02-27-2017 Council Packet - Laserfiche WebLink

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earnings are allocated to each fund based on monthly fund balances. The amount allocated will be adjusted to reflect the market value of investments on 12/31/2016. A listing of investments at year end is included for your review. Expenditures The overall General Fund expenditure amounts are currently at 96.4% of budget. This figure is based on actual expenditures to date, with an estimated amount added for expenditures that have not yet been processed. Five departments are over their expenditure budgets and will require budget adjustments. At 128.48% of budget, the Special services department was significantly (27,268) over budget. However, this department is used to account for expenditures that are largely passed through to the parties that received the service. The offsetting revenue lines for Police Special Services and Engineering & Legal fees offset the expenditure overages. The Golf Course is over budget by $17,706 (111.6%); this overage is offset by higher than budgeted golf revenues for the year. Central Services exceed budget by $18,324 (107.5%). This is due to two main reasons. One is the Software Licensing line which was a new line item in the 2015 budget. It was created to account for changes in the way software companies license their products. These costs have increased dramatically over the last few years. The other line item is LOGIS Applications. In 2016 the City moved to a cloud based backup solution, which was not budgeted for in 2016. Law and Legal Services was over budget by $10,418 (110.2%). This is the result of higher than budgeted jail charges from Hennepin County and the need to use a conflict attorney to prosecute a couple of cases in 2016. The Park budget was $1,720 (101.59%) over budget for the year. This overage is in the maintenance area and is the result of the Council increased focus on parks over the past few years. All other departments were either at or below budgeted amounts. Budget adjustments for the departments that are over budget will be prepared for the Council's approval at the March 13th meeting. The overall expenditure budget will not be increased; the increases to the individual department budgets will be offset by budget reductions to other departmental budgets.