INFORMATION #2 08-17-2009 - Laserfiche WebLink

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INFORMATION ver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: August 17, 2009 SUBJECT: July 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. For the month of July, actual revenues (except for property taxes and state aids) and expenditures should run about 58% 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 revenues: • Excluding transfers in, total revenue collections are at about 46% of budget. • The final installment of the first half property taxes was received in July and collections are about 47% of budget and with the collection of delinquent taxes is about 48% of budget. The second half payment fox property taxes will be received in December. • The City received $146,672 of its anticipated first half local government aid payment in July, with the remaining $196,738 being unallotted by the state. The second half payment is expected in December. • The tax category also includes $40,915 for cable franchise fees. • Interest income is typically lower due to the reversal of the prior year's interest receivable. • Revenue transfers in axe reflected in the July report.