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Information <br /> J� <br /> City of <br /> Elk Memorandum <br /> River <br /> TO: Mayor and City Council <br /> From: Tim Simon, Finance Director <br /> Date: April 18, 2016 <br /> Subject: March 2016 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, Ice Arena Special Revenue Fund, and <br /> Enterprise Funds. These funds provide an important picture of the city's financial health. <br /> For the month of March, actual revenues (except for property taxes and state aids) and <br /> expenditures should run 25% of the annual budget. It is natural for some of the items to vary <br /> from month to month, such as exceeding budget for Supplies but being significantly below for <br /> Services. This is not considered serious as long as the total expenditure budget amount is not <br /> overspent. Significant variances from budget are highlighted below accompanied with a <br /> 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 slightly over 15% of budget estimates and rental <br /> property licenses are at 97% of budget. <br /> ■ Charges for services are about 28% of budget,with the majority of March collections <br /> consisting of recreation registrations for spring/summer programs. <br /> ■ Fines and forfeits collections,which lag a month, are over 22% of budget estimates. <br /> ■ The transfers in will be recorded mid-year. <br /> Expenditures: <br /> ■ Total departmental expenditures are 21% of budget and most departments are within <br /> or below budget. <br /> ■ The quarterly premium for workers' comp insurance was paid in March. <br /> NAWREJ <br />