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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Fischer and Members of the City Council <br /> <br />FROM: Sam Magureanu, Finance Director <br /> <br />DATE: July 24, 2024 <br /> <br />RE: 2024 2nd Quarter Financial Reports <br /> <br />INTRODUCTION: <br />Attached are the 2024 2nd Quarter Financial Reports for the City of Little Canada. <br /> <br />Please note that each year staff is planning to have Q1 and Q3 financials as consent agenda items <br />(typically slower activity) and Q2 and Q4 as regular agenda presentations (Settlement revenues <br />are collected and year end balances and results are presented). <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 />General Fund Revenue <br />Tax revenues are paid in three instalments (June/July, October/November, and a final settlement <br />in January of the following year). Property tax collections for the first settlement have been <br />received. <br /> <br />The overall collection percentage rate to budget for revenues is lower in 2024 at 42.68% than in <br />the previous year 52.23% primarily due to budgeted revenues and expenditures for the one-time <br />Police Aid in 2024. The Police Aid revenues were collected in 2023 rather than 2024, which <br />explains the increase in 2023 revenues and the decrease in 2024. <br /> <br /> <br />43.49%44.50%50.00%52.23% <br />42.68% <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 />110.00% <br />120.00% <br />130.00% <br />2020 2021 2022 2023 2024 <br />% of Revenue to Budget