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Information <br /> Memorandum <br /> <br />To: Mayor and City Council <br />From: Jesse Dorn, Assistant Finance Director <br />Date: June 17, 2019 <br />Subject: May 2019 Monthly Financial Report <br /> <br />This report is designed to provide summary information regarding the overall level of revenues and <br />expenditures in the General Fund, the Ice Arena Special Revenue Fund, and the Enterprise Funds. <br />These funds provide an important picture of the city’s financial health. <br />For the month of May, actual revenues (excluding property taxes and transfers in) and expenditures <br />should run about 42% of the annual budget. It is natural for some of the items to vary from month <br />to 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 variance. <br />GENERAL FUND <br /> Revenues: <br /> Excluding property taxes and transfers in, general fund revenues are running 28% of budget. <br /> Licenses and permits are 36% of budget estimates, with May collections mainly comprised of <br />liquor licenses and building related permits. <br /> Charges for services are in line with budget estimates at 40% of budget. <br /> Fines and forfeits, which lag a month for collections, are running 30% of budget. <br /> Contributions include sponsorships received for Elk RiverFest. <br /> Transfers in are comprised of ERMU’s 4% electric revenues through April and the majority <br />of transfers in will be recorded mid-year. <br /> <br /> <br />