10-28-2024 CC Agenda Packet - Laserfiche WebLink

Home Browse Search

To: Mayor and Council From: Maggie Jin, Finance Director Subject: Third Quarter Financial Report Date: October 28, 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 third quarter 2024 year-to-date budget to actual comparisons are included with this memo. Revenues are currently at 64.8% of budget with adjusted expenditures at 71.1% of budget. Both detailed and summary data is being presented for review. General Fund Revenues Currently, General Fund revenue is at 64.8%. 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 50.04% of budget. The remaining half of the budget will be distributed by the County in December and January. The second largest source of revenue for the City is Charges for Service, currently at 90.85% 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 higher than the 75% target point of the year. 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 54.7% 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 71.1% of the budget, which is on track with being 75% through the year. Central Services is overbudget due to reallocation of wages of the Parks and Facilities Superintendent. The position was reorganized to include facilities oversight. Additionally, building maintenance and supplies costs are higher than budgeted. Public Works is trending overbudget at an adjustment of 81.28%. This is due to right-of-way tree maintenance and street maintenance. Public Works – Spring Park is slightly over at 82.91% 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. 200