HomeMy WebLinkAboutItem 3 - cc 3 18 14 February Financials
MAYOR & COUNCIL COMMUNICATION
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DATE: March 18, 2014 CONSENT ITEM #3 MOTION
AGENDA ITEM: February 2014 Financial Reporting SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Cathy Bendel, Finance Director REVIEWED BY: Finance Committee
SUGGESTED ORDER OF BUSINESS:
- Introduction of Item .............................................................. City Administrator
- Report/Presentation…………………………………………City Administrator
- Questions from Council to Staff ............................................. Mayor Facilitates
- Call for Motion ............................................................... Mayor & City Council
- Discussion ....................................................................... Mayor & City Council
- Action on Motion .................................................................... Mayor Facilitates POLICY RECOMMENDER: Finance
FISCAL IMPACT: NA SUMMARY AND ACTION REQUESTED: As part of its Consent Agenda, the City Council is asked to accept the February 2014 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 the comparative financial statements for the month of February 2014 reflecting the monthly and year to date detail, comparing the actual results to the 2014 Budget.
City Council Meeting [Consent Agenda Item 4]
March 18, 2014
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The most significant variances are highlighted below:
Revenues:
• Building Permit revenue for the month was 15% below budget and 40% below budget on
a year to date basis. When the budget was prepared, it was anticipated that the Lennar
development would be well on its was by this time with on-going building activity, which
has not been the case.
• Plan check fees are 30% below budget for the month and 53% below budget on a year to
date basis as a result of the delay in the Lennar development build out mentioned earlier.
Expenses: Most departments were at or below budget for the month. Variance fluctuation commentary is
now reflected on the comparative financial reports for easier reference and review.
RECOMMENDATION: Based on the aforementioned, the staff recommends the City Council accept the attached February Financial Report.
ATTACHMENT:
1. February Financial Reports