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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: March 20, 2023 <br />SubjeCt: FebruaryT 2023 Monthly 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 FebruaryT, actual revenues (excluding propertyT taxes and transfers in) and <br />expendituYes should run about 16% of the annual budget. It is natuYal foY some of the items to var�r <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 about 10% of budget estimates consisting primarily of <br />building-related permits. <br />■ ChaYges for services aYe 33% of estimates with plan check fees, first-half Otsego fire <br />contract, and recreation fees making up the majority of collections. <br />■ Transfers in consist of ERMU's 4% monthl�T electric revenues. The JanuaryT pa�rment was <br />received from ERMU in March so there has been no activit�T in 2023 through the end of <br />FebruaryT. The remaining transfers in will be recorded mid-year. <br />Expenditures: <br />■ Total departmental expenditures are about 14% of budget and most departments are within <br />or belo`v budget estimates. <br />