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Information <br /> �i <br /> of Memorandum Memorandum <br /> cElk <br /> River <br /> TO: Mayor and City Council <br /> From: Lori Ziemer,Finance Director <br /> Date: September 19, 2016 <br /> Subject: August 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 August, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 67% 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 /> GENERAL FUND <br /> Revenues: <br /> ■ Excluding transfers in,revenue collections are about 54% of budget,with the second <br /> half property taxes to be collected in December. <br /> ■ Licenses and permits collections are 73% of budget estimates,with building-related <br /> permit collections in line with budget estimates at 65% as of the end of August. <br /> ■ Intergovernmental revenue collections consist of police training reimbursement and <br /> crime prevention grant from the State. <br /> ■ Charges for services are 73% of budget,with August collections consisting mainly of <br /> plan check fees and recreation fees. <br /> ■ Fines and forfeits collections,which lag a month,are 75% of budget estimates. <br /> Expenditures: <br /> ■ Total departmental expenditures are about 61% of budget and most departments are <br /> within or below budget. <br /> p0WIeI1 0 <br /> NAWREJ <br />