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INFORMATION <br /> City of Memorandum <br /> Elk <br /> River <br /> TO: Mayor and City Council <br /> From: Tim Simon, Finance Director <br /> Date: May 18, 2015 <br /> Subject: April 2015 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 Special Revenue Fund. <br /> These funds provide an important picture of the city's financial health. <br /> For the month of April, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 33% 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 /> ■ Property taxes, our largest revenue source,will be received in July and December. <br /> The first quarter gravel tax was received in April. <br /> ■ Licenses and permits collections are over 31% of budget estimates. <br /> ■ Charges for services are 40% of budget and consist mainly of engineering services <br /> reimbursement,Big Lake Township fire contract and recreation-related registrations. <br /> ■ Fine collections,which lag a month, are about 34% of budget. <br /> ■ The majority of transfers in will be recorded mid-year. <br /> Expenditures: <br /> • Total departmental expenditures are about 29% of budget and most departments are <br /> within or below budget. <br /> • The Finance Department expenditures for April include the annual appraisal services <br /> payment to the County. <br /> PIVEIEI IT <br /> NATURE <br />