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Information <br /> <br /> <br /> <br />Memorandum <br /> <br /> <br /> <br /> <br /> <br />To: <br />Mayor and City Council <br /> <br />From: <br />Tim Simon, Finance Director <br /> <br />Date: <br />March 21, 2016 <br /> <br />Subject: <br />February 2016 Monthly Financial Report <br />_______________________________________________________________________ <br /> <br />This report is designed to provide summary information regarding the overall level of <br />revenues and expenditures in the General Fund, Ice Arena Special Revenue Fund, and <br />Enterprise Funds. These funds provide an important picture of the city’s financial health. <br /> <br />For the month of February, actual revenues (except for property taxes and state aids) and <br />expenditures should run about 17% 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 /> <br />GENERAL FUND <br /> Revenues: <br /> <br /> <br />Property taxes, our largest revenue source, will be received in July and December. <br /> <br /> <br /> Licenses and permits collections are slightly over 8% of budget estimates. <br /> <br /> <br />Charges for services are over 22% of budget, but included in this are the semi-annual <br />billings for school liaison and the fire service contract. <br /> <br /> <br />Fines and forfeits collections, which lag a month, are over 9% of budget estimates. <br /> <br /> <br />The transfers in will be recorded mid-year. <br /> <br />Expenditures: <br /> <br /> <br />Total departmental expenditures are 13% of budget and most departments are within <br /> <br />or below budget. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />