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Information <br /> i <br /> City o <br /> E Memorandum <br /> •-,r. <br /> River <br /> TO: Mayor and City Council <br /> From: Tim Simon, Finance Director <br /> Date: June 16, 2014 <br /> Subject: May 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, 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 May, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 42% of the annual budget. It is natural for some of the items <br /> to vary from month to month, such as exceeding budget for Supplies but being significantly <br /> below for Services. This is not considered serious as long as the total expenditure budget <br /> 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 /> • The first installment of the first half property taxes, our largest revenue source,will <br /> be received in late June. <br /> • Licenses and permits collections are over 37% of budget estimates,with a majority <br /> of the annual liquor license renewals collected in May. <br /> • Charges for services are 45% of budget with May revenues consisting of the Big <br /> Lake Township fire contract, engineering services reimbursement,and recreation <br /> fees for summer programs. <br /> ■ Fines and forfeits collections,which lag a month,are about 42% of budget estimates. <br /> ■ The transfers in reflect the Utilities' 3% contribution based on electric sales through <br /> April. All other transfers will be recorded mid-year. <br /> Expenditures: <br /> ■ Excluding transfers,total departmental expenditures are about 37% of budget and <br /> most departments are within or below budget. <br /> p0WIeEa 0 <br /> AVRE <br />