INFORMATION #2 07-20-2015 - Laserfiche WebLink

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INFORMATION Memorandum To: Mayor and City Council From: Tim Simon, Finance Director Date: July 20, 2015 Subject: June 2015 Monthly Financial Report _______________________________________________________________________ This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, Ice Arena Special Revenue Fund, and Enterprise Funds. These funds provide an important picture of the city’s financial health. For the month of June, actual revenues (except for property taxes and state aids) and expenditures should run 50% 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:  The first installment of the first half property taxes, our largest revenue source, was received in June with the remaining first half to be received early July.  Licenses and permits collections are about 58% of budget estimates, with the majority of June collections consisting of building permit revenues and gravel mining licenses.  Charges for services are in line with budget estimates at 50% of budget and June collections consist mainly of recreation and building fees.  Fine collections, which lag a month, are 49% of budget estimates.  Most other transfers in will be recorded in July. Expenditures:  Total departmental expenditures are about 45% of budget and most departments are within or below budget.