12.1 SR 08-19-2024 - Laserfiche WebLink

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The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity Request for Action To City Council Item Number 12.1 Meeting Date August 19, 2024 Prepared By Lori Stich, Finance Manager Item Description Financial Report - July Reviewed by Lori Stich Joe Stremcha Cal Portner Tina Allard Action Requested Information only Background/Discussion 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 the month of July, actual revenues (excluding property taxes and transfers in) and expenditures should run about 58% 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 budget are highlighted below accompanied with a general discussion for the variance. General Fund Revenues: ▪ July revenues include the remaining first half property tax settlement. ▪ License & permit collections are at about 42% of budget estimates. July collections were primarily building-related permits and gravel mining licenses. ▪ Charges for services are about 83% of estimates with the school liaison contract with ISD 728 for the first half of the 2024-2025 school year, the second half of the Otsego fire contract, plan check fees, and recreation fees making up the majority of July collections. ▪ Transfers In consist of ERMU’s 4% June monthly electric revenues and the budgeted transfers to the General Fund. Expenditures: Page 319 of 327