05-09-2005 Council Packet - Laserfiche WebLink

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1il REQUEST FOR COUNCIL ACTION Oot MAT 9 2005 DATE: May 9,2005 CITY OF ORONO ITEM NO: /3 Department Approval: ^ 1/ J Adndnbtrator Reviewed: Agenda Section: Name Tom Kuehn City Administrator's Report Title Finance Director Item Description: 2004 General and Special Revenue Funds Budget Amendments and Temporary Loans General Fund Budget Amendments The total General Fund revenues for 2004 are $4,922,638, compared to total expenditures of $4,674,533. Total revenues exceeded total expenditures for the year by $248,105, and the fund balance increased from $2,235,331 on 12/31/03, to $2,442,393 on 12/31/04, or an increase of 9.2%. The fund balance of the General Fund at 12/31/04 is 47.5% of the 2005 General Fund expcndu'.«re budget. This is on target with the desired year-end fund balance level of 45% of the budget. 1. General fund Revenues The year-end revenue for the General Fund is $4,922,638, compared to the budget of $4,685,790, a favorable variance of $236,848. Real estate tax collections were at nearly 100% in 2004, except for the loss of the state market value homestead credit. Charges for plan check and site exam fees, and conditional use, subdivision and variance fees exceeded the estimated revenues in 2004 by $87,088. Court fines were $40,172 greater than budgeted. Contracted inspection services revenue exceeded the estimated amount by $27,614. The various grants and aids received were $36,540 over the anticipated amounts. 2. General Fund Expenditures The General Fund operating expenditures at year end are $4,674,533, compared to the budget of $4,701,490, which is $26,957 under budget, or .6%. It is not necessary to increase the total budget, however, tiicre are several departments which require amendments to their expenditure budgets. The following is a listing of those departments which require budget amendments due to expenditures exceeding budgeted amounts, and those departments with expenditures significantly below budgeted amounts. (Only departments with budget amendments arc listed, and total the amount indicated at the bottom of the Amendment column). 1i i