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Information <br /> City of Memorandum <br /> River <br /> TO: Mayor and City Council <br /> From: Tim Simon, Finance Director <br /> Date: August 18, 2014 <br /> Subject: July 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 June,actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 58% 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 remaining first half property taxes, our largest revenue source,were received in <br /> July. <br /> • Licenses and permits collections are over 60% of budget estimates,with the majority <br /> of the July collections coming from building permits. <br /> • Intergovernmental revenue collections consist of our PERA aid and the Toward <br /> Zero Deaths enforcement grant for April June. <br /> ■ Charges for services are over 77% of budget estimates. <br /> ■ Fines and forfeits collections,which lag a month,are over 57% of budget estimates. <br /> ■ The transfers in reflect the Utilities' 3% contribution based on electric sales through <br /> June and the other transfers were recorded in July. <br /> Expenditures: <br /> ■ Excluding transfers,total departmental expenditures are over 52% of budget and <br /> most departments are within or below budget. <br /> p0WIeEa 0 <br /> AVRE <br />