INFORMATION #3 07-16-2012 - Laserfiche WebLink

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INFORMATION .ver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: July 16, 2012 SUBJECT: June 2012 Monthly Financial Report This report is designed to prop>ide surrunar-~= information regarding die overall level of revenues and expenditures in the General Fund, Pinewood Golf Course, and Ice r~rena special rep=enue funds. These funds are the primai-~- concern in analyzing the city's financial health. For the month of June, actual revenues (except for propert<T taxes and state aids) and expenditures should run 50% of the annual budget It is natural for some items to vai-~= from month-to-month, such as exceeding budget for Supplies but being significant= below for Sei-~rices. This is not considered serious as long as the total etpenditure budget amount is not eiceeded. Significant variances from budget are highlighted below accompanied with a general discussion for the variance. General Fund Reverrzre~: • Excluding transfers, revenue collections are about 37% of budget. 70% of the first half property- taxes were received in June and the remainder of the first half will be collected in Jul`=. • Licenses and permits are about 62% of budget estimate due to the annual renewal of business licenses and building permits for commercial build-outs. • Charges for sei-~=ices are above budget estunates at about 65%, with the second-half Otsego fire contract and annual Big Lake To~ynship fue contract billing in June. • Fines and forfeits are about 46°,/0 of budget, but lag a month in collections from the state. • The majority= of transfers in will be recorded in Ju15=.