INFORMATION 08-19-2019 - Laserfiche WebLink

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Information City of Elk) -�-1 River Memorandum TO: Mayor and City Council From: Lori Ziemer, Finance Director Date: August 19, 2019 Subject: July 2019 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund,the Ice Arena Special Revenue Fund, and the Enterprise Funds. These funds provide an important picture of the city's financial health. For the month of July, actual revenues (excluding property taxes and transfers in) and expenditures should run about 58% 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 below budget 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: ■ July revenue collections consist of the remaining first half property tax settlement. ■ Licenses and permits are 52% of budget estimate,with building-related permits comprising the majority of collections and are running 42% of budget. ■ Intergovernmental revenues for July consist of the second quarter Toward Zero Deaths grant and will be distributed to the participating agencies. Elk River's share of the grant is $3,826.78. ■ Charges for services are 64% of budget estimate,with the majority of July collections consisting of plan review and recreation fees. The annual fire contracts and semi-annual police contract account for the increase over budget estimate. ■ Fines and forfeits,which lag a month for collections,are running 45% of budget. ■ Transfers in are comprised of ERMU's 4% electric revenues through June and the majority of the budgeted transfers in to the General Fund were recorded in July. Expenditures: