INFORMATION 03-20-2017 - Laserfiche WebLink

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Information Memorandum To:Mayor and City Council From: Jesse Dorn, Assistant Finance Director Date: March 20, 2017 Subject: February 2017 Monthly Financial Report _______________________________________________________________________ This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, Ice Arena Special Revenue Fund, and Enterprise Funds. These funds provide an important picture of the city’s financial health. For the month of February, actual revenues (except for property taxes and state aids) and expenditures should run about 17% 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: Excluding transfers in, revenue collections are just over 2% of budget, with thefirst half property taxes to be collected in July. Licenses and permits collections are 12%of budget estimates, with building-related permit collectionsabout 10% of budget as of the end of February. Charges for services are 21% of budget estimates, with most of that revenue coming from the semi-annual fire contract billing with the City of Otsego. Fines and forfeits collections lag a month, so the collections in February are for the month of January, which is about 10% of budget. Transfers in will be recorded mid-year. Expenditures: Total departmental expenditures are 13% of budget and most departments are at or below budget estimates. Annual software maintenance agreement expenditures are reflected in many departments and Snow Removal reflects the seasonal purchase of road salt.