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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: SeptembeY 18, 2023 <br />SubjeCt: August 2023 MonthlyT 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 August, actual revenues (excluding propert�T taxes and transfers in) and <br />expenditures should run about 67% of the annual budget. It is natural for some of the items to var�T <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 />■ License & permit collections are about 80% of budget estimates. August collections were <br />mainlyT building-related permits and rental licenses. <br />■ Charges for services are 93% of estimates `vith the school liaison contract `vith ISD #728 for <br />the first half of the 2023-24 school yreaY, the second half Otsego fire contract and plan check <br />fees making up the majorityT of collections in August. <br />■ Court fines which lag a month aYe about 77% of budget estimates including July collections <br />received by the count�r. <br />■ TYansfeYs In consist of ERMU's 4% July monthly electric Yevenues and the budgeted <br />transfers into the General Fund from EDA and HRA. <br />Expenditures: <br />■ Total departmental expenditures are about 60% of budget and most departments are within <br />or belo`v budget estimates. <br />