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MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Tim Simon, Finance Director <br />DATE: September 4, 2008 <br />SUBJECT: 2008 General Fund (through August 31, 2008) <br />The General Fund is where most City services are budgeted. These services include <br />administration, parks and recreation, community development, police, fire e.g. The majority <br />of the funding for these services is through property taxes. Other sources of funding are <br />permits and licenses, charges for services, intergovernmental funding, fines and forfeitures, <br />interest earnings, and transfers from other funds for services provided. <br />Revenues. <br />License and permit revenues are approximately $461,000 lower as compared to last year. <br />The majority of this variance is due to lower permit revenue of approximately $442,000. <br />Permit revenue has slowed in 2008 year-to-date, staff hopes revenues will increase with a few <br />additional commercial projects coming in the next couple of months. Tax settlements are <br />primarily received in July and December of each year. <br />Intergovernmental revenue is behind projections primarily due to the timing of the actual <br />receipt of funds. The majority of state aid funding is received in the second half of the year. <br />Fines, Fees, & Forfeit revenue are down primarily due to court fines revenue being down <br />over the prior year. <br />Expenditures. <br />Expenditures for the first eight months are in line with what was budgeted. The figures <br />below show some functional areas behind budget due to the fact of the timing of capital <br />outlay purchases and seasonal personnel costs. Overall the departments are working <br />together to help offset the shortfalls that may exist in the revenues. The transfers out will be <br />made at year-end once pinewood and ice arena's financial are complete. <br />