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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of the City Council <br /> <br />FROM: Brenda Malinowski, Finance Director <br /> <br />DATE: October 22, 2020 <br /> <br />RE: 2020 3rd Quarter Financial Report <br /> <br /> <br />INTRODUCTION: <br />Attached is the 2020 3rd Quarter Financial Report for the City of Little Canada. <br /> <br />Attachments: <br />• General Fund Quarterly Financial Report <br />• Special Revenue and Enterprise Funds Quarterly Financial Report <br />• Investments by Maturity and Type <br /> <br />The COVID-19 Pandemic is affecting the City’s General Fund operating results. Revenues over (under) <br />expenditures, before the budget amendment for building department efficiencies, is at ($746,349) in 2020 <br />compared to ($477,447) in 2019 and ($781,002) in 2018. <br /> <br />General Fund Revenue <br />The 2020 budget revenues continue to be at the lowest percentage of budget collected when compared to <br />the last five years due to the pandemic. <br /> <br /> <br />Comments: <br /> <br />• As in the past, the 2nd half 2020 property taxes will not be received at the City until <br />December. At this time, it is unknown if the pandemic will affect the property tax <br />collection rate. The City takes a conservative approach when preparing the budget by only <br />including a 97.5% collection rate in the General Fund. For every additional 1% decline in <br />60.73%56.99%53.38% <br />61.53% <br />53.30% <br />0.00% <br />10.00% <br />20.00% <br />30.00% <br />40.00% <br />50.00% <br />60.00% <br />70.00% <br />80.00% <br />90.00% <br />100.00% <br />2016 2017 2018 2019 2020 <br />% of Revenue to Budget <br />1