04-26-2021 Council Packet - Laserfiche WebLink

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To: Mayor and Council From: Ron Olson, Finance Director Subject: Budget Update Date: April 26, 2021 Attachments: 1. Revenue Summary 2. Revenue Detail 3. Revenue Graphs/Tables 4. Expenditure Summary 5. Expenditure Detail 6. Vendor Listing 7. 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 16.48% of budget with expenditures at 21.89% 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 51.3% 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, 2020 1st quarter revenues were at 16.12% with 2019 revenues at 17.15%. Both years ended over budget for revenues. A revenue graph is included to illustrate the typically low 1st quarter revenues. General Fund Expenditures At 21.89%, the overall expenditure amounts are on target for the year. At the end of the first quarter in 2020, we were at 21.55% and ended the year at 99.48%. Although some adjustments have been made, the expenditure statement should be view as non-adjusted. There are no departments that There are no departments that are of concern at this point in the year. Investments A listing of investments is included with this memo. Interest rates remain in the historically low range that they have been in for a number of years. Based on current expectations, rates will remain low through this year and into the next. Interest earning through March are $35,422.71 on total investments of $13,346,736.57.