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City of Memorandum <br /> Elik <br /> River <br /> TO: Mayor and City Council <br /> From: Tim Simon, Finance Director <br /> Date: June 15, 2015 <br /> Subject: May 2015 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, Ice Arena Special Revenue Fund, and <br /> Enterprise Funds. These funds provide an important picture of the city's financial health. <br /> For the month of April, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 42% of the annual budget. It is natural for some of the items <br /> to vary from month to month, such as exceeding budget for Supplies but being significantly <br /> below for Services. This is not considered serious as long as the total expenditure budget <br /> amount is not overspent. Significant variances from budget are highlighted below <br /> accompanied with a general discussion for the variance. <br /> GENERAL FUND <br /> Revenues: <br /> ■ Property taxes, our largest revenue source,will be received in July and December. <br /> ■ Licenses and permits collections are about 45% of budget estimates,which include <br /> the annual renewals for liquor and apartment licenses. <br /> ■ Charges for services are in line with budget estimates at about 45% of budget with <br /> May collections consisting mainly of recreation and building fees. <br /> ■ Fine collections,which lag a month, are over 41% of budget estimates. <br /> ■ The majority of transfers in will be recorded mid-year. <br /> Expenditures: <br /> ■ Total departmental expenditures are about 36% of budget and most departments are <br /> within or below budget. <br /> PIIN EIEI IT <br /> NATURE <br />