INFORMATION #2 07-20-2009 - Laserfiche WebLink

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INFORMATION fiver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: July 20, 2009 SUBJECT: June 2009 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund and the Ice Arena and Pinewood Golf special revenue funds. These funds axe the primary concern in analyzing the City's financial health. Fox the month of June, actual revenues (except fox property taxes and state aids) and expenditures should run 50% 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 fox 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 Kevenuer.• • Excluding transfers in, total revenue collections axe at about 32% of budget. • 70% of the first half property taxes were collected in June and the remaining 30% will be received in July. The second half payment for property taxes will be received in December. • Collection of the cable franchise tax from Sherburne-Wright Cable Commission was also received in June. • Total licenses and permits axe currently exceeding the budget benchmark as of the end of June due to the annual renewal of business licenses. Building-related permits are at about 42% of budget. • Charges for services are exceeding budget estimates due mainly to the collection of the annual fire & police contracts and recreation-related fees. • Transfers in will be reflected in the July report.