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REQUEST FOR COUNCIL ACTION <br /> <br />DATE: January 25, 2016 <br /> <br />ITEM NO: 13 <br />______________________________________________________________________________ <br />Department Approval: Administrator Reviewed: Agenda Section: <br />Name Ron Olson - RJO JML City Administrator’s Report <br />Title Finance Director <br />______________________________________________________________________________ <br />Item Description: 2015 General Fund Budget Information <br /> <br />Attachments: <br />1) Revenue Summary <br />2) Expenditure Summary <br />3) Revenue Detail <br />4) Expenditure Detail <br />5) Investment Listing <br /> <br /> <br />The 4th quarter General Fund summaries are included with this memo. The summaries represent <br />revenues and expenditures incurred through December 31st. Because we are still receiving and <br />processing some transactions from 2015, the amounts should be considered preliminary. It is not <br />anticipated that the amounts included in this report will change significantly prior to the closing <br />of the year. Current projections have revenues 104.43% of budget and expenditures at 95.4% of <br />budget. In net dollars, revenues are projected to exceed expenditures by $684,817. <br /> <br />General Fund Revenues <br /> <br />Attached with this memo are both the General fund revenue summary by category, and the <br />revenue line item detail. Property taxes represent 50.6% of the total revenues and are the single <br />most important revenue source. Property tax collections are currently at 98.9%. The final tax <br />payment for 2015 will be received this week; property taxes are estimated to be at 99.75% of <br />budget. Licenses and Permits finished the year at 129.47% of budget. The Building Permit line <br />item came in at $416,173 (122.4% of budget) which is $120,130 (41%) higher than in 2014. <br />Other Governmental Revenues finished the year at 118.3% of budget; a major portion of the <br />overage is the result higher than anticipated Police State Aid. Charges for Service were at 105%. <br />The primary reason for this are the construction related revenue lines (including pass thru <br />charges) which were all over 100% of budget. These four revenue categories represent 95.6% of <br />the revenue budget. Other minor categories that were over 100% of budget are other <br />Miscellaneous (146.0%) and Golf Course (156.8%) of budget. <br /> <br />Fine revenue only reached 64% of budget. One reason for this was the lack of a distribution <br />from the drug task force in 2015. This line item has been removed from future budgets. <br /> <br />Investment interest will be over budget for the year. In real dollars, the City’s investments <br />earned a total of $173,123.41 in 2015. This compares to an amount of $154,795.97 in 2014.