02-24-2020 Council Packet - Laserfiche WebLink

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To: Mayor and Council From: Ron Olson, Finance Director Subject: Budget Update Date: February 24th, 2020 Attachments: 1. GF Revenue Information 2. GF Revenue Graph 3. GF Expenditure Information 4. Enterprise Funds 5. Investments 6. 4th Quarter and Year to Date Vendor Listings The fourth quarter 2019 budget to actual comparisons are included with this memo. Both detailed and summary data is being presented for review. The amounts being presented should be considered preliminary numbers and may change as staff prepares for the 2019 audit. It is anticipated that any changes will be minor in relation to the overall budget. Also included are the 2019 Investment information and the 2019 vendor listings. General Fund Revenues Total revenues are currently at $9,168,131.35 which is 106.9% of the budgeted amount of $8,577,280. Once investment earning are allocated to the various city funds, revenues will be increased by approximately $90,000. In total, General Fund Revenues will exceed budget by approximately $680,000. Property tax proceeds, which account for 51% of the revenue budget, are at 99.9% of budget. The City has received its final tax payment from Hennepin County for taxes collected in 2019. The revenue for Licenses and Permits category finished the year $206,400 over budget with the building permit revenue line coming in at 135.8% of budget. Two individual permits account for $94,290 of the $143,000 of the overage on the revenue line. The Charges for Service category, which included Plan Check/Site Exam Fees, Variance Fees, Pass-Through Fees, and Coop Inspection Fees, is $268,183.40 (108.8%) over budget. This overage is also directly related to building activities. Other Governmental revenue is $161,533.36 (159.8%) over budget. The major reason for this is the accounting change related to the recording of the Towards Zero Deaths grant from the State of Minnesota. As discussed during the year, past practice was to only record Orono’s share as revenue. Starting in 2019, the grant money received on behalf of the other participating agencies is recorded as revenue. The payment to the participating agencies are then recorded as expenditures. The Miscellaneous category, which includes golf course revenue finished the year $5,080 (102.9%) over budget. Once interest is allocated to individual funds, the Other Sources category will finish the year over budget.