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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: December 19, 2016 <br /> Subject: November 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 November, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 92% 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 60% of budget,with the second <br /> half property taxes to be collected in December. <br /> ■ Licenses and permits collections are 95% of budget estimates,with building-related <br /> permit collections slightly below estimates at 88% of budget as of the end of <br /> November. <br /> ■ Intergovernmental revenue collections and charges for services are 94% of budget <br /> estimates. <br /> ■ Fines and forfeits collections,which lag a month,are 105% of budget estimates. <br /> Expenditures: <br /> ■ Total departmental expenditures are 83% of budget and most departments are within <br /> or below budget. <br /> ■ The quarterly renewal premium for workers comp insurance is reflected in many <br /> departments' expenditures. <br /> p0WIeI1 0 <br /> NAWREJ <br />