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Information <br /> Memorandum <br /> <br />To:Mayor and City Council <br />From:Lori Stich, Assistant Finance Director <br />Date:June 15, 2020 <br />Subject:May2020Monthly 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 /> <br />For the month of May, actual revenues (excluding property taxes and transfers in) and expenditures <br />should run42%of the annual budget. It is natural for some of the items to vary from month to <br />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 /> Property taxes, our largest revenue source, will be received in July and December. <br />Overall, license & permit collections are about 34%of budget estimates, with May <br />collections mainly comprised of liquor licenses and building related permits. <br /> Charges for services are in line with budget estimates at about 39% of budget. <br /> Transfers in consists of ERMU’s 4% Aprilelectric revenues, the remaining transfers infrom <br />other funds will be recorded mid-year. <br /> <br />Expenditures: <br /> Total departmental expenditures are about 36% of budget and most departments are within <br />or below budget estimates. <br /> <br /> <br />