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..s~~~. <br />a <br />-,~~. <br />v ~~~ <br />fiver <br />MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Tim Simon, Finance Director <br />DATE: April 20, 2009 <br />SUBJECT: March 2009 Monthly Financial Report <br />This report is designed to provide summary information regarding the overall level of <br />revenues and expenditures in the General Fund and Pinewood Golf and Ice Arena special <br />revenue funds. These funds are the primary concern in analyzing the City's financial health. <br />For the month of March, actual revenues (except for property taxes and state aids) and <br />expenditures should generally run about 25% of the annual budget. It is natural for some of <br />the items to vary from month to month, such as exceeding budget for Supplies but being <br />significantly below for Services. This is not considered serious as long as the total <br />expenditure budget amount is not overspent. Significant variances from budget axe <br />highlighted below accompanied with a general discussion for the variance. <br />General Fund <br />Aevenue.r: <br />• Revenue collections are at 2.7% of budget; however, property taxes, our largest <br />revenue source, will be received in July and December. <br />• Total licenses and permits axe right in line with the budgeted revenues, while <br />recreation-related charges for services are exceeding budget estimates as of the end <br />of March. <br />• Contribution revenues reflect the Bank of Elk River's sponsorship of the downtown <br />concerts. <br />• The negative interest income is related to the reversal of the prior year's interest <br />receivable. <br />• The transfers in will be recorded mid-year. <br />