07-14-2025 - Agenda Packet City Council - regular meeting

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To: Mayor and Council From: Maggie Jin, Finance Director Subject: Second Quarter Financial Report Date: July 14, 2025 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 Funds Summary and Detail 7. Internal Service Funds Summary and Detail The second quarter 2025 year-to-date budget to actual comparisons are included with this memo. Revenues are currently at 59% of budget with adjusted expenditures at 47.2% of budget. Both detailed and summary data is being presented for review. General Fund Revenues Currently, General Fund revenue is at 59%. Revenues are anticipated to finish the year at budgeted levels. The largest General Fund revenue is the property tax levy, which represents 57.9% of the revenue budget. Tax collections are currently at 50.6% of budget; the first tax settlement was distributed in June by the county. The second largest source of revenue for the City is Charges for Service, currently at 79.5% of the budget. Police service charge for the second half of the year was billed to Mound. This line item is anticipated to finish the year at budget. Other Sources and Transfers are also trending over budgeted amount, with the biggest factor being the Long Lake Fire Department reimbursement for 2024 operating surplus. Other Governmental revenue is currently at 15.2%, with remaining grants not received until later in the year, such as police state aid which is disbursed in 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 47.2% of the budget, which is on track with being 50% of the year. Mayor and Council department is currently at 60.7%; this department is higher than the quarter mark of the year due to memberships being paid at the beginning of the year. Election is also overbudgeted due to the special election for the council member position. Law and Legal Service is over the 50% threshold due to legal fees incurred primarily related to special election and fire matters. Fire protection service is trending slightly overbudget at 54.3% due to the payout of the Orono Fire Relief Association pension. 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. 154