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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: October 23, 2024 <br /> <br />RE: 2024 3rd Quarter Financial Reports <br /> <br />INTRODUCTION: <br />Attached are the 2024 3rd 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 48.94% than in <br />the previous year 60.37% primarily due to budgeted revenues and expenditures for the one-time <br />Public Safety Aid in 2024. The Public Safety Aid revenues were collected in 2023 rather than <br />2024, which explains the increase in 2023 revenues and the decrease in 2024. <br />