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Information <br /> �i <br /> of Memorandum Memorandum <br /> cElk <br /> River <br /> TO: Mayor and City Council <br /> From: Tim Simon, Finance Director <br /> Date: September 21, 2015 <br /> Subject: August 2015 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, Ice Arena Special Revenue Fund, and <br /> Enterprise Funds. These funds provide an important picture of the city's financial health. <br /> For the month of August, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 66.7% of the annual budget. It is natural for some of the items <br /> to vary from month to month, such as exceeding budget for Supplies but being significantly <br /> below for Services. This is not considered serious as long as the total expenditure budget <br /> 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 /> ■ Excluding transfers in,revenue collections are about 55% of budget,with the second <br /> half property taxes to be collected in December. <br /> ■ Licenses and permits collections are about 77% of budget estimates and building <br /> related permit collections are about 69% as of the end of August. <br /> ■ Intergovernmental revenue collections for August consist of reimbursement for police <br /> training and a crime prevention grant. <br /> ■ Charges for services are over 84% of budget estimates,with August collections <br /> consisting mainly of plan check fees and engineering services reimbursement.. <br /> ■ Fine collections,which lag a month, are 70% of budget estimates. <br /> Expenditures: <br /> ■ Total departmental expenditures are about 62% of budget and most departments are <br /> within or below budget. <br /> p0WIeI1 0 <br /> NAWREJ <br />