HomeMy WebLinkAboutItem 4 CC 4 16 13 March Financial Reporting Packet1
MAYOR AND COUNCIL COMMUNICATION
DATE: 04/16/2013
CONSENT
ITEM #: 4
MOTION
AGENDA ITEM: March 2013 Financial Reporting
SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Dean Zuleger, City Administrator
REVIEWED BY: Dean Zuleger, City Administrator
SUMMARY AND ACTION REQUESTED: As part of its Consent Agenda, The City Council
is asked to accept the March 2013 Financial Reporting Packet. No specific motion is needed, as
this is recommended to be part of the overall approval of the Consent Agenda.
BACKGROUND INFORMATION: The City of Lake Elmo has fiduciary authority and
responsibility to conduct normal business operations and report the financial (unaudited)
statement to the City Council. City guidelines suggest the Council be updated on a regular basis.
STAFF REPORT: Attached please find a report for March reflecting the monthly detail
supporting the year to date actual results and comparing those results to the 2013 Budget.
As of the end of the first quarter, the actual results are within 1% of budget. The most significant
variances are highlighted below:
Revenues:
• Building Permit revenue for the month exceeded budget by 27% and for the year by 62%.
As mentioned in previous months, the growth trend has continued even during the winter
and 8 new homes have been applied for to date in 2013 compared to 3 homes at this same
time in both 2012 and 2011.
• Plan review fees continue to be strong as a result of the increased housing activity and are
48% above budget for the month and 63% above budget year to date.
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Expenses:
Most departments are below budget for the month as all Departments continue to be very cost
conscious. A few key items to note:
• Workers Compensation expense hit in March but was not budgeted until later in the year.
These numbers will be seen in each department based on the historical work comp rating
for each job classification.
• The dues and subscription expense reflected for the Mayor & Council represents the
annual cost for memberships in the League of Minnesota Cities ($6,958) and the
Association of Metropolitan Municipalities ($3,381). The memberships were budgeted
later in the year based on when they were paid in 2012.
• We were able to publish the newsletter earlier than anticipated so the expense hit in
February rather than March when it was budgeted in the Communications Department
budget.
• Due to coordinating initial audit fieldwork earlier than last year, the initial interim billing
expense for audit hit earlier than budgeted for 2013 in the Finance Department budget.
• The annual accounting software maintenance expense (Springbrook) was paid for in
January but was budgeted for in March based on when it was paid in 2012.
• The Planning Department has incurred expenses above the amounts budgeted for
Engineering and Contract Services. All excess expenses were approved by City Council
(The Theming project with Damon Farber).
• As mentioned last month, the small tools and equipment account for the Fire Department
includes $9,048 which was 100% reimbursed by WA County grant monies in March (for
the purchase of laptop equipment for the fire vehicles).
• The Building repairs and maintenance expense is over budget to date in the Fire
Department due to needing to replace two heaters in Firehouse #1 which were a safety
risk.
• As expected as a result of the extended winter, the sand/salt and repairs and maintenance
to equipment costs are above budget. Although these costs are not controllable, the
Public works department did an excellent job of coordinating resources to minimize
overtime.
• Please note that the salary expenses are based on more accurate departmental allocations
than we had back in August when the budget was initially compiled. As a result, some
departments are above budget, while others are under but overall, personnel expenses are
below budget.
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RECOMMENDATION: It is recommended that the City Council receive the March monthly
Financial Reporting Packet as part of tonight’s Consent Agenda.
Alternately, the City Council does have the authority to remove this item from the Consent
Agenda and further discuss and review.
ATTACHMENTS:
1. March Financial Reports