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Information <br />Memorandum <br />To: Mayor and City Council <br />From: Lori Stich, Assistant Finance Director <br />Date: August 17, 2020 <br />Subject: July 2020 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 July, actual revenues (excluding property taxes and transfers in) and expenditures <br />should run about 58% 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 />July revenue collections consist of the remaining first half property tax settlement. <br />License & permit collections are about 48% of budget estimates, with building-related <br />permits comprising the majority of collections. <br />Intergovernmental revenues for July consist of the second quarter law enforcement grant and <br />will be distributed to the participating agencies. Elk River’s share of the grant is $1,116.39. <br />Charges for services are above budget estimates at about 65% of budget due mainly to the <br />billing for the second half fire contract for the City of Otsego and second half school liaison <br />officers for ISD 728. <br />Transfers in are comprised of ERMU’s 4% June electric revenues and the budgeted transfers <br />into the General Fund.