INFORMATION 11-17-2014 - Laserfiche WebLink

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Information City of Memorandum River TO: Mayor and City Council From: Tim Simon, Finance Director Date: November 17, 2014 Subject: October 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 October, actual revenues (except for property taxes and state aids) and expenditures should run about 83% 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: • Excluding transfers, revenue collections are about 53% of budget estimates. The second half property taxes will be received in December. • Licenses and permits collections are in line with budget estimates at about 82% and building-related permit collections are about 80% of budget estimates. • Intergovernmental revenue collections for police aid of$225,941 were received in October,bringing intergovernmental revenue to 95% of budget estimate. ■ Charges for services are about 93% of budget estimates. ■ Fines and forfeits collections,which lag a month,are over 85% of budget estimates. ■ The transfers in reflect the Utilities' 3% contribution based on electric sales through September. Expenditures: ■ Excluding transfers,total departmental expenditures are about 78% of budget and most departments are within or below budget. The quarterly workers comp insurance installment covering October-December was paid in October. p0WIeEa 0 AVRE