INFORMATION #1 05-19-2014 - Laserfiche WebLink

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Information City of Memorandum River TO: Mayor and City Council From: Tim Simon, Finance Director Date: May 19, 2014 Subject: April 2014 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund and Ice Arena and Pinewood Golf Special Revenue Funds. These funds provide an important picture of the city's financial health. For the month of April, actual revenues (except for property taxes and state aids) and expenditures should run about 33% of the annual budget. It is natural for some of the 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 overspent. Significant variances from budget are highlighted below accompanied with a general discussion for the variance. General Fund Revenues: ■ Property taxes, our largest revenue source,will be received in July and December. The first quarter gravel tax was received in April. ■ Licenses and permits collections are about 23% as of the end of April. ■ Charges for services revenues are on target with budget at 33%. ■ Fines and forfeits collections are about 31% and consist of collections through March,which lag a month. ■ The negative interest income is related to the reversal of the prior year's interest receivable. ■ The transfers in reflect the Utilities' 3% contribution based on electric sales through March. All other transfers will be recorded mid-year. Expenditures: • Excluding transfers,total departmental expenditures are about 30% of budget and most departments are within or below budget. • The Finance Department expenditures reflect the annual appraisal services payment to the County. p 0 W I R 1 0 8Y NATURE