Laserfiche WebLink
Kive r <br />To: <br />From: <br />Date: <br />Subject: <br />Memorandum <br />Mayor and City Council <br />Tim Simon, Finance Director <br />March 16, 2015 <br />February 2015 Monthly Financial Report <br />INFORMATION <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 Special Revenue Fund. <br />These funds provide an important picture of the city's financial health. <br />For the month of February, actual revenues (except for property taxes and state aids) and <br />expenditures should run slightly about 17% of the annual budget. It is natural for some of <br />the items to vary from month to month, such as exceeding budget for Supplies but being <br />significantly below for Services. This is not considered serious as long as the total expenditure <br />budget 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 />■ Property taxes, our largest revenue source, will be received in July and December. <br />■ Licenses and permits collections are about 10% of budget estimates. <br />■ February charges for services collections include the semi - annual billing for the <br />Otsego fire contract. <br />■ The transfers in will be recorded mid -year. <br />Expenditures: <br />• Total departmental expenditures are 14% of budget and most departments are within <br />or below budget. <br />• The Snow Removal budget reflects the seasonal expenditures for personal services <br />and road salt. <br />P0WI0E0 0Y <br />AfUR <br />