Utilities' 3% contribution based on January electric sales. All other transfers will be recorded mid-year. Expenditures: • Excluding transfers,total departmental expenditures are about 22% of budget and most departments are within or below budget. • The second quarter payment for workers comp and liability insurance was made in March and is reflected in many departments' expenditures. p 0 W I H L a 0 AVRE