INFORMATION 02-21-2012 - Laserfiche WebLink

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INFORMATION V~'~` MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: February 21, 2012 SUBJECT: January 2012 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund and Ice Arena and Pinewood Golf special revenue funds. These funds are the primary concern in analyzing the City's financial health. For the month of January, actual revenues (except fox property taxes and state aids) and expenditures should run slightly over 8% 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 axe highlighted below accompanied with a general discussion for the variance. General Fund Kevenues: • Property taxes, our largest revenue source, will be received in July and December. • The first half state-aid street maintenance payment was received in January, and the second half will be received in July. • Charges for services revenue includes the semi-annual billing for school liaison services and the fire contract with the City of Otsego. • Contributions include the $14,000 donation by The Bank of Elk River for the 2012 parks and recreation programs. • The negative interest income is related to the reversal of the prior year's interest receivable which was done as of January. • The transfers in will be recorded mid-year. Expenditures: • Excluding transfers, the total departmental expenditures are under 4.5% and most departments axe well within or below budget.