INFORMATION #2 12-15-2008 - Laserfiche WebLink

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~, ~.~~~.~IATi~ ~~~~ c ver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: December 15, 2008 SUBJECT: November 2008 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund and Pinewood Golf and Ice Arena special revenue funds. These funds are the primary concern in analyzing the City's financial health. For the month of November, actual revenues (except for property taxes and state aids) and expenditures should generally run about 92% 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 significantly below 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 Kevenue.r: • The second half tax settlement will not be received until December and our largest revenue source is just under 50% collected to date. • The second half local government aid will not be received until December. • License and permit revenues are at least $240,000 under budget due to the slowdown in construction activity. • Charges for services and fines axe lagging behind budget because of decreased building activity and lower than expected recreation fees and court fines. E.xpenditure.r: • Excluding transfers, the total departmental expenditures are at about 84% and most departments axe well within or below budget. • Fire personal services are over budget as a result of the Lion's Park apartment fire. • Personal services in Street Maintenance are 5% over budget and Equipment Services is slightly above the benchmark comparison due to the late arrival of the snow