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[ITEM_HEAD] <br />City of <br />Elk., <br />River <br />To <br />City Council <br />Meeting Date <br />April 7, 2025 <br />Item Description <br />February Financial Reports <br />Action Requested <br />Information only. <br />Background/Discussion <br />Request for Action <br />Item Number <br />14.1 <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 February, actual revenues (excluding property taxes and transfers -in) and expenditures should run about <br />17% of the annual budget. It is natural for some of the items to vary from month to month, such as exceeding <br />budget for Supplies but being below budget for Services. This is not considered serious as long as the total <br />expenditure budget amount is not exceeded. Significant variances from budget are highlighted below, <br />accompanied by a general discussion of the variance. <br />General Fund <br />Revenues: <br />■ Property taxes, our largest revenue source, are received in July and December. <br />■ License & permit collections are 14% of budget estimates, consisting primarily of building -related <br />permits. <br />■ Charges for services are about 30% of estimates with plan check fees, the second half of the school <br />liaison contract for the 2024-2025 school year, the first half of the Otsego fire contract and recreation <br />fees make up the majority of collections. <br />■ Transfers -in consist of ERMU's 4% January monthly electric revenues. The remaining transfers -in will <br />be recorded mid -year. <br />Expenditures: <br />The Elk River Vision <br />A u eLcoming cornmunit , with revolutionary and spirited resourcefulness, exceptional service, and colwiliwit , P� d W E R E D 0d <br />engageneent that encourages sand inspires prosperity INAUJW 249 <br />