13.1 SR 07-15-2024 - 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 13.1 Meeting Date July 15, 2024 Prepared By Lori Stich, Finance Manager Item Description Financial Report - June 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 June, actual revenues (excluding property taxes and transfers in) and expenditures should run about 50% 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: ▪ June revenues include the 70% advance of the first half property tax settlement. The remaining balance is received in July. ▪ License & permit collections are at about 32% of budget estimates and consist primarily of building- related permits, rental licenses and liquor licenses. ▪ Charges for services are about 52% of estimates with plan check fees and recreation fees making up the majority of June collections. ▪ Transfers in consist of ERMU’s 4% May monthly electric revenues. The remaining transfers in will be recorded in July. Expenditures: Page 378 of 389