07-25-2016 Council Packet - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION Date: July 25, 2016 Item No. 9 Department Approval: Administrator Approval: Agenda Section: Name: Ron Olson – RJO JML City Administrator’s Title: Finance Director Report Item Description: 2nd Quarter Financial Report Attachments: 1. Revenue Summary 2. Revenue Detail 3. Revenue Graph 4. Expenditure Summary 5. Expenditure Detail 6. Expenditure Comparison 2015-2016 7. Investments The second quarter General Fund summaries are included with this memo. They are as of the end of June which represents 50% of the year. Revenues are at 61.0% of budget with expenditures at 49.6% of budget. The revenue totals are the actual amounts collected through 6/30/16. Expenditures amounts are based on payments through 7/15/16 with adjustments made for expenditures identified as have a material impact on the report. General Fund Revenues Property taxes at 53.0% of the budget are the primary revenue source for the General Fund. With the addition of delinquent collections, the property tax category is currently at 50.1%. It is expected that property tax revenue will be at 100% of budget at year end. Licenses and Permits are at 46.3%. Typically building permit revenue is higher during the 2nd half of the year and it is expected that this line item will be at 100% at year’s end. Charges for services are at 83.2% of budget. Part of the explanation for this is that we have received 100% of the Mound service contract revenues for the year. Construction related line items (Plan Check and Conditional Use- Varience) are trending over budget and the category as a whole will finish the year over 100% of budget. Other Governmental revenue is only at 9.6% of budget, however the police State Aid and Police Training Reimbursements are not received until November. Once the payments are received, this category should be at 100% for the year. These four categories represent 95% of the revenue budget. Their performance through the first half of the year should result in the overall revenue budget being at 100% at the end of the year.