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Information <br /> Memorandum <br /> <br />To: Mayor and City Council <br />From: Lori Ziemer, Finance Director <br />Date: March 16, 2020 <br />Subject: February 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 February, actual revenues (excluding property taxes and transfers in) and <br />expenditures should run about 17% 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 /> Overall, license & permit collections are about 8% of budget estimates, with building permits <br />about 6% of estimates. <br /> Charges for services are about 5% of estimates and consist mainly of recreation related fees. <br /> Transfers in consists of ERMU’s 4% January’s electric revenues, the remaining transfers in <br />from other funds will be recorded mid-year. <br /> <br />Expenditures: <br /> Total departmental expenditures are about 13% of budget and most departments are within <br />or below budget estimates. <br /> The Snow Removal budget reflects the seasonal expenditures for personal services and road <br />salt. <br />