Laserfiche WebLink
Information <br /> �i <br /> of Memorandum Memorandum <br /> cElk <br /> River <br /> TO: Mayor and City Council <br /> From: Jesse Dorn,Assistant Finance Director <br /> Date: August 21, 2017 <br /> Subject: July 2017 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, the Ice Arena and Pinewood Golf Course <br /> Special Revenue Funds, and the Enterprise Funds. These funds provide an important picture <br /> 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 below budget <br /> for Services. This is not considered serious as long as the total expenditure budget amount is <br /> not overspent. Significant variances from budget are highlighted below accompanied with a <br /> general discussion for the variance. <br /> GENERAL FUND <br /> Revenues: <br /> ■ Excluding transfers in,revenue collections are 56% of budget. The remainder of the <br /> first-half property tax settlement was received in July,in addition to the second quarter <br /> Gravel Tax. <br /> ■ License and Permit collections are 108% of annual budget estimates,with building- <br /> related permit collections at 113% and rental licenses at 118% as of the end of July. <br /> ■ Charges for Services are 85% of budget estimates,with collections of building-related <br /> plan review fees and the annual Otsego fire contract making up the majority share. <br /> ■ Although Fines and Forfeits collections lag a month,reported collections through <br /> June are about 61% of budget estimates. <br /> p 0 W I H L 0 N' AfURE] <br />