Laserfiche WebLink
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: June 18, 2018 <br /> Subject: May 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 and Pinewood Golf Special <br /> Revenue Funds, and the Enterprise Funds. These funds provide an important picture of the <br /> city's financial health. <br /> For the month of May, actual revenues (excluding property taxes and transfers in) and <br /> expenditures should run about 42% 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 34% 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/permits collections are 40% of budget,with May collections consisting of <br /> liquor license renewals. <br /> ■ Charges for services are in line with budget estimates at 42%,with plan check fees <br /> comprising the majority of May collections. <br /> ■ Fines and forfeits collections are 32% of budget estimates,with court fine collections <br /> lagging a month. <br /> p0WIeI1 0 <br /> NAWREJ <br />