Information #1 07-18-2022 - Laserfiche WebLink

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Information City E Memorandum TO: Mayor and City Council From: Lori Stich, Assistant Finance Director Date: July 18, 2022 Subject: June 2022 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 70% of budget estimates with June collections consisting primarily of liquor licenses, gravel mining licenses, and building -related permits. ■ Charges for services are about 61% of estimates with plan check fees and recreation fees making up the majority of collections in June. ■ Court fines which lag a month, consist of May collections received by the county, are about 45% of budget estimate. ■ 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.