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Information <br />City <br />E <br />Memorandum <br />TO: Mayor and City Council <br />From: Lori Stich, Finance Manager <br />Date: April 17, 2023 <br />Subject: March 2023 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 about 25% 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 />■ Property taxes, our largest revenue source, are received in July and December. <br />■ License & permit collections are about 19% of budget estimates consisting primarily of <br />building -related permits. <br />■ Charges for services are 38% of estimates with plan check fees and recreation fees making <br />up the majority of collections in March. <br />■ Transfers -in consist of ERMU's 4% January and February monthly electric revenues <br />received in March. The remaining transfers -in will be recorded mid -year. <br />Expenditures: <br />■ Total departmental expenditures are about 23% of budget and most departments are within <br />or below budget estimates. <br />■ The second quarter premiums for workers' comp and property/liability insurance are <br />reflected in the departmental expenditures for March. <br />