02-26-2018 Council Packet - Laserfiche WebLink

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AGENDA ITEM Item No.: Item Description: Financial Report Date: February 26, 2018 Presenter: Ron Olson Agenda Presentation Finance Director Section: 1. Purpose. The purpose of this item is to provide the Council will an update to the 2017 year end General Fund revenues and expenditures. 2. Background. At the January 22 meeting of the City Council, the Council was provided a preliminary look at the 2017 year-end results for the General Fund. At the time of the presentation, 2017 invoices were still being processed and the final tax distribution for 2017 had not yet been received. Since then, the tax settlement has been received, and 2017 expenditures are done being processed. While it is still possible that additional 2017 invoices may be received, unless they would have a material effect on the financial statements, they will be processed in 2018. Overall, with revenues coming in at 106.08% of budget, 2017 was a very good year for revenues. In dollars, revenues exceeded budget by $485,000. As discussed in January, the strong revenue performance corresponds with the historical high construction that is occurring in the City. Expenditures came in at 98.52% of budget. This represents $118,453. As discussed in January, there are a number of departments that exceeded their budgets, but these overages were offset by a number of departments that were under budget for the year. For the year, the General Fund realized a net positive variance of $603,967. In order to maintain a fund balance of 50% as required by the City's fund balance policy, $100,000 of this variance is required for fund balance. The remaining $503,967 is available to be transferred to other funds. COUNCIL ACTION REQUESTED This is an informational item only. No action is required. Exhibits A. General Fund Financial Information Prepared By: NX Reviewed By: -Tja Approved By: _19