INFORMATION 05-16-2016 - Laserfiche WebLink

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Information Memorandum To: Mayor and City Council From: Lori Ziemer, Interim Finance Director Date: May 16, 2016 Subject: April 2016 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 April, actual revenues (except for property taxes and state aids) and expenditures should run about 33% 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:  Property taxes, our largest revenue source, will be received in July and December.  Licenses and permits collections are about 25% of budget estimates and building- related permit collections are 19% of budget.  Charges for services are slightly below budget estimates at 32% of budget.  Fines and forfeits collections, which lag a month, are over 35% of budget estimates.  The transfers in will be recorded mid-year. Expenditures:  Total departmental expenditures are 28% of budget and most departments are within or below budget.  The April-June quarterly premium for liability insurance was paid in April.