HomeMy WebLinkAbout#3 August Financials
MAYOR & COUNCIL COMMUNICATION
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DATE: September 20, 2016
CONSENT
ITEM #3
MOTION
AGENDA ITEM: August 2016 Financial Reporting
SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Cathy Bendel, Finance Director
REVIEWED BY: Kristina Handt, City Administrator
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 August 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
August 2016 reflecting the monthly and year to date detail, comparing the actual results to the
2016 Budget.
City Council Meeting [Consent Agenda Item #3]
September 20, 2016
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GENERAL FUND:
Revenues:
Total revenue for the month was 20.9% above budget for the month of August bringing the year
to date to 26.8% better than budget. The most significant budget to actual revenue variances are
as follows:
Building permits were $54.2k better than budget for the month bringing the year to date
to $244.5k better than budget. This is primarily due to $47.3k in building permit revenue
in the month of August for the Arbor Glen build out.
Plan review fees for the month were $40.9k better than budget brining the year to date to
$121.4k better than budget. This too was primarily due to the plan review of the Arbor
Glen facility in August.
Expenses:
Total expenses for the month were 173.3% above budget for August bringing the year to date
expenses to 1.1% higher than budget.
The following summarizes variances of note:
General:
General Government expenses were 98.9% higher than budget for the month bringing the
year to date expenses to 33.6% higher than budget. This was primarily due to legal
expenses far exceeding budget, the majority being related to the 3M litigation.
Total Public Safety expenses were 2.0% higher than budget for the month bringing the
year to date expenses to 10.9% lower than budget.
Public Works – The total Public Works expenses were 627.6% higher than budget for the
month bringing year to date expenses to 16.48% better than budget. This is primarily
due to the timing of paying the Seal Coating and Cracking filling vendors as mentioned
last month. The project is on schedule and costs will be within the budgeted amounts.
This is just a timing issue.
In summary, the August revenues were 98.9% better than budget and the expenses were 173.3%
higher than budget resulting in a net income of far below budget due to a timing issue related to
payment of the seal coat and crack filling vendors. On a year to date basis, the revenues are
33.63% above budget and the expenses were 1.1% less than budget resulting in a net income of
186.6% better than budget year to date.
City Council Meeting [Consent Agenda Item #3]
September 20, 2016
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LIBRARY FUND:
The net income for the Library Fund for the month of August was $3.2k below budget (21.8%)
bringing the year to date to $41.9k better than budget. The cash balance at the end of August
was $235.8k.
RECOMMENDATION: Based on the aforementioned, the staff recommends the City Council
accept the attached August Financial Report.
ATTACHMENT:
1. August Financial Reports