HomeMy WebLinkAbout#3 cc 3 15 16 February Financials
MAYOR & COUNCIL COMMUNICATION
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DATE: March 15, 2016
CONSENT
ITEM #3 MOTION
AGENDA ITEM: February 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 February 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 February 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 15, 2016
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GENERAL FUND:
Revenues:
Total revenue for the month was 47.6% above budget for the month. The most significant
budget to actual revenue variances are as follows:
• Building Permit revenue was 54.7% above budget for the month due to the nice weather
allowing for building activity. There were 17 new homes permitted in February. The
2016 budget anticipated a later start to the building season.
• Miscellaneous grant revenue is 21.7% above budget for the month due to receiving
$10.9k more in DOT proceeds than anticipated.
• Plan check fee revenue was 30.7% above budget for the month for the same reasons
mentioned related to building permit revenue.
Expenses:
Total expenses for the month were 26.0% below budget for February.
The following summarizes variances of note:
General:
• General Government expenses were 30.1% below budget for the month. This was
primarily due to not yet filling the City Administrator position which was budgeted for the full year.
• Total Public Safety expenses were 23.5% below budget for the month primarily due to
the workers compensation insurance being lower than budgeted for 2016. As a result of
historical experience, the rates decreased for 2016.
• Public Works – The total Public Works expenses were 25.9% below budget for the month primarily due to not having to order additional salt in February.
In summary, the February revenues were 47.6% above budget and the expenses were 26% less
than budget resulting in a net income of 84.7% better than budget. On a year to date basis, the revenues are 44.8% above budget and the expenses were 23% less than budget resulting in a net
income of 65.6% better than budget.
RECOMMENDATION: Based on the aforementioned, the staff recommends the City Council
accept the attached February Financial Report.
ATTACHMENT:
1. February Financial Reports