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Information <br /> Memorandum <br /> <br />To: Mayor and City Council <br />From: Lori Stich, Assistant Finance Director <br />Date: March 15, 2021 <br />Subject: February 2021 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 February, actual revenues (excluding property taxes and transfers in) and <br />expenditures should run about 17% 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 /> Property taxes, our largest revenue source, will be received in July and December. <br /> License & permit collections are 16% of budget estimates consisting primarily of building- <br />related permits. <br /> Charges for services are about 15% of estimates with plan check fees, first-half school liaison <br />contract and recreation related fees making up the majority of collections. <br /> Transfers in consists of ERMU’s 4% January electric revenues, the remaining transfers in <br />from other funds will be recorded mid-year. <br /> <br />Expenditures: <br /> Total departmental expenditures are about 12% of budget and most departments are within <br />or below budget estimates. <br /> <br /> <br />