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)40,# INFORMATION <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Mayor and City Council <br /> FROM: Tim Simon, Finance Director <br /> DATE: March 18, 2013 <br /> SUBJECT: February 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 February, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 16.7%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 consist of the first half state-aid street <br /> maintenance payment. The second half will be received mid-year. <br /> • The first half Otsego fire contract was billed in February and is reflected in charges <br /> for services. <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 transfer received in February from Elk River Utilities is for January electric <br /> billings. All other transfers will be recorded mid-year. <br /> Expenditures: <br /> • Excluding transfers,total departmental expenditures are 12% of budget and almost <br /> all departments are within or below budget. <br />