INFORMATION #4 06-15-2009 - Laserfiche WebLink

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1~3~ ®~~II~TIC3 ver MEMORANDUM TO: Mayor and City Council FROM: Tim Simon, Finance Director DATE: June 15, 2009 SUBJECT: May 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 the Ice Arena and Pinewood Golf special revenue funds. These funds are the primary concern in analyzing the City's financial health. For the month of May, actual revenues (except for property taxes and state aids) and expenditures should generally run about 41.7% 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 are highlighted below accompanied with a general discussion for the variance. General Fund Kevenue.r.• • Excluding transfers in, revenue collections axe at 5% of budget; however, property taxes, our largest revenue source, will be received in June/July and December. • The total licenses and permits category is currently exceeding the budget benchmark as of the end of May due to the annual renewal of business licenses. • Charges for services are exceeding budget estimates due mainly to the collection of recreation-related fees and the annual fire contract. • Court fine collections (which lag a month behind) at 25% of budget are lower than the budget benchmark of 33% for the same time period. • Transfers in will be recorded mid-year.