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Information City E Memorandum TO: Mayor and City Council From: Lori Stich, Assistant Finance Director Date: December 20, 2021 Subject: November 2021 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, the Multipurpose Facility Special Revenue Fund, and the Enterprise Funds. These funds provide an important picture of the city's financial health. For the month of November, actual revenues (excluding property taxes and transfers in) and expenditures should run about 92% of the annual budget. It is natural for some of the items to vary from month to month, such as exceeding budget for Supplies but being below budget for Services. This is not considered serious as long as the total expenditure budget amount is not overspent. Significant variances from budget are highlighted below accompanied with a general discussion for the variance. GENERAL FUND Revenues: ■ The second half property taxes will be received in December. ■ License & permit collections are at 125% of budget with collections for November consisting primarily of building -related permits along with business license renewals. Building -related permit revenues exceed budget by $190,366. ■ Intergovernmental revenues remain at about 95% of budget estimates. ■ Charges for services are at 109% of the estimated budget amount with collections for November consisting mainly of planning fees. ■ Fines and forfeits, which lag a month for collections, are running about 92% of budget. ■ Transfers in consists of ERMU's 4% October electric revenues. Expenditures: ■ Total departmental expenditures are about 85% of budget and most departments are within or below budget estimates.