Information #1 04-20-2020 - Laserfiche WebLink

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Information City of Elk1O;Mftftft--- River To: Mayor and City Council From: Lori Ziemer, Finance Director Date: April 20, 2020 Subject: March 2020 Monthly Financial Report Memorandum Tbis report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, the Ice Arena Special Revenue Fund, and the Enterprise Funds. These funds provide an important picture of the city's financial health. For the month of March, actual revenues (excluding property taxes and transfers in) and expenditures should run 25% 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 below budget 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. ■ Overall, license & permit collections are about 13% of budget estimates, with building - related permit collections about $18,000 over last year's collections at this time. ■ Charges for services are about 9% of budget. Police and fire service contracts were billed in early April. ■ Transfers in consists of ERMU's 4% February electric revenues, the remaining transfers in from other funds will be recorded mid -year. Expenditures: ■ Total departmental expenditures are about 20% of budget and most departments are within or below budget estimates. ■ Second quarter workers comp and property/liability insurance premiums are reflected in many department's expenditures for March.