INFORMATION #1 07-13-2017 - Laserfiche WebLink

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Information Memorandum To: Mayor and City Council From: Jesse Dorn, Assistant Finance Director Date: July 17, 2017 Subject: June 2017 Monthly Financial Report _______________________________________________________________________ This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, the Ice Arena and Pinewood Golf Course Special Revenue Funds, and the Enterprise Funds. These funds provide an important picture of the city’s financial health. For the month of June, actual revenues (except for property taxes and state aids) and expenditures should run 50% 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 below budget 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:  Excluding transfers in, revenue collections are 42% of budget. An advance of the mid- year property tax settlement was received in June and the remaining first-half balance will be received in July.  Licenses and permits collections are 97% of annual budget estimates, with building- related permit collections at 101% and rental licenses at 108% as of the end of June. Several large projects have contributed to the increase in revenue compared to budget and to the previous year.  Charges for services are 80% of budget estimates. Collections of the second-half Otsego fire contract comprise most of the revenue in this category for the month of June.  Although fines and forfeits collections lag a month, reported collections through May are about 52% of budget estimates.