13.1 SR 10-21-2024 - Laserfiche WebLink

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The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity Request for Action To City Council Item Number 13.1 Meeting Date October 21, 2024 Prepared By Lori Stich, Finance Manager Item Description September Financial Report Reviewed by Lori Stich Joe Stremcha Cal Portner Tina Allard Action Requested Information only Background/Discussion This report is designed to provide summary information regarding the overall 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 September, actual revenues (excluding property taxes and transfers in) and expenditures should run about 75% of the annual budget. It is natural for some 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 in the budget are highlighted below accompanied by a general discussion of the variance. General Fund Revenues: ▪ License & permit collections are at about 59% of budget estimates. September collections were primarily building-related permits and rental licenses. ▪ Charges for services are about 93% of estimates with plan check fees and recreation fees making up the majority of September collections. ▪ Court fines which lag a month are about 78% of budget estimates including August collections received by the county. ▪ Transfers in consist of ERMU’s 4% August monthly electric revenues. Expenditures: Page 283 of 294