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Information <br /> <br /> <br /> <br />Memorandum <br /> <br /> <br /> <br /> <br /> <br />To: Mayor and City Council <br /> <br />From: Jesse Dorn, Assistant Finance Director <br /> <br />Date: August 20, 2018 <br /> <br />Subject: July 2018 Monthly Financial Report <br />_______________________________________________________________________ <br /> <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 /> <br />For the month of July, actual revenues (excluding transfers in) and expenditures should run <br />about 58% of the annual budget. It is natural for some of the items to vary from month to <br />month, such as exceeding budget for Supplies but being below budget for Services. This is not <br />considered serious as long as the total expenditure budget amount is not overspent. Significant <br />variances from budget are highlighted below accompanied with a general discussion for the <br />variance. <br /> <br />GENERAL FUND <br /> Revenues: <br /> The remaining portion of the first-half property taxes was received in July. <br /> Overall, licenses and permits collections are in line with budget estimates at 60%. <br /> Charges for services are 76% of budget and July collections include the second-half <br />police school liaison contract from the school district. <br /> Fines and forfeits collections are 48% of budget estimates, with court fine collections <br />lagging a month. <br /> The majority of transfers in were recorded in July. <br /> <br /> <br /> <br />