Information #1 07-17-2023 - Laserfiche WebLink

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Information City E Memorandum TO: Mayor and City Council From: Lori Stich, Finance Manager Date: July 17, 2023 Subject: June 2023 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 June, actual revenues (excluding property taxes and transfers in) and expenditures should run about 50% 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: ■ June revenues include the 70% advance of the first half property tax settlement. The remaining balance is received in July. ■ License & permit collections are about 60% of budget estimates. June collections were mainly building -related permits, gravel mining licenses and liquor licenses. ■ Charges for services are 55% of estimates with recreation fees and plan check fees making up the majority of collections in June. ■ Transfers in consist of ERMU's 4% May monthly electric revenues. The remaining transfers in will be recorded in July. Expenditures: ■ Total departmental expenditures are about 43% of the budget and most departments are within or below budget estimates.