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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: April 16, 2018 <br /> Subject: March 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 March, actual revenues (excluding property taxes and transfers in) and <br /> expenditures should run about 25% 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 20% 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 13% of budget,with the anticipation that building <br /> permits will ramp up once winter leaves and the spring construction starts. <br /> ■ Charges for services are 32% of budget estimates,with the majority of March <br /> collections coming from the fire contracts for Big Lake Township and Otsego. <br /> ■ Fines and forfeits collections are 14% of budget estimate,with court fine collections <br /> lagging a month. <br /> p 0 W I H E a N' AfURE] <br />