04-24-2017 Council Packet - Laserfiche WebLink

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To: Mayor and Council From: Ron Olson, Finance Director Subject: Budget Update Date: April 24, 2017 Attachments: I . Revenue Summary 2. Revenue Detail 3. Revenue Graph 4. Expenditure Summary 5. Expenditure Detail 6. Investments 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 14.20% of budget with expenditures at 24.95% of budget. General Fund Revenues The low revenue percentage is normal for the first quarter. The timing of revenue streams account for the low revenue percentage for the quarter. The first property tax receipts, representing 52.5% of the budget, will not be received until June. Various state grants (Other Governmental) will also not be received until later in the year. For comparison purposes, 2015 and 2016 Ist quarter revenues were at 15.85% and 16.46% of budget. Both years ended with revenues exceeding their budgets. A revenue graph is included to illustrate the typically low l't quarter revenues. General Fund Expenditures At 24.95%, 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 38.87%; this is the result of the timing of payments for memberships. Administration is currently trending over budget at 30.99%. This is related to the resignation of the City Administrator. This budget will likely end the year over budget because the outgoing administrator was working .75 FTE's and the new Administrator will be a full FTE. Law and Legal Services are trending over budget at 29.67%. 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. We have paid Wayzata through June for fire services; as a result the Fire Protection Services budget is at 27.25%. Central Services is at 39.04% 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. For example Software Licensing is at 97% but will likely have no additional charges for the year. The 2 nd quarter will provide a much clearer picture of this department.