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Information #1 March Financials 04-19-2021
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Information #1 March Financials 04-19-2021
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Information <br />City <br />E <br />Memorandum <br />TO: Mayor and City Council <br />From: Lori Stich, Assistant Finance Director <br />Date: April 19, 2021 <br />Subject: March 2021 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 Multipurpose Facility Special Revenue Fund, and the <br />Enterprise Funds. These funds provide an important picture of the city's financial health. <br />For the month of March, actual revenues (excluding property taxes and transfers in) and <br />expenditures should run 25% 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 />GENERAL FUND <br />Revenues: <br />■ Property taxes, our largest revenue source, will be received in July and December. <br />■ License & permit collections are about 27% of budget estimates consisting primarily of <br />building -related permits and rental licenses. <br />■ Charges for services are about 22% of estimates with plan check fees and recreation fees <br />making up the majority of March collections. <br />■ Transfers in consists of ERMU's 4% February electric revenues, the remaining transfers in <br />from other funds will be recorded mid -year. <br />Expenditures: <br />■ Total departmental expenditures are about 20% of budget and most departments are within <br />or below budget estimates. <br />■ The second quarter premium for workers' comp and property/liability insurance are <br />reflected in the departmental expenditures for March. <br />
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