04-22-2019 Council Packet - Laserfiche WebLink

Home Browse Search

To: Mayor and Council From: Ron Olson, Finance Director Subject: Budget Update Date: April 22, 2019 Attachments: 1. Revenue Information 2. Revenue Graph 3. Expenditure Information 4. 1st Quarter Checks The first quarter General Fund year to date budget to actual comparisons are included with this memo. They are as of the end of March which represents 25% of the year. Revenues are currently at 17.15% of budget with expenditures at 19.63% of budget. The first quarter is the slowest time of the year for both revenues and expenditures so it is expected that they would both be under 25%. For comparison purposes, 2018 revenues were at 17.84% at the end of the 1st quarter, with expenditures at 19.63%. General Fund Revenues At 17.15% of budget, 1st Quarter revenues are where we would expect them to be. The performance of the major revenue categories are: • Property taxes at 51.2% of the budget are the primary revenue source for the General Fund. The first payment of property taxes will not be received until June. The lack of property tax revenue is the reason the revenue budget is only at 17% for the quarter. • Licenses and Permits are at 26.73% of budget which is a strong showing for the 1st quarter. In comparison to last year this is below the 45.76%, but last year’s high level was the result of a large permit for the Orono School District. The 2016 level was 20.55%. • Other Governmental revenue is only at 1.03% of budget. This is normal for the 1st quarter. These revenues are grants from other governments. The primary revenue line is the police State Aid Reimbursement and this is not received until October. • The Charges for Services category is at 42.86% of budget. The construction related revenue lines (Plan Check/Site Exam and Condition Use-Variances) are already at 60%. This is a reflection of the strong building climate with is continuing to drive all construction related revenues. • Fine revenue is at 27.33% of budget which is good for this time of the year. Fine revenue usually picks up during the busier summer months.