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<br />STAFF REPORT <br />DATE: October 15, 2024 <br /> <br /> <br />TO: Mayor and Council <br />FROM: Clarissa Hadler, Finance Director <br />REVIEWED BY: Nicole Miller, City Administrator <br />AGENDA ITEM: 3rd Quarter Financial Reports <br /> <br />BACKGROUND: <br /> <br />Staff has prepared the 3rd Quarter Financial Report for review by the City Council. <br /> <br />ISSUE BEFORE THE COUNCIL: <br /> <br />Does the City Council have any questions about the 3rd Quarter Financial Report? <br /> <br />DISCUSSION: <br /> <br />The Budget vs. Actual for 3rd 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 /> <br />Revenues: <br /> <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 <br />due to decreased building permits, which are down slightly from this same time last year. <br />• Utility Bills are typically reflected the following quarter due to the timing of mailings and <br />payments. <br />• Interest earnings are typically allocated at year-end. <br /> <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 /> <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 /> <br />FISCAL IMPACT: <br />As noted. <br /> <br />ATTACHMENTS: <br />1) 3rd Quarter Budget-to-Actual Reports