10-13-2025 - Agenda Packet City Council - Regular Meeting

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To: Mayor and Council From: Maggie Jin, Finance Director Subject: Third Quarter Financial Report Date: October 13, 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 third quarter 2025 year-to-date budget to actual comparisons are included with this memo. Revenues are currently at 66.8% of budget with expenditures at 73.4% of budget. Both detailed and summary data is being presented for review. General Fund Revenues Currently, General Fund revenue is at 66.8%. 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 51.2% of budget; the second tax settlement will be distributed in December by the county. The second largest source of revenue for the City is Charges for Service, currently at 94.7% of the budget. Police service charge for the second half of the year have been 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 27.6%, with remaining grants not received until later in the year, such as police state aid which is disbursed in October. Fines revenue is currently at 48.3% due to not receiving as much court fines as estimated in the budget. Interest is at 0.3% with the entry to be booked 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 73.4% of the budget, which is on track with being 75% of the year. Mayor and Council department is currently at 86.2%; 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 75% threshold due to legal fees incurred primarily related to special election, fire matters, and union negotiations. Central Services is currently at 81.1% due to prior year general ledger corrections. Human Services is at 100% as Gillespie Center has now been paid for the year of service. Fire protection service is trending slightly overbudget at 80.4% 113