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City <br />E <br />K.iver <br />TO: Mayor and City Council <br />Memorandum <br />From: Tim Simon, Finance Director <br />Date: February 17, 2015 <br />Subject: January 2015 Monthly Financial Report <br />INFORMATION <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 Special Revenue Fund. <br />These funds provide an important picture of 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 expenditure <br />budget amount is not overspent. Significant variances from budget are highlighted below <br />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 />■ Charges for services include the semi - annual billing for the school liaison officer. <br />■ Contributions include the $14,500 donation by The Bank of Elk River for the 2015 <br />parks and recreation programs. <br />■ The transfers in will be recorded mid -year. <br />Expenditures: <br />• Excluding transfers, total departmental expenditures are about 6.6% of budget and <br />most departments are within or below budget. <br />• Many departments' expenditures include the first quarter allocation of liability and <br />workers comp insurance and annual software maintenance agreements <br />• The Snow Removal budget reflects the seasonal expenditures for personal services. <br />p 0 W I H L a 0 <br />NAfURE] <br />