12.2 SR 04-15-2024 - Laserfiche WebLink

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City of Elk - River To City Council Meeting Date April 15, 2024 Item Description Financial report - March Action Requested Information Only Background/Discussion Request for Action Item Number 12.2 Prepared By Lori Stich, Finance Manager Reviewed by: Lori Stich Joe Stremcha Cal Portner Tina Allard 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 March, actual revenues (excluding property taxes and transfers) and expenditures should run about 25% 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 the budget are highlighted below accompanied by a general discussion of the variance. General Fund Revenues: ■ Property taxes, our largest revenue source, are received in July and December. ■ License & permit collections are I I % of budget estimates and consist primarily of building -related permits, rental licenses, and liquor licenses. ■ Charges for services are about 40% of estimates with plan check fees, the Big Lake Fire Contract, and recreation fees making up the majority of collections. ■ Transfers -in consist of ERMU's 4% February monthly electric revenues. The remaining transfers -in will be recorded mid -year. Expenditures: The Elk River Vision A avelcoming community with revolutionary and spirited resourcefulness, exceptional service, and community p p W E H E 0 B1NMURd201 engagement that encourages and inspires prosperity