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Information <br /> City°f Memorandum <br /> Elk ,. <br /> r <br /> To: Mayor and City Council <br /> From: Jesse Dorn,Assistant Finance Director <br /> Date: February 15, 2017 <br /> Subject: January 2017 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 January, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 8% of the annual budget. It is natural for some of the items to <br /> 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 less than 1% of budget,with the first <br /> half property taxes to be collected in July. The city usually receives a 70% advance on <br /> the first half tax settlement in June. <br /> ■ Licenses and permits collections are 6% of budget estimates,with building-related <br /> permit collections also at 6% of budget as of the end of January. <br /> ■ Charges for Services are 2% of budget estimates with most of that revenue coming <br /> from plan check fees and recreation fees. <br /> ■ Fines and forfeits collections lag a month, so February's total will reflect January <br /> collections. <br /> ■ Transfers in will be recorded mid-year. <br /> Expenditures: <br /> ■ Total departmental expenditures are 6% of budget and all departments are within or <br /> below budget. <br /> POWERED 6T <br />