INFORMATION 06-20-2016 - Laserfiche WebLink

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Information Memorandum To: Mayor and City Council From: Lori Ziemer, Interim Finance Director Date: June 20, 2016 Subject: May 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 May, actual revenues (except for property taxes and state aids) and expenditures should run about 42% 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 51% of budget estimates due mainly to annual liquor license and building permit collections during the month of May.  Charges for services are in line with budget estimates at about 43% of budget.  Fines and forfeits collections, which lag a month, are over 46% of budget estimates.  The majority of transfers in will be recorded mid-year. Expenditures:  Total departmental expenditures are about 36% of budget and most departments are within or below budget.