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City of <br />Elk - <br />River <br />To <br />City Council <br />Meeting Date <br />September 16, 2024 <br />Item Description <br />August Financial Reports <br />Action Requested <br />Information only. <br />Background/Discussion <br />Request for Action <br />Item Number <br />12.1 <br />Prepared By <br />Lori Stich, Finance Manager <br />Reviewed by <br />Lori Stich <br />Joe Stremcha <br />Cal Portner <br />Tina Allard <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 Enterprise Funds. <br />These funds provide an important picture of the city's financial health. <br />For the month of August, actual revenues (excluding property taxes and transfers in) and expenditures should <br />run about 67% of the annual budget. It is natural for some of the items to vary from month to month, such as <br />exceeding budget for Supplies but being below budget for Services. This is not considered serious as long as <br />the total expenditure budget amount is not overspent. Significant variances from budget are highlighted below <br />accompanied with a general discussion for the variance. <br />General Fund <br />Revenues: <br />License & permit collections are at about 53% of budget estimates. August collections were primarily <br />building -related permits. <br />Charges for services are about 90% of estimates with plan check fees and recreation fees making up <br />the majority of August collections. <br />Transfers in consist of ERMU's 4% July monthly electric revenues and the budgeted transfers to the <br />General Fund from HRA and EDA. <br />Expenditures: <br />The Elk River Vision <br />A avelcoming community with revolutionary and spirited resourcefulness, exceptional service, and community p p W E H E 0 B 4' <br />engagement that encourages and inspires prosperity <br />381 <br />