Information #1 04-18-2022 - Laserfiche WebLink

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Information cty of I Elk -�-�=1 River To: Ma�Tor and CinT Council From: Lori Stich, Assistant Finance Director Date: April 18, 2022 SubjeCt: March 2022 Monthl�T Financial Report Memorandum This report is designed to provide summaryT 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 cit�-'s financial health. For the month of March, actual revenues (excluding propertyT 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 belo�v budget for Services. This is not consideYed serious as long as the total expenditure budget amount is not overspent Significant variances from budget are highlighted below accompanied �vith a general discussion for the variance. GENERAL FUND Revenues: ■ PropertyT taxes, our largest revenue source, are received in JulyT and December. ■ License & permit collections are 22% of budget estimates consisting primarilyT of building- related permits. ■ ChaYges for services aYe about 41% of estimates with plan check fees, the annual Big Lake To�vnship fire contract, and recreation fees making up the majorityT of collections in March. ■ Court fines, which lag a month, consist of FebruaryT collections received b�T the county are slightly oveY 19% of budget estimate. ■ Transfers in consists of ERIVIU's 4% FebruaryT electric revenues, the remaining transfers in from other funds `vill be recorded mid-�Tear. Expenditures: ■ Total departmental expenditures are about 20% of budget and most departments are within or below budget estimates. ■ The second quarter premium for `vorkers' comp and propertyT/liability insurance are reflected in the departmental expenditures for March.