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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 />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />12.1 <br /> <br />Meeting Date <br />June 16, 2025 <br />Prepared By <br />Joe Stremcha, Business Services Director/Assistant <br />City Administrator <br /> <br />Item Description <br />Financial Report - May <br />Reviewed by <br />Lori Stich <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 />For the month of May, actual revenues (excluding property taxes and transfers-in) and expenditures should <br />run about 42% 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 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 and permit collections are 57% of budget estimates, consisting primarily of building-related <br />permits and liquor licenses. <br />▪ Charges for services are about 53% of estimates with plan check fees and recreation fees making up <br />the majority of May collections. <br />▪ Transfers-in consist of ERMU’s 4% April monthly electric revenues. The remaining transfers-in will be <br />recorded mid-year. <br /> <br />Expenditures: <br />Page 631 of 637