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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: December 15, 2014 <br /> Subject: November 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 November, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 92% 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 /> • Excluding transfers,revenue collections are about 55% of budget estimates. The <br /> second half property taxes of nearly$5 million were received December 2. <br /> • Licenses and permits collections are in line with budget estimates at about 91% and <br /> building-related permit collections are about 89% of budget estimates. <br /> ■ Charges for services are 102% of budget estimates. <br /> ■ Fines and forfeits collections,which lag a month,are over 92% of budget estimates. <br /> ■ The transfers in reflect the Utilities' 3% contribution based on electric sales through <br /> October. <br /> Expenditures: <br /> ■ Excluding transfers,total departmental expenditures are about 85% of budget and <br /> most departments are within or below budget. Due to the early arrival of winter,the <br /> snow removal expenditures are about 104% of budget. <br /> p 0 W I H L a 0 <br /> AVRE <br />