INFORMATION 10-15-2018 - Laserfiche WebLink

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Information #1 Memorandum To: Mayor and City Council From: Jesse Dorn, Assistant Finance Director Date: October 15, 2018 Subject: September 2018 Monthly Financial Report _______________________________________________________________________ This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, the Ice Arena and Pinewood Golf Special Revenue Funds, and the Enterprise Funds. These funds provide an important picture of the city’s financial health. For the month of September, actual revenues (excluding property taxes and transfers in) and expenditures should run 75% of the annual budget. It is natural for some of the items to vary from month to month, such as exceeding budget for Supplies but being below budget for Services. This is not considered serious as long as the total expenditure budget amount is not overspent. Significant variances from budget are highlighted below accompanied with a general discussion for the variance. GENERAL FUND Revenues:  Excluding transfers in, overall general fund revenues are 59% of budget with the second half property taxes to be collected in December.  Licenses and permits collections are in line with budget estimates at 73%.  Intergovernmental revenue collections for September consist of the police and fire state aid. The fire state aid will be remitted to the Elk River Fire Relief Association.  Charges for services are 87% of budget and are comprised mainly of plan review fees and police/fire service contracts.  Fines and forfeits collections are 66% of budget estimates, with court fine collections lagging a month. Expenditures:  Total departmental expenditures are about 68% of budget and most departments are below budget estimates.  Reflected in many departments’ budgets is the liability insurance premium for July- December.