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Information <br /> Memorandum <br /> <br />To: Mayor and City Council <br />From: Jesse Dorn, Assistant Finance Director <br />Date: July 15, 2019 <br />Subject: June 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 June, actual revenues (excluding property taxes and transfers in) and expenditures <br />should run about 50% 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 /> June revenue collections consist of the 70% advance of the first half property tax settlement. <br />The remaining balance will be received in July. <br /> Licenses and permits are slightly below budget estimate at 48%, with building-related <br />permits comprising the majority of collections. <br /> Charges for services are 60% of budget estimate, with much of the increase attributable to <br />the second half payment of Otsego’s fire services contract. <br /> Fines and forfeits, which lag a month for collections, are running 38% of budget. <br /> Transfers in are comprised of ERMU’s 4% electric revenues through May and the majority <br />of transfers in will be recorded mid-year. <br /> <br /> <br />