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MEMORANDUM <br />To: Mayor and Council <br />From: Ron Olson, Finance Director <br />Subject: Budget Update <br />Date: February 27, 2017 <br />Attachments: <br />1) <br />Revenue Summary <br />2) <br />Expenditure Summary <br />3) <br />Revenue Detail <br />4) <br />Expenditure Detail <br />5) <br />Investment Listing <br />The 4th quarter General Fund summaries are included with this memo. The summaries represent <br />revenues and expenditures incurred through December 31St. Because we are still receiving and <br />processing some transactions from 2016, the amounts should be considered preliminary. It is not <br />anticipated that the amounts included in this report will change significantly prior to the closing <br />of the year. Current projections have revenues 104.62% of budget and expenditures at 96.43% <br />of budget. In net dollars, revenues are projected to exceed expenditures by $630,980. <br />General Fund Revenues <br />Attached with this memo are both the General fund revenue summary by category, and the <br />revenue line item detail. Property taxes represent 52.1% of the total revenues and are the single <br />most important revenue source. Current year property tax collection were 99.4% of budget. <br />Delinquent taxes and interest that was collected during the year brings this revenue category to <br />100.8% of budget. Licenses and Permits finished the year at 103.2% of budget. While the <br />Building Permit line item came in slightly under budget, this was more than offset by the <br />Mechanical and Plumbing permit lines. Other Governmental Revenues finished the year at <br />116.8% of budget; a major portion of the overage is the result higher than anticipated Police <br />State Aid. Charges for Service were at 105.6%. The primary reason for this are the <br />construction related revenue lines (including pass thru charges) which were all over 100% of <br />budget. These four revenue categories represent 96.1 % of the revenue budget. Other minor <br />categories that were over 100% of budget are other Miscellaneous (136.0%) and Other Sources <br />(167.2%). <br />The only revenue category that did not exceed budget was Fine Revenue. This category only <br />reached 90.7% of budget. The Fine Revenue category represents 1.2% of the total revenue <br />budget. <br />Investment interest will be at budget for the year. In real dollars, the City's investments earned a <br />total of $187,515.10 in 2016. This compares to an amount of $173,123.41 in 2015. Interest <br />