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TI IF CITY OF <br />LAKE ELMO <br />STAFF REPORT <br />DATE: April 1.6, 2024 <br />TO: Mayor and Council <br />FROM: Clarissa Hadler, Finance Director <br />AGENDA ITEM: 1st Quarter Financial Reports <br />BACKGROUND: <br />Staff has prepared the 1st Quarter Financial Report for review by the City Council. <br />ISSUE BEFORE THE COUNCIL: <br />Does the City Council have any questions about the 1st Quarter Financial Report? <br />DISCUSSION: <br />The Budget vs. Actual for 1st quarter 2024 is attached. YTD revenues and expenditures will fluctuate <br />widely throughout the year depending on peak periods for each activity. Below are a few general notes <br />regarding various items. <br />Revenues: <br />• Tax revenues are receipted in July and December. <br />• General. Fund non -tax revenues are expected to be lower this year compared to last year mainly due <br />to decreased building permits. Activity has started picking up as we approach warmer weather. <br />• Utility Bills are reflected the following quarter due to the timing of mailings and payments. <br />• Interest earning are typically allocated at year-end. <br />Expenditures: <br />• Expenditures reflect a combination of ongoing expenses and items that are one-time payments per <br />year. As such, YTD percentages on expenses other than personnel will fluctuate significantly. <br />• We closed two budgetary departments; communications and city hall. The communications <br />expenses are incorporated into the administration department. City Center expenses will be <br />allocated to city departments based largely on a formula calculated using square footage of those <br />departments within the building. <br />Additional information regarding planned/budgeted changes is available in the 2024 Budget reports from <br />the December 5, 2023 Council meeting, or upon request. <br />FISCAL IMPACT: <br />As noted. <br />ATTACHMENTS: <br />1) Is' Quarter Budget -to -Actual Reports <br />