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INFORMATION <br />of <br />fiver <br />MEMORANDUM <br />TO: Mayor and City Council <br />FROM: Tim Simon, Finance Director <br />DATE: December 21, 2009 <br />SUBJECT: November 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 the Ice Arena and Pinewood Golf <br />special revenue funds. These funds are the primary concern in analyzing the City's financial <br />health. <br />For the month of November, actual revenues (except for property taxes and state aids) and <br />expenditures should run slightly less than 92% of the annual budget. It is natural for some <br />of the items to vary from month to month, such as exceeding budget fox 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 />Kevenuec <br />• Excluding transfers in, total revenue collections are about 52% of budget. <br />• The second half property taxes were collected on December 2 and added over $4.2 <br />million in revenues to the General Fund. <br />• The second half LGA and MV credit payments of $312,000 remain scheduled for <br />collection in December. <br />• Collections of licenses/permits and charges fox services are roughly 85% of budget <br />and remain slightly below the 92% budget benchmark. <br />• Interest income is lower than budget due to reversal of the prior year's interest <br />receivable and market conditions. <br />• All revenue transfers in have been recorded. <br />