INFORMATION #2 04-19-2010 - Laserfiche WebLink

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fiver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: April 19, 2010 SUBJECT: March 2010 Monthly Financial Report This report is designed to provide sunuzzaxy information regarding the overall level of revenues and expenditures in the General Fund and Pinewood Golf and Ice Arena special revenue funds. These funds axe 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 run 25% 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 fox 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: • Excluding transfers in, revenue collections axe about 2.5% of budget. Property taxes, our largest revenue source, will be received in July and December. • Cable franchise taxes of $42,660 were collected in March. • Licenses and permits are slightly below budget estimates at 22.6%. • Recreation fee collections are at about 40% of budget estimates due to registrations fox spring programs. • 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. E.x~ienditures: • Excluding transfers out, the total departmental expenditures axe at about 19% and most departments axe well within or below budget.