Information 2 08-21-2023 - Laserfiche WebLink

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Information cty of I Elk -�-�=1 River To: Ma�Tor and CinT Council From: Lori Stich, Finance Manager Date: August 21, 2023 SubjeCt: Jul�r 2023 MonthlyT 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 the budget for Supplies but being below budget for Services. This is not consideYed serious as long as the total expenditure budget amount is not overspent 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 67% of budget estimates. Ju1�T collections `vere mainlyT building-related permits, gravel mining licenses and rental licenses. ■ ChaYges for services aYe 62% of estimates with recYeation fees, Elk RiveYFest revenues and plan check fees making up the majorityT of collections in JulyT. ■ Transfers in consist of ERMU's 4% June monthlyT electric revenues and the budgeted transfeYs into the GeneYal Fund. Expenditures: ■ Total departmental expenditures are about 52% of budget and most departments are within or belo`v budget estimates.