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Information <br /> �i <br /> of Memorandum Memorandum <br /> cElk <br /> River <br /> TO: Mayor and City Council <br /> From: Jesse Dorn,Assistant Finance Director <br /> Date: September 18, 2017 <br /> Subject: August 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, the Ice Arena Enterprise Fund and Pinewood <br /> Golf Course Special Revenue Fund. These funds provide an important picture of the city's <br /> 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 below budget <br /> for Services. This is not considered serious as long as the total expenditure budget amount is <br /> not overspent. Significant variances from budget are highlighted below accompanied with a <br /> general discussion for the variance. <br /> GENERAL FUND <br /> Revenues: <br /> ■ Excluding transfers in,revenue collections are 57% of budget. The second-half <br /> property tax settlement will be received in early December. <br /> ■ Licenses and permits collections are 116% of annual budget estimates,with building- <br /> related permit collections at 122% and rental licenses at 127% as of the end of August. <br /> ■ Charges for services are 88% of budget estimates,with collections of plan review fees <br /> and the annual Otsego fire contract making up the majority share. <br /> ■ Although fines and forfeits collections lag a month,reported collections through July <br /> are about 72% of budget estimates. <br /> p 0 W I H L 0 N' AfURE] <br />