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<br />To: Mayor and Council <br />From: Maggie Jin, Finance Director <br />Subject: First Quarter Financial Report <br />Date: April 22, 2024 <br /> <br />Attachments: <br />1. General Fund Revenue Summary <br />2. General Fund Revenue Detail <br />3. General Fund Revenue Graph <br />4. General Fund Expenditure Summary <br />5. General Fund Expenditure Detail <br />6. Enterprise Fund Detail <br />7. New Investment Listing <br /> <br />The first quarter 2024 year-to-date budget to actual comparisons are included with this memo. <br />Revenues are currently at 13.38% of budget with adjusted expenditures at 22.68% of budget. <br />Both detailed and summary data is being presented for review. <br /> <br />General Fund Revenues <br />Currently, General Fund revenue is at 13.38%. Revenues are anticipated to finish the year at <br />budgeted levels. The largest General Fund revenue is the property tax levy, which represents <br />56.9% of the revenue budget. Tax collections are currently at 0% of budget; the first tax <br />settlement will be distributed in June by the county. The second largest source of revenue for the <br />City is Charges for Service, currently at 37.11% of the budget. Police service charge for the first <br />half of the year was billed to Mound. This line item is anticipated to finish the year at or <br />overbudget. Other Governmental revenue is currently at 0% at this time due to revenue not yet <br />being received until later in the year, specifically Police State Aid is not received until October. <br />Interest is also not yet recorded; this will be recorded at year end with the audit process. A <br />revenue graph is included with this memo for comparison with previous years. <br /> <br /> <br />General Fund Expenditures <br />General Fund expenditures are currently at 22.68% of the budget, which is on track with being <br />25% of the year. Mayor and Council department is currently at 34.6%; this department is higher <br />than the quarter mark of the year due to memberships being paid at the beginning of the year. <br />Public Works – Spring Park is slightly over at 28.63% due to wages. The expenses in this <br />department are offset by the revenues earned from providing the service. All other departments <br />are trending below or at budget. At this time, it is anticipated that General Fund expenditures will <br />be below or at budget. <br /> <br /> <br /> <br /> <br />149