HomeMy WebLinkAbout#4 8 16 16 July Financials
MAYOR & COUNCIL COMMUNICATION
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DATE: August 16, 2016
CONSENT
ITEM #4
MOTION
AGENDA ITEM: July 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 July 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
July 2016 reflecting the monthly and year to date detail, comparing the actual results to the 2016
Budget.
City Council Meeting [Consent Agenda Item #4]
August 16, 2016
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GENERAL FUND:
Revenues:
Total revenue for the month was 14.3% above budget for the month of July bringing the year to
date to 37.3% better than budget. The most significant budget to actual revenue variances are as
follows:
The first installment of the annual levy proceeds were received in July and were slightly
above the budgeted amount. This is typically related to the timing of collections.
Building permits were $62.4k better than budget for the month bringing the year to date
to $190.3k better than budget. This is due to $70k in building permit revenue in the
month of July for ISD 916. This permit revenue was not budgeted in 2016 due to the
prior Building Official not having the certifications necessary to do the work.
The MSA maintenance proceeds were received in July that were budgeted in June so this
variance is a timing issue.
Expenses:
Total expenses for the month were 151.7% above budget for July bringing the year to date
expenses to 15.4% lower than budget.
The following summarizes variances of note:
General:
General Government expenses were 33.3% higher than budget for the month bringing the
year to date expenses to 27.6% higher than budget. This was due to legal expenses far
exceeding budget and the 3M litigation costs represented the majority.
Total Public Safety expenses were 480% higher than budget for the month bringing the
year to date expenses to 11.9% lower than budget. This was primarily due to receiving
the bill from WA Cty for Policing Services for the first half of the year which was
mentioned last month.
Public Works – The total Public Works expenses were 33.4% higher than budget for the
month bringing year to date expenses to 49.7% better than budget. This is primarily
due to the Seal Coating and Cracking filling having been budgeted in June but the
progress billings have not been received as early as anticipated in the budget. The
project is on schedule and costs will be within the budgeted amounts. This is just a
timing issue.
City Council Meeting [Consent Agenda Item #4]
August 16, 2016
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In summary, the July revenues were 14.3% better than budget and the expenses were 151.7%
lower than budget resulting in a net income of 9.9% better than budget. On a year to date basis,
the revenues are 27.3% above budget and the expenses were 14.7% less than budget resulting in
a net income of 250.5% better than budget year to date.
LIBRARY FUND:
The net income for the Library Fund for the month of July was identical to budget bringing the
year to date to $54.9 better than budget. The levy proceeds were received in July as budgeted.
The ending cash balance as of the end of July is $253.4k.
RECOMMENDATION: Based on the aforementioned, the staff recommends the City Council
accept the attached July Financial Report.
ATTACHMENT:
1. July Financial Reports