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Information <br /> City of <br /> EIL')(l -�-� <br /> i� l. <br /> River Memorandum <br /> TO: Mayor and City Council <br /> From: Lori Ziemer, Finance Director <br /> Date: September 16, 2019 <br /> Subject: August 2019 Monthly Financial Report <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 August, actual revenues (excluding property taxes and transfers in) and <br /> expenditures should run about 67% of the annual budget. It is natural for some of the items to vary <br /> from month to month, such as exceeding budget for Supplies but being below budget for Services. <br /> This is not considered serious as long as the total expenditure budget amount is not overspent. <br /> Significant variances from budget are highlighted below accompanied with a general discussion for <br /> the variance. <br /> GENERAL FUND <br /> Revenues: <br /> ■ Tax receipts for August consist of the second quarter gravel tax remittance from Sherburne <br /> County. <br /> ■ Licenses and permits are running slightly below budget estimate at about 60%, due mainly to <br /> lower than anticipated building permit revenues. <br /> ■ Intergovernmental revenues for August consist of the state reimbursement for police <br /> training. <br /> ■ Charges for services are 78% of budget estimate,with the majority of August collections <br /> consisting of the semi-annual payment for the school liaison contract. <br /> ■ Fines and forfeits,which lag a month for collections,are running 52% of budget. <br /> ■ Transfers in for August are comprised of ERMU's 4% electric revenues through July. <br />