12.1 SR 12-16-2024 - Laserfiche WebLink

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City of Elk - River To City Council Meeting Date December 16, 2024 Item Description Financial reports - October Action Requested Information only. Background/Discussion Request for Action Item Number 12.1 Prepared By Lori Stich, Finance Manager Reviewed by Lori Stich Joe Stremcha Cal Portner Tina Allard 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 October, actual revenues (excluding property taxes and transfers in) and expenditures should run about 83% 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: ■ License & permit collections are at about 64% of budget estimates. October collections were primarily building -related permits and rental licenses. ■ Charges for services are about 97% of estimates with plan check fees and recreation fees making up the majority of October collections. ■ Court fines which lag a month are about 87% of budget estimates including September collections received by the county. ■ Transfers in consist of ERMU's 4% September monthly electric revenues. Expenditures: The Elk River Vision A avelcoming community with revolutionary and spirited resourcefulness, exceptional service, and community p p W E H E U 6 engagement that encourages and inspires prosperity 273