10-24-2016 Council Packet - Laserfiche WebLink

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Department Approval: Name Ron Olson Title Finance Director REQUEST FOR COUNCIL ACTION Administrator Reviewed: Y"-4 Item Description: Third Quarter Financial Report Attachments: 1. Revenues 2. Expenditures 3. Investments DATE: October 24, 2016 ITEM NO: 9 Agenda Section: City Administrator's Report The third quarter General Fund summaries are included with this memo. They are as of the end of September which represents 75% of the year. Revenues are at 67.34% of budget with expenditures at 72.0% of budget. The revenue totals are the actual amounts collected through 9/30/16. Expenditures amounts are based on payments through 10/10/16 with adjustments made for known Yd quarter expenditures that were not paid by that date. General Fund Revenues Property taxes at 52.1 % 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 50.8%. When the 2nd half tax settlement is received in December, it is expected that property tax revenue will be at 100% of budget. Licenses and Permits are at 78.4% and are forecast to be at or exceed 100% at year's end. Charges for services are at 90.35% of budget. Other Governmental revenue is only at 17.6% of budget, however the police State Aid Reimbursement was received in October and the category is now over budget for the year. Golf Course revenue was is at 125.8% of budget as the course as the combination of excellent weather, decreased competition, and improvements at the course combined for the best revenue year in over a decade. The overall General Fund revenue budget will likely exceed 100% at the end of the year. General Fund Expenditures At 72.0%, the overall expenditure amounts are right on target for the year. The Mayor & Council is currently at 93.4%, but the major expenditures for the department have been paid. The department will finish the year on budget. Assessing is currently at 81.9% of budget. Expenditures for the department have been reported. Law and Legal Services is at 80.0% of budget, and will finish the year over budget. There are two reasons for this overage: the first is a higher than normal use of a conflict prosecutor, and the other is an increase in jail charges from Hennepin County. Human Services is at 96.75% of budget, but all of the department's annual expenditures have been recorded. The Golf Course is at 93.3% of budget at this point in the year. It will finish the year over budget. This overage is offset by higher than budgeted revenues. The