Laserfiche WebLink
INFORMATION <br /> >144*,City of <br /> Elk ,, <br /> River <br /> MEMORANDUM <br /> TO: Mayor and City Council <br /> FROM: Tim Simon, Finance Director <br /> DATE: February 19, 2013 <br /> SUBJECT: January 2013 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 and Ice Arena and Pinewood Golf Special <br /> Revenue Funds. These funds are the primary concern in analyzing the city's financial health. <br /> For the month of January, actual revenues (except for property taxes and state aids) and <br /> expenditures should run slightly over 8% of the annual budget. It is natural for some of the <br /> items to vary from month to month, such as exceeding budget for Supplies but being <br /> significantly below for Services. This is not considered serious as long as the total <br /> expenditure budget amount is not overspent. Significant variances from budget are <br /> highlighted below 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 /> • Intergovernmental revenue collections are for a police enforcement grant that will <br /> also be distributed to other law enforcement agencies. <br /> • Contributions include the $14,000 donation by The Bank of Elk River for the 2013 <br /> parks and recreation programs. <br /> • The negative interest income is related to the reversal of the prior year's interest <br /> receivable which was done as of January. <br /> • The transfers in will be recorded mid-year. <br /> Expenditures: <br /> • Excluding transfers,total departmental expenditures are about 5% of budget and <br /> most departments are within or below budget. <br />