INFORMATION 03-19-2012 - Laserfiche WebLink

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INFORMATION V~'~` MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: March 19, 2012 SUBJECT: February 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 Axena and Pinewood Golf special revenue funds. These funds are the primary concern in analyzing the City's financial health. For the month of February, actual revenues (except for property taxes and state aids) and expenditures should run slightly under 17% 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 for the variance. General Fund Revenuer: • Property taxes, our largest revenue source, will be received in July and December. • Charges for services revenue collected in February consist mainly of recreation program. fees and facility rentals collected for the spring/summer season. • 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.xj~enditure.r: • Excluding transfers, the total departmental expenditures are 11.5% and most departments are well within or below budget. • Many departments' expenditures include the first quarter allocation of insurance and annual software maintenance agreements, as is the case for Police Administration. • The Snow Removal budget reflects the seasonal expenditures for personal services and road salt.