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<br />STAFF REPORT <br />DATE: July 16, 2024 <br /> <br /> <br />TO: Mayor and Council FROM: Clarissa Hadler, Finance Director REVIEWED BY: Nicole Miller, City Administrator AGENDA ITEM: 2nd Quarter Financial Reports <br /> BACKGROUND: Staff has prepared the 2nd Quarter Financial Report for review by the City Council. ISSUE BEFORE THE COUNCIL: <br />Does the City Council have any questions about the 2nd Quarter Financial Report? DISCUSSION: The Budget vs. Actual for 2nd quarter 2024 is attached. YTD revenues and expenditures will fluctuate widely throughout the year depending on peak periods for each activity. Below are a few general notes <br />regarding various items. Revenues: <br />• Tax revenues are receipted in July and December. <br />• General Fund non-tax revenues were expected to be lower this year compared to last year mainly due to decreased building permits. However, Permits are up slightly from this same time last year. <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 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 expenses are incorporated into the administration department. City Center expenses will be allocated to city departments based largely on a formula calculated using square footage of those departments within the building. Additional information regarding planned/budgeted changes is available in the 2024 Budget reports from <br />the December 5, 2023 Council meeting, or upon request. FISCAL IMPACT: As noted. ATTACHMENTS: 1) 2nd Quarter Budget-to-Actual Reports