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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 />[ITEM_HEAD] <br /> <br />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />13.1 <br /> <br />Meeting Date <br />April 21, 2025 <br />Prepared By <br />Lori Stich, Finance Manager <br /> <br />Item Description <br />March Financial Reports <br />Reviewed by <br />Lori Stich <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 March, actual revenues (excluding property taxes and transfers-in) and expenditures should run about <br />25% 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 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 /> <br />Revenues: <br />▪ Property taxes, our largest revenue source, are received in July and December. <br />▪ License and permit collections are 29% of budget estimates, consisting primarily of building-related <br />permits and liquor licenses. <br />▪ Charges for services are about 38% of estimates, with plan check fees and recreation fees making up <br />the majority of collections. <br />▪ Transfers-in consist of ERMU’s 4% February monthly electric revenues. The remaining transfers-in will <br />be recorded mid-year. <br /> <br />Expenditures: <br />Page 188 of 197