HomeMy WebLinkAbout#4 cc 7 19 16 June Financials
MAYOR & COUNCIL COMMUNICATION
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DATE: July 19, 2016
CONSENT
ITEM #4
MOTION
AGENDA ITEM: June 2016 Financial Reporting
SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Cathy Bendel, Finance Director
REVIEWED BY: Kristina Handt, City Administrator
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 June 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
June 2016 reflecting the monthly and year to date detail, comparing the actual results to the 2016
Budget.
City Council Meeting [Consent Agenda Item #4]
July 19, 2016
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GENERAL FUND:
Revenues:
Total revenue for the month was 93.2% above budget for the month bringing the year to date to
55.2% better than budget. The most significant budget to actual revenue variances are as
follows:
• The annual recycling grant proceeds of $15.7k were received in June but were budgeted
to be received later in the year.
• Cable Franchise revenue was 118.3% above the budgeted amount due to the Cities
increased share of the franchise revenue.
Expenses:
Total expenses for the month were 72.8% below budget for June bringing the year to date
expenses to 31.1% lower than budget.
The following summarizes variances of note:
General:
• General Government expenses were 16.9% higher than budget for the month bringing the
year to date expenses to 26.1% higher than budget. This was primarily due legal
expenses far exceeding budget and the 3M litigation costs were the cause.
• Total Public Safety expenses were 85.0% lower than budget for the month bringing the
year to date expenses to 52.6% lower than budget. This was primarily due to not yet
having received the billing from WA Cty for Policing Services for the first half of the
year. .
• Public Works – The total Public Works expenses were 84.7% lower than budget for the
month bringing year to date expenses to 54.5% better than budget. This is primarily
due to the Seal Coating and Cracking filling to not yet having received the progress
billings as anticipated in the budget. The project is on schedule and costs will be within
the budgeted amounts. This is just a timing issue.
In summary, the June revenues were 93.2% better than budget and the expenses were 72.8%
lower than budget resulting in a net income of 103.3% better than budget. On a year to date
basis, the revenues are 26.1% above budget and the expenses were 31.1% less than budget
resulting in a net income of 75.7% better than budget year to date.
City Council Meeting [Consent Agenda Item #4]
July 19, 2016
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LIBRARY FUND:
The net income for the Library Fund for the month of June was $1.6k over budget (10.7%)
bringing the year to date to $54.9 better than budget. The ending cash balance as of the end of
June is $150.6k.
RECOMMENDATION: Based on the aforementioned, the staff recommends the City Council
accept the attached June Financial Report.
ATTACHMENT:
1. June Financial Reports