INFORMATION #1 05-17-2010 - Laserfiche WebLink

Home Browse Search

t~.ver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: May 17, 2010 SUBJECT: April 2010 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund and Pinewood Golf and Ice Arena special revenue funds. These funds are the primary concern in analyzing the City's financial health. For the month of April, actual revenues (except for property taxes and state aids) and expenditures should run slightly over 33% 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 Kevenues: • Excluding transfers in, revenue collections axe about 4.4% of budget. Property taxes, our largest revenue source, will be received in July and December. • Licenses and permits are slightly below budget estimates at 29.8%. • Charges for services include the annual fire contracts which are lower than budget estimates due to a decrease in the percentage of fire calls for Otsego in 2009. • The negative interest income is related to the reversal of the prior year's interest receivable. • The transfers in will be recorded mid-year. E.>cpenditures: • Excluding transfers out, the total departmental expenditures are at about 28% and most departments axe well within or below budget. • The transfers out to the Ice Arena and Pinewood Golf are made at the end of the year.