INFORMATION #1 07-19-2010 - Laserfiche WebLink

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,~ "3z.e' i ~ A ' ~ fit" , e 1 ",.., s fiver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: July 19, 2010 SUBJECT: June 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 June, actual revenues (except for property taxes and state aids) and expenditures should run 50% of the annual budget. It is natural for some of the items to vary from month to month, such as exceeding budget fox 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 axe highlighted below accompanied with a general discussion fox the variance. General Fund Kevenuec: • Excluding transfers in, revenue collections are about 35% of budget. 70% of the first half property taxes were received in June and the remainder of the first half will be collected in July. • Collection of the cable franchise tax from Sherburne-Wright Cable Commission was also received in June. • Licenses and permits are over the budget benchmark due to the annual renewals of business licenses. • Charges for services exceed budget estimates due mainly from the collection of recreation-related fees and the annual fire contract. • The negative interest income is related to the reversal of the prior year's interest receivable. • Transfers in will be reflected in the July report.