HomeMy WebLinkAboutItem 3 - cc 5 20 14 April Financials
MAYOR & COUNCIL COMMUNICATION
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DATE: May 20, 2014 CONSENT ITEM #3 MOTION
AGENDA ITEM: April 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 April 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 April 2014 reflecting the monthly and year to date detail, comparing the actual results to the 2014 Budget.
City Council Meeting [Consent Agenda Item 3]
May 20, 2014
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The most significant variances are highlighted below:
Revenues:
• Building Permit revenue for the month was 52% below budget bringing the year to date
to right on budget. There were no new homes started in April which resulted in the
revenue shortfall.
• Plan check fees are 61% below budget bringing the year to date to 9% below budget.
This is primarily the result the lack of new home activity.
Expenses: Most departments were at or below budget for the month.
RECOMMENDATION: Based on the aforementioned, the staff recommends the City Council
accept the attached April Financial Report. ATTACHMENT: 1. April Financial Reports