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Information <br /> �i <br /> of Memorandum Memorandum <br /> cElk <br /> River <br /> TO: Mayor and City Council <br /> From: Lori Ziemer,Interim Finance Director <br /> Date: August 15, 2016 <br /> Subject: July 2016 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 July, actual revenues (except for property taxes and state aids) and <br /> expenditures should run about 58% 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 /> ■ The remaining first half property taxes were received in July, along with the second <br /> quarter gravel tax. <br /> ■ Licenses and permits collections are about 53% of budget estimates,with building- <br /> related permit collections also at 53% of budget as of the end of July. <br /> ■ Intergovernmental revenue collections consist of our PERA aid. <br /> ■ Charges for services are 70% of budget,with July collections consisting mainly of the <br /> second half police liaison and fire contracts. <br /> ■ Fines and forfeits collections,which lag a month,are 66% of budget estimates. <br /> ■ The majority of transfers in were recorded in July. <br /> Expenditures: <br /> ■ Total departmental expenditures are about 54% of budget and most departments are <br /> within or below budget. <br /> p0WIeII a <br /> NAWREJ <br />