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Information <br />City <br />E <br />Memorandum <br />TO: Mayor and City Council <br />From: Lori Stich, Finance Manager <br />Date: May 15, 2023 <br />Subject: April 2023 Monthly Financial Report <br />This report is designed to provide summary 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 city's financial health. <br />For the month of April, actual revenues (excluding property taxes and transfers in) and expenditures <br />should run about 33% of the annual budget. It is natural for some of the items to vary from month <br />to month, such as exceeding budget for Supplies but being below budget for Services. This is not <br />considered serious as long as the total expenditure budget amount is not overspent. Significant <br />variances from budget are highlighted below accompanied with a general discussion for the variance. <br />GENERAL FUND <br />Revenues: <br />■ Property taxes, our largest revenue source, are received in July and December. <br />■ License & permit collections are about 22% of budget estimates consisting primarily of <br />building -related permits, liquor licenses and rental licenses. <br />■ Charges for services are 46% of estimates with recreation fees and the Big Lake fire contract <br />making up the majority of collections in April. <br />■ Transfers in consist of ERMU's 4% March monthly electric revenues received in April. The <br />remaining transfers in will be recorded mid -year. <br />Expenditures: <br />■ Total departmental expenditures are about 29% of budget and most departments are within <br />or below budget estimates. <br />