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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: February 20, 2018 <br /> Subject: January 2018 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 Special Revenue Fund, and the <br /> Enterprise Funds. These funds provide an important picture of the city's financial health. <br /> For the month of January, actual revenues (excluding property taxes and transfers in) 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 below budget for <br /> Services. This is not considered serious as long as the total expenditure budget amount is not <br /> overspent. Significant variances from budget are highlighted below accompanied with a <br /> general discussion for the variance. <br /> GENERAL FUND <br /> Revenues: <br /> ■ Excluding property taxes and transfers in,revenue collections are 6% of budget. <br /> ■ Licenses and permits collections are 4% of budget and are anticipated to ramp up with <br /> the spring construction season. <br /> ■ Intergovernmental revenue collections are 2% of budget, consisting of the water tower <br /> grant from the MN Historical Society. <br /> ■ Charges for services are 9% of budget estimates,most of that coming from the semi- <br /> annual payment for school liaison services. <br /> ■ Fines and forfeits collections consist of parking fines since court fine collections lag a <br /> month. <br /> ■ Other revenues include the Bank of Elk River's 2018 sponsorship of$16,000 to <br /> support the summer concert programming. <br /> p 0 W I R L a N' AfURE] <br />