INFORMATION #4 07-16-2012 - Laserfiche WebLink

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INFORMATION Elk -� River 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 provide summary information regarding the overall level of revenues and expenditures in the General Fund, Pinewood Golf Course, 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 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 exceeded. Significant variances from budget are highlighted below accompanied with a general discussion for the variance. General Fund Revenues: • 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 July. • 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 services are above budget estimates at about 65 %, with the second -half Otsego fire contract and annual Big Lake Township fire contract billing in June. • Fines and forfeits are about 46% of budget, but lag a month in collections from the state. • The majority of transfers in will be recorded in July.