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Information <br /> Memorandum <br /> <br />To: Mayor and City Council <br />From: Lori Stich, Assistant Finance Director <br />Date: September 21, 2020 <br />Subject: August 2020 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 Multipurpose Facility Special Revenue Fund, and the <br />Enterprise Funds. These funds provide an important picture of the city’s financial health. <br /> <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 /> <br />GENERAL FUND <br /> <br /> Revenues: <br /> License & permit collections are slightly below budget estimate at about 56%, mainly due to <br />lower than anticipated building permit revenues and liquor license fee credits. <br /> Intergovernmental revenues for August consist of the state reimbursement for police <br />training. <br /> Charges for services are above budget estimates at about 70% of budget with August <br />collections consisting mainly of youth athletic association field use fees and plan check fees. <br /> Fines and forfeits, which lag a month for collections, are running about 41% of budget. <br /> Transfers in are comprised of ERMU’s 4% July electric revenues and the remaining <br />budgeted transfer from HRA. <br /> <br /> <br /> <br />