07-22-2024 CC Agenda Packet - Laserfiche WebLink

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To: Mayor and Council From: Maggie Jin, Finance Director Subject: Second Quarter Financial Report Date: July 22, 2024 Attachments: 1. General Fund Revenue Summary 2. General Fund Revenue Detail 3. General Fund Revenue Graph 4. General Fund Expenditure Summary 5. General Fund Expenditure Detail 6. Enterprise Fund Detail The second quarter 2024 year-to-date budget to actual comparisons are included with this memo. Revenues are currently at 57.56% of budget with adjusted expenditures at 44.98% of budget. Both detailed and summary data is being presented for review. General Fund Revenues Currently, General Fund revenue is at 57.56%. Revenues are anticipated to finish the year over budgeted levels. The largest General Fund revenue is the property tax levy, which represents 56.9% of the revenue budget. Tax collections are currently at 50.06% of budget which is on trend with being half way through the year. The second largest source of revenue for the City is Charges for Service, currently at 77.56% of the budget. Police service charge for the second half of the year was billed to Mound in June, causing the line item to come in at 85.9%. This line item is anticipated to finish the year at budget. The third largest source of revenue is Licenses and Permits. Building permits are over what was anticipated in the budget. As the City has very few vacant lands for development, this line item has been budgeted conservatively as best practice. Other Governmental revenue is currently at 10.50% at this time due to revenue not yet being received until later in the year, specifically Police State Aid is not received until October. Interest is also not yet recorded; this will be recorded at year end with the audit process. A revenue graph is included with this memo for comparison with previous years. General Fund Expenditures General Fund expenditures are currently at 44.98% of the budget, which is on track with being halfway through the year. Public Works is trending slightly overbudget due to street maintenance supplies. Public Works — Spring Park is slightly over at 53.4% due to wages. The expenses in this department are offset by the revenues earned from providing the service. Special Services is another department that is running high but also has offsetting revenues associated with the expenditures. All other departments are trending below or at budget. At this time, it is anticipated that General Fund expenditures will be below or at budget. 43