04-23-2018 Council Packet - Laserfiche WebLink

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Budget Update April 20, 2018 Page 2 General Fund Expenditures At 22.5%, the overall expenditure amounts are on target for the year. Although some adjustments have been made, the expenditure statement should be view as non -adjusted. Most of the adjustments that have been made are to include the portion of the first payroll of April which is for compensation earned in March. The Mayor and Council Department is at 35.72%; this is the result of the timing of payments for memberships. Law and Legal Services are trending over budget at 30.32%. This is the result of a higher than normal use of the City Attorney in Personnel matters, an increase in the amount of ordinance amendments, and a lawsuit that the City is named in. Central Services is at 35.17% at this time. This is higher than anticipated, but many of this department's line items are not evenly spent over the course of the year. The 2nd quarter will provide a much clearer picture of this department. Special Services is at 36.8% of budget. This is a result of the high level of building activity and will be offset by increased revenue as these charges are rebilled to the property's receiving the services. Investments A listing of the City's investment portfolio is included for your review. Interest earned through 3/31/2018 is $52,800.67. This compares to $44,480.46 during the first quarter of 2017. The interest earnings do not include any adjustments for the current market value of the portfolio. In summary, the overall General Fund budget is looking good through the 1 st quarter. Revenues are at 17.9% of budget. While this is little lower than in the past few years, they are still projected to end the year at budgeted levels. Overall expenditures are on track to be at budgeted levels, however some individual departments show signs of being over budget.