Information #1 07-19-2021 - Laserfiche WebLink

Home Browse Search

Information City E Memorandum TO: Mayor and City Council From: Lori Stich, Assistant Finance Director Date: July 19, 2021 Subject: June 2021 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, the Multipurpose Facility Special Revenue Fund, and the Enterprise Funds. These funds provide an important picture of the city's financial health. For the month of June, actual revenues (excluding property taxes and transfers in) and expenditures should run 50% 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: ■ June revenues include the 70% advance of the first half property tax settlement. The remaining balance will be received in July. ■ License & permit collections are about 85% of budget estimates with June collections consisting primarily of building -related permits. ■ Charges for services are about 64% of budget estimates with plan check fees, police contractual services and recreation fees making up the majority of June collections. ■ Transfers in consists of ERMU's 4% May electric revenues, the remaining transfers in from other funds will be recorded in July. Expenditures: ■ Total departmental expenditures are about 44% of budget and most departments are within or below budget estimates.