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Information <br /> Memorandum <br /> <br />To:Mayor and City Council <br />From:Lori Stich, Assistant Finance Director <br />Date:July20, 2020 <br />Subject:June2020Monthly 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 June, actual revenues (excluding property taxes and transfers in) and expenditures <br />should run50%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 /> June revenue collections include the 70% advance of the first half property tax settlement. <br />The remaining balance will be received in July. <br /> Overall, license & permit collections are about 41% of budget estimates, with building- <br />related permitscomprising the majority of collections. <br /> Charges for services are slightly below budget estimates at about 41% of budget due mainly <br />to the cancellation or delay of recreation programs. <br /> Transfers in are comprised of ERMU’s 4% May electric revenues, the remaining transfers in <br />from other funds will be recorded mid-year. <br /> <br />Expenditures: <br /> Total departmental expenditures are about 43% of budget and most departments are within <br />or below budget estimates. <br /> <br />