Information 08-15-2022 - Laserfiche WebLink

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Information cty of I Elk -�-�=1 River To: Ma�Tor and CinT Council From: Lori Stich, Assistant Finance Director Date: August 15, 2022 SubjeCt: JulyT 2022 Monthl�T Financial Report Memorandum This report is designed to provide summaryT 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 cit�-'s financial health. For the month of July, actual revenues (excluding propertyT taxes and transfers in) and expenditures should run about 58% of the annual budget. It is natural for some of the items to varyT from month to month, such as exceeding budget for Supplies but being belo`v budget for Services. This is not consideYed serious as long as the total expenditure budget amount is not oveYspent Significant variances from budget are highlighted below accompanied �vith a general discussion for the variance. GENERAL FUND Revenues: ■ JulyT revenues include the remaining first half propertyT tax settlement. ■ License & permit collections are about 81% of budget estimates `vith July collections consisting primaril�T of building-related permits. ■ ChaYges for services aYe about 92% of estimates mainly due to billing foY the second half fire contract foY the Cityr of Otsego and the school liaison contract for ISD 728 foY the first half of the 2022-23 school veaY. ■ Court fines which lag a month are about 52% of budget estimates including June collections received by the count�T. ■ Transfers in consists of ER1�ZU's 4% June electric revenues and the budgeted transfers into the General Fund. Expenditures: ■ Total departmental expenditures are about 52% of budget and most departments are within oY below budget estimates.