HomeMy WebLinkAbout#3 cc 3 2 16 January Financials
MAYOR & COUNCIL COMMUNICATION
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DATE: March 2, 2016
CONSENT
ITEM #3 MOTION
AGENDA ITEM: January 2016 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 January 2016 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 January 2016 reflecting the monthly and year to date detail, comparing the actual results to the 2016 Budget.
City Council Meeting [Consent Agenda Item #3]
March 2, 2016
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GENERAL FUND:
Revenues:
Total revenue for the month was 98.9% above budget for the month. The most significant
budget to actual revenue variances are as follows:
• Building Permit revenue was 116.2% above budget for the month due to the nice weather
allowing for building activity. There were 16 new homes and 11 new commercial rec
units permitted in January. The 2016 budget anticipated a later start to the building
season.
• Plan check fee revenue was 124.9% above budget for the month for the same reasons
mentioned.
Expenses:
Total expenses for the month were 20.0% below budget for January.
The following summarizes variances of note:
General:
• General Government expenses were 7.75% below budget for the month. This was
primarily due to the annual insurance renewal/expense having been budgeted in January
but it was not billed to the City until February and is a timing related variance.
• Total Public Safety expenses were 21.7% below budget for the month primarily due to
the Fire department paid on call expenses being below budget as well as some annual
equipment repairs not having yet been incurred.
• Public Works – The total Public Works expenses were 35.2% below budget for the month primarily due to not having to order additional salt in January.
In summary, the January revenues were 99% above budget and the expenses were 20% less than
budget resulting in a net income of 70% better than budget.
LIBRARY FUND:
Revenues: January revenues are 10.8k better than budget due to donations received. This
includes $10k in grant proceeds received from the Bremer Foundation.
Expenses: Expenses for the month of January were 81.8% below budget for the month. This
was primarily due to the delayed billing from the various WA Cty branch libraries for library
City Council Meeting [Consent Agenda Item #3]
March 2, 2016
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card reimbursements. In addition, the annual insurance premiums were budgeted in January but
were not billed to the City to be paid until February.
The ending January cash balance in the library fund is $227.8k. RECOMMENDATION: Based on the aforementioned, the staff recommends the City Council
accept the attached January Financial Report.
ATTACHMENT: 1. January Financial Reports