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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />10.1 <br /> <br />Meeting Date <br />February 18, 2025 <br />Prepared By <br />Lori Stich, Finance Manager <br /> <br />Item Description <br />January Financial Statements <br />Reviewed by <br />Joe Stremcha <br />Cal Portner <br />Tina Allard <br /> <br />Action Requested <br />Information only <br /> <br /> <br />Background/Discussion <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 /> <br />For January, actual revenues (excluding property taxes and transfers-in) and expenditures should run about <br />8% of the annual budget. It is natural for some items to vary from month to month, such as exceeding budget <br />for Supplies but being below budget for Services. This is not considered serious as long as the total <br />expenditure budget amount is not overspent. Significant variances from the budget are highlighted below <br />accompanied by a general discussion of the variance. <br /> <br />General Fund <br />Revenues: <br />▪ Property taxes, our largest revenue source, are received in July and December. <br />▪ License & permit collections are 9% of budget estimates consisting primarily of building-related <br />permits. <br />▪ Charges for services are about 4% of estimates with plan check fees and recreation fees making up the <br />majority of collections. <br />▪ Revenue collections in January are typical for this time of year. <br />▪ Transfers-in will be recorded mid-year. <br /> <br />Expenditures: <br />• Total departmental expenditures are about 9% of budget. <br />Page 221 of 227