INFORMATION 08-17-2015 - Laserfiche WebLink

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Information Memorandum To: Mayor and City Council From: Tim Simon, Finance Director Date: August 17, 2015 Subject: July 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 July, actual revenues (except for property taxes and state aids) and expenditures should run about 58% 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 remaining first half property taxes, our largest revenue source, were received in July, along with the second quarter gravel tax.  Licenses and permits collections are over 63% of budget estimates, consisting mainly of building permit collections for July.  Intergovernmental revenue collections consist of our PERA aid.  Charges for services are over 72% of budget estimates, with July collections consisting mainly of the second half police liaison and fire contracts.  Fine collections, which lag a month, are 55% of budget estimates.  The remaining Transfers In were recorded in July. Expenditures:  Total departmental expenditures are about 55% of budget and most departments are within or below budget. The quarterly premium for the property/liability insurance renewal was paid in July.