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Information <br />cty of I <br />Elk -�-�=1 <br />River <br />To: Ma�Tor and CinT Council <br />From: Lori Stich, Finance Manager <br />Date: November 20, 2023 <br />SubjeCt: October 2023 Monthl�T Financial Report <br />Memorandum <br />This report is designed to provide summaryT 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 cit�-'s financial health. <br />For the month of October, actual revenues (excluding propert�T taxes and transfers in) and <br />expenditures should run about 83% of the annual budget. It is natural for some of the items to var�T <br />from month to month, such as exceeding the budget for Supplies but being belo`v budget for <br />Services. This is not consideYed serious as long as the total expendituYe budget amount is not <br />overspent Significant variances from budget are highlighted below accompanied with a general <br />discussion for the variance. <br />GENERAL FUND <br />Revenues: <br />■ License & peYmit collections aYe about 91% of budget estimates. October collections were <br />mainlyT building-related permits. <br />■ Charges for services are 99% of estimates `vith police securityT overtime, recreation fees and <br />plan check fees making up the majorityr of collections in October. <br />■ Court fines which lag a month aYe at 99% of budget estimates including SeptembeY <br />collections received by the countyT. <br />■ Transfers in consist of ERMU's 4% September monthly electric revenues. <br />Expenditures: <br />■ Total departmental expenditures are about 79% of the budget and most departments are <br />within or below budget estimates. <br />