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Information <br /> <br /> <br /> <br />Memorandum <br /> <br /> <br />To: <br />Mayor and City Council <br /> <br />From: <br />Lori Ziemer, Interim Finance Director <br /> <br />Date: <br />July 18, 2016 <br /> <br />Subject: <br />June 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 June, actual revenues (except for property taxes and state aids) and <br />expenditures should run 50% 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 /> <br />GENERAL FUND <br />Revenues: <br />The first installment of the first half property taxes was received in June and the <br />remaining portion will be received in early July. <br />Licenses and permits collections are about 58%of budget estimateswith June <br />collections consisting mainly of building-related permits. <br />Charges for services are 48% of budget, with recreation and building fees making up <br />the majority of June collections. <br />Fines and forfeits collections, which lag a month, are 57% of budget estimates. <br />The majority of transfers in will be recorded in July. <br /> <br />Expenditures: <br />Total departmental expenditures are about 43% of budget and most departments are <br />within or below budget. <br /> <br /> <br /> <br />