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WS -4 <br />WORK SESSION MEMORANDUM <br />To: Mayor and Council Members <br />From: Al Rolek <br />Date: April 5, 2010 <br />Re: 2010 Budget - 1st Quarter Review <br />cc: <br />Attached is a summary of the 2010 General Fund budget performance through the <br />1st quarter of the year. A comparison with 2009 through the same period is <br />included for your information. <br />Revenues are traditionally slow during this quarter. In general, most revenues are <br />received in June and December of each year when property taxes are distributed to <br />municipalities by Anoka County. In addition, the first quarter of the year is <br />generally a slow construction period, and permit revenues are typically low. Given <br />this information, 2010 is typical of revenue receipts for this period. However, please <br />note that revenues as a percent of total budget are running ahead of the 2009 pace. <br />Expenditures, on the other hand, tend to be more evenly distributed throughout the <br />fiscal year. As can be seen in the summary, expenditures as a percent of total <br />budget are just shy of 24 %, which is typical of expenditures for this period. Again I <br />would note that expenditures are running below the 2009 pace. <br />At this time I foresee no indications for the need to make any adjustments to the <br />adopted budget. Staff will continue to monitor the budget and will bring any issues <br />to the City Council that may require action or budget amendments. <br />I will be present at the work session to review the progress to date and address any <br />comments or questions you may have. <br />Page 1 <br />