INFORMATION 11-20-2017 - Laserfiche WebLink

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Information �i of Memorandum Memorandum cElk River TO: Mayor and City Council From: Jesse Dorn,Assistant Finance Director Date: November 20, 2017 Subject: October 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 October, actual revenues (except for property taxes and state aids) and expenditures should run about 83% 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 62% of budget. The second-half property tax settlement will be received in early December. The third quarter gravel tax was received from the county in October. ■ Licenses and permits collections are 131% of annual budget estimates,with building- related permit collections at 139% and rental licenses at 139% as of the end of October. ■ Intergovernmental revenue collections consist of the third quarter state crime prevention grant. ■ Charges for services are 106% of budget estimates,with plan review fees and the Otsego fire contract making up the majority share. The second half payment of the school liaison contract is reflected in October collections. ■ Although fines and forfeits collections lag a month,reported collections through September are about 90% of budget estimates. p0WIeI1 0 NAWREJ