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Information <br /> u <br /> J� <br /> City of <br /> E11 T Memorandum <br /> 11� <br /> River <br /> To: Mayor and City Council <br /> From: Tim Simon, Finance Director <br /> Date: October 20,2014 <br /> Subject: September 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 September, actual revenues (except for property taxes and state aids) and <br /> expenditures should run 75% of the annual budget. It is natural for some of the items to <br /> 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 /> • Excluding transfers, revenue collections are about 50% of budget estimates. The <br /> second half property taxes will be received in December. <br /> • Licenses and permits collections are in line with budget estimates at about 74% and <br /> building-related permit collections are about 70% of budget estimates. <br /> ■ Charges for services are about 89% of budget estimates. <br /> ■ Fines and forfeits collections,which lag a month, are over 75% of budget estimates. <br /> ■ The transfers in reflect the Utilities' 3% contribution based on electric sales through <br /> August. <br /> Expenditures: <br /> ■ Excluding transfers, total departmental expenditures are about 70% of budget and <br /> most departments are within or below budget. The quarterly liability insurance <br /> installment covering October-December was paid in September. <br /> P0WE0E0 0Y <br /> INWWREI <br />