10-28-2019 Council Packet - Laserfiche WebLink

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To: Mayor and Council From: Ron Olson, Finance Director Subject: Budget Update Date: October 28, 2019 Attachments: 1.Revenue Information 2.Revenue Graph 3.Expenditure Information 4. 3 rd Quarter and Year to Date Vendor Listings 5.Investments The third quarter General Fund year to date budget to actual comparisons are included with this memo. They are as of the end of June which represents 75% of the year. Revenues are currently at 72.6% of budget with expenditures at 72.3% of budget. General Fund Revenues Revenues, at 72.6% of budget, are on track to finish the year over budget. Property tax proceeds which account for 51% of the revenue budget are at 52.7%. Taxes are received from Hennepin in July and December. Once the 2nd half tax payment is received, this revenue category will be near 100% of budget. Licenses and Permits have already exceeded budget for the year, this is the result of strong Building permit revenues: Building Permits are currently at 106% of budget; Mechanical Permits are at 109%; and Plumbing Permits are at 155%. Other Governmental revenue is at 53.1%, but when the Police State Aid payment that was received in October is recorded, this category will exceed budget. Charges for Services is currently at 97.4% of budget with the revenue lines related to development: Plan Check, Conditional Use-Variances, Engineering Pass Through all exceeding budget. Fines are at 83% of budget and should complete the year at the budgeted amount. The Miscellaneous category, which includes golf course revenue will finish the year at the budgeted amount. Once interest is allocated to the individual funds, the Other Sources category will finish the year on budget. Current projections have year-end revenues coming in at 103% of budget. A revenue graph is included as attachment #2 to illustrating this year’s revenue collections as compared to 2018 collections. General Fund Expenditures At 72.3%, the overall expenditure amounts are on target for the year. This compares favorably to 2018 when we were at 73.9% of budget on 9/30/18. Although some adjustments have been made, the expenditure statement should be view as non-adjusted. The Mayor and Council Department is at 82.5%; this is the result of the timing of payments for memberships. Assessing is currently at 77.4% and will finish the year at 103% ($6,000 over) of budget. Engineering is General Fund Financial Report 3rd Quarter 2019 Page 1 of 35