INFORMATION #1 02-16-2016 - Laserfiche WebLink

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INFORMATION Memorandum To: Mayor and City Council From: Tim Simon, Finance Director Date: February 16, 2016 Subject: January 2016 Monthly Financial Report _______________________________________________________________________ This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, Ice Arena Special Revenue Fund, and Enterprise Funds. These funds provide an important picture of the city’s financial health. For the month of January, actual revenues (except for property taxes and state aids) and expenditures should run about 8% 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.  Charges for services include the semi-annual billing for the school liaison officer and the fire service contract with the City of Otsego.  The Bank of Elk River’s contribution of $16,000 toward the 2016 downtown concert series was received in January.  The transfers in will be recorded mid-year. Expenditures:  Total departmental expenditures are 6% of budget and most departments are within or below budget.  January expenditures reflect the first quarter premium for both the workers’ comp and liability insurance.  Also reflected in many departments’ expenditures are their respective annual software maintenance agreement payments.