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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: November 21, 2022 <br />Subject: October 2022 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 October, actual revenues (excluding property taxes and transfers in) and <br />expenditures should run about 83% 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 />GENERAL FUND <br />Revenues: <br />■ License & permit collections exceed budget estimates with October collections consisting <br />primarily of building -related permits. <br />■ Intergovernmental revenues are at about 102% of the estimated budget amount with <br />October collections consisting of the state market value credit. <br />■ Charges for services are about 104% of estimates with plan check fees, recreation fees, and <br />third quarter police liaison overtime making up the majority of collections in October. <br />■ Court fines which lag a month are about 82% of budget estimates including September <br />collections received by the county. <br />■ Transfers in consist of ERMU's 4% September electric revenues. <br />Expenditures: <br />■ Total departmental expenditures are about 79% of budget and most departments are within <br />or below budget estimates. <br />