INFORMATION 05-18-2009 - Laserfiche WebLink

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ver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: May 18, 2009 SUBJECT: April 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 April, actual revenues (except for property taxes and state aids) and expenditures should generally run about 33% 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 Kevenuer.• • Excluding transfers in, revenue collections are at about 4% of budget; however, property taxes, our largest revenue source, will be received in July and December. • The total licenses and permits category is currently exceeding budget estimates as of the end of April due to the annual renewal of liquor licenses. • The annual fire contract revenues were lower than projected as a result of the decrease in the percentage of fire calls made in Otsego, • The negative interest income is related to the reversal of the prior year's interest receivable. • Transfers in will be recorded mid-year.