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Second Quarter Financial Report <br />July 14, 2025 <br />Expenditures are over 100% of budget. This is due to workers compensation coverage premium <br />and property and casualty premium fully paid for the year. Additional cost that has caused <br />budget to go over stems from legal fees related to the special election litigation along. Insurance <br />claims are also causing the expenditures to go over budgeted, however, are offset slightly by <br />revenue received from the deductible coverage. <br />IT Fund revenue is at 76.1% with expenditures at 98.6%. Revenue consists of transfers in from <br />each department for IT services. Meanwhile, expenditures are over the 75% earmark for the year. <br />This is correction of general ledger coding for IT related items, such as servers and software <br />subscription. Additionally, majority of software licensing dues are paid within the first portion of <br />the year, thus causing current year-to-date expenditure to exceed the 75% budget mark for the <br />year. Overage of $91,000 between data processing communication, office equipment rental and <br />software licensing were approved at the July 28, 2025 council meeting. The overage approved is <br />not accounted for within the budgeted amount. <br />Internal Service Funds are financed and operated by transfers in from each department to <br />reimburse the service and goods provided. Fleet Fund and IT Fund are relatively newer funds <br />that are still in the process of being stabilized. <br />Summary <br />In summary, both the revenue and expenditures of the General Fund is in good conditions and a <br />positive net income is anticipated. <br />Page 3 of 3 <br />115 <br />