INFORMATION #1 03-16-2009 - Laserfiche WebLink

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~__ ,_~~.~d~ a .ver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: March 16, 2009 SUBJECT: February 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 February, actual revenues (except for property taxes and state aids) and expenditures should generally run about 16.7% 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 axe highlighted below accompanied with a general discussion for the variance. General Fund Kevenue.r • Revenue collections are at 1.4% of budget; however, property taxes, our largest revenue source, will be received in July and December. • Recreation fees are right in line with the budgeted revenues. • Contribution revenues reflect the Bank of Elk River's sponsorship of the downtown concerts. • The negative interest income is related to the reversal of the prior year's interest receivable. • The transfers in will be recorded mid-year. Expenditures: • Excluding transfers, the total departmental expenditures are at about 11.5% and most departments are well within or below budget.