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Information <br />cty of I <br />Elk -�-�=1 <br />River <br />To: Ma�Tor and CinT Council <br />From: Lori Stich, Finance Manager <br />Date: Februar�r 21, 2023 <br />SubjeCt: JanuaryT 2023 Monthl�T Financial Report <br />Memorandum <br />This report is designed to provide summaryT information regarding the overall level of revenues and <br />expenditures in the General Fund, the Multipurpose Facility Special Revenue Fund, and the <br />Enterprise Funds. These funds provide an important picture of the cit�-'s financial health. <br />For the month of JanuaryT, actual revenues (excluding propertyT taxes and transfers in) and <br />expenditures should run about 8% of the annual budget. It is natural for some of the items to varyT <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 oveYspent. <br />Significant variances from budget are highlighted below accompanied `vith a general discussion for <br />the variance. <br />GENERAL FUND <br />Revenues: <br />■ PropertyT taxes, our largest revenue source, are received in JulyT and December. <br />■ License & permit collections are 2% of budget estimates consisting primarilyT of building- <br />related peYmits. <br />■ ChaYges for services aYe about 10% of estimates with plan check fees, second-half school <br />liaison contract foY the 2022-23 school yeaY, and YecYeation fees making up the majorityr of <br />collections. <br />■ Revenue collections in Januaryr are ty�pical foY this time of yeaY. <br />■ Transfers in `vill be recorded mid-yTear. <br />Expenditures: <br />■ Total departmental expenditures are about 7% of budget. <br />■ January- expenditures reflect the first quarter premium for both `vorkers' comp and liabilit�T <br />insurance premiums. <br />