Laserfiche WebLink
Information <br /> Memorandum <br /> <br />To: Mayor and City Council <br />From: Lori Ziemer, Finance Director <br />Date: February 18, 2020 <br />Subject: January 2020 Monthly Financial Report <br /> <br />This report is designed to provide summary information regarding the overall level of revenues and <br />expenditures in the General Fund, the Ice Arena Special Revenue Fund, and the Enterprise Funds. <br />These funds provide an important picture of the city’s financial health. <br /> <br />For the month of January, actual revenues (excluding property taxes and transfers in) and <br />expenditures should run about 8% of the annual budget. It is natural for some of the items to vary <br />from month to month, such as exceeding budget for Supplies but being below budget for Services. <br />This is not considered serious as long as the total expenditure budget amount is not overspent. <br />Significant variances from budget are highlighted below accompanied with a general discussion for <br />the variance. <br /> <br />GENERAL FUND <br /> <br /> Revenues: <br /> Property taxes, our largest revenue source, will be received in July and December. <br /> License & permit collections are 3% of budget estimates and charges for services are about <br />2% of estimates. <br /> Revenue collections in January are normal for this time of year. <br /> Transfers in will be recorded mid-year. <br /> <br />Expenditures: <br /> Total departmental expenditures are about 6% of budget. <br /> January expenditures reflect the first quarter premium for both workers’ comp and liability <br />insurance <br /> Also included in many departments’ expenditures are their respective annual software <br />maintenance contracts. <br />