INFORMATION #2 02-17-2009 - Laserfiche WebLink

Home Browse Search

ver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: February 17, 2009 SUBJECT: January 2009 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund and Pinewood Golf and Ice Arena special revenue funds. These funds are the primary concern in analyzing the City's financial health. For the month of January, actual revenues (except for property taxes and state aids) and expenditures should generally run about 8% 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 significantly below 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: • Property taxes, our largest revenue source, will be received in July and December. • The negative interest income is related to the reversal of the prior year's interest receivable which was done this month. • The transfers in will be recorded mid-year. Eacpenditurer• • Excluding transfers, the total depamnental expenditures are at about 5% and most departments are well within or below budget. • The Police Administration budget is at 10% due to the annual software maintenance contract that was paid lump sum in January. • The Snow Removal budget reflects the seasonal expenditures for salt. • The transfers out to the Ice Arena and Pinewood Golf are made at the end of the year.