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~~ C'~ C1 ~~~1 rJ l)!-.1 1. ~d la '4..;~ a ~:I <br />C ty of <br />Elk -~. <br />River <br />MEMORANDUM <br />a~ n ~ a nii <br />• Ti i n, Fin na ~ <br />: r 1 , ~ <br />T: F cur 1 and i in i I <br />This report is designed to provide summary information regarding the overall level of <br />xevenues 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 February, actual xevenues except for property taxes and state aids} and <br />expenditures should run about 16.7% of the annual budget. It is natural for some of the <br />items to vary from month to month, such as exceeding budget fox Supplies but being <br />significantly below fox Services. This is not considered serious as long as the total <br />expenditure budget amount is not overspent. Significant variances from budget are <br />highlighted below accompanied with a general discussion for the variance. <br />~e~eral Fu~a~. <br />.A.evenue.~; <br />Excluding transfers in, revenue collections axe slightly over 1 % of budget. Property <br />taxes, our largest revenue source, will be received in July and December. <br />Inteigove~•nmental revenue includes the collection of half the state-aid street <br />maintenance; the other half will be collected in July, <br />Recreation fee collections are right in line with budget estimates. <br />The negative interest income is related to the reversal of the prior year's interest <br />receivable which was done this month. <br />The transfers in will be recorded mid-year. <br />.~xpendititres; <br />Excluding transfers out, the total departmental expenditures are at about 11.$% and <br />most departments are well within o~.• below budget. <br />The Snow Removal budget reflects the seasonal expenditures for• salaries and road <br />salt, <br />