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Information <br /> J� <br /> City of <br /> Elk Memorandum <br /> River <br /> TO: Mayor and City Council <br /> From: Jesse Dorn,Assistant Finance Director <br /> Date: March 19, 2018 <br /> Subject: February 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 February, actual revenues (excluding property taxes and transfers in) and <br /> expenditures should run about 17% 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 property taxes and transfers in,revenue collections are 12% of budget. The <br /> first half property taxes will be received in June/July and the majority of transfers in <br /> will be recorded mid-year. <br /> ■ Licenses and permits collections are 8% of budget and are anticipated to ramp up with <br /> the spring construction season. <br /> ■ Intergovernmental revenue collections consist of the water tower grant from the MN <br /> Historical Society. <br /> ■ Charges for services are 11% of budget estimates,most of that coming from the semi- <br /> annual payment for school liaison services. <br /> ■ Fines and forfeits collections are 8% of budget estimate,with court fine collections <br /> lagging a month. <br /> ■ Other revenues include the Bank of Elk River's 2018 sponsorship of$16,000 to <br /> support the summer concert series. <br /> p0WIeI1 0 <br /> NAWREJ <br />