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Information <br />cty of I <br />Elk -�-�=1 <br />River <br />To: Ma�Tor and CinT Council <br />From: Lori Stich, Assistant Finance Director <br />Date: June 20, 2022 <br />SubjeCt: MayT 2022 Monthly Financial Report <br />Memorandum <br />This report is designed to provide summaryT 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 cit�-'s financial health. <br />For the month of MayT, actual revenues (excluding propertyT taxes and transfers in) and expenditures <br />should run about 42% of the annual budget. It is natural for some of the items to varyT from month <br />to month, such as exceeding budget for Supplies but being belo`v budget for Services. This is not <br />consideYed serious as long as the total expenditure budget amount is not oveYspent Significant <br />variances from budget are highlighted below accompanied �vith a general discussion for the variance. <br />GENERAL FUND <br />Revenues: <br />■ PropertyT taxes, our largest revenue source, are received in JulyT and December. <br />■ License & permit collections are 59% of budget estimates with i�1ayT collections consisting <br />primaril�- of liquor licenses, gravel mining licenses, and building-related permits. <br />■ Charges for services are about 57% of estimates with plan check fees and recreation fees <br />making up the majorinr of collections in MayT. <br />■ Court fines, which lag a month, consist of April collections received b�T the countyT are about <br />38% of budget estimate. <br />■ Transfers in consists of ERIVIU's 4% April electric revenues, the remaining transfers in from <br />other funds `vill be recorded mid-vear. <br />Expenditures: <br />■ Total departmental expenditures are about 37% of budget and most departments are within <br />or below budget estimates. <br />