Laserfiche WebLink
Information <br /> Memorandum <br /> <br />To: Mayor and City Council <br />From: Lori Stich, Assistant Finance Director <br />Date: October 19, 2020 <br />Subject: September 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 September, actual revenues (excluding property taxes and transfers in) and <br />expenditures should run 75% of the annual budget. It is natural for some of the items to vary from <br />month to month, such as exceeding budget for Supplies but being below budget for Services. This is <br />not 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 /> <br />GENERAL FUND <br /> <br /> Revenues: <br /> License & permit collections are slightly below budget estimate at about 62%, mainly due to <br />lower than anticipated building permit revenues and liquor license fee credits. <br /> Charges for services are at about 73% of budget with September collections consisting <br />mainly of youth athletic association field use fees and planning related fees. <br /> Fines and forfeits, which lag a month for collections, are running about 45% of budget. <br /> Transfers in are comprised of ERMU’s 4% August electric revenues. <br /> <br />Expenditures: <br /> Total departmental expenditures are about 65% of budget and most departments are within <br />or below budget estimates. <br /> Workers’ comp and liability insurance premiums for October-December are reflected in <br />many departments’ budgets. <br /> <br />