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INFORMATION <br /> �i <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Mayor and City Council <br /> FROM: Tim Simon, Finance Director <br /> DATE: June 17, 2013 <br /> SUBJECT: May 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 provide an important picture of the city's financial health. <br /> For the month of May, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 41.7% 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 expenditure <br /> budget amount is not exceeded. Significant variances from budget are highlighted below <br /> accompanied with a general discussion for the variance. <br /> GENERAL FUND <br /> Revenues: <br /> • Excluding transfers, revenue collections are about 6.5% of budget estimates. The <br /> first installment of the first half property taxes, our largest revenue source,will be <br /> received in June. <br /> • Licenses and permit collections are 42% of budget estimates. The majority of the <br /> annual liquor license renewals were collected in May. <br /> • Charges for services are 40% of budget with May collections consisting primarily of <br /> the fire contract billing for Big Lake Township, engineering services reimbursement, <br /> and recreation fees for summer programs. <br /> • The transfer in is the Utilities' 3% contribution based on April electric sales. All <br /> other transfers will be recorded mid-year. <br /> 1`4A U <br />