INFORMATION #1 09-21-2009 - Laserfiche WebLink

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INFORMATION ver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: September 21, 2009 SUBJECT: August 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 are the primary concern in analyzing the City's financial health. For the month of August, actual revenues (except for property taxes and state aids) and expenditures should run about 67% 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 Bevenue.c • Excluding transfers in, total revenue collections are at about 48% of budget. • The tax category includes $82,461 for cable franchise fees, of which $41,547 was collected in August. The second half property taxes will be collected in December. • The total licenses and pernzits category is above budget estimates, but the building- related permits are slightly below budget at about 57%. • Recreation charges for services continue to exceed the benchmark budget estimates. • The collection of fines is at about 48% of budget. • Interest is typically lower due to reversal of the prior year's interest receivable. • All revenue transfers in have been recorded.