HomeMy WebLinkAbout03 - Accept 2nd Quarter FinancialsSTAFF REPORT
DATE: August 1, 2017
CONSENT
MOTION
TO: City Council
FROM: Brian A. Swanson – Finance Director
AGENDA ITEM: Accept 2nd Quarter Financials
REVIEWED BY: Kristina Handt – City Administrator
BACKGROUND:
The City of Lake Elmo has fiduciary authority and responsibility to conduct normal business operations
and report the unaudited financial information to the City Council on a regular basis.
QUESTIONS BEFORE THE CITY COUNCIL:
1)Does the City Council have any questions regarding the attached 2nd Quarter Financial information?
2) Is the City Council comfortable approving the 2
nd Quarter Financial information for approval?
DISCUSSION:
As part of informing the City Council and community on the financial position of the City, staff prepared
budget to actual information for the General Fund and Utility Funds in the attachment.
This format more closely follows the City’s Comprehensive Annual Financial Report (CAFR) by providing
budget to actual figures and in similar revenue and expenditure/expense categories. This also aligns with
the updated budget worksheets the City Council will receive for the upcoming budget cycle.
FISCAL IMPACT:
N/A
RECOMMENDATION:
1)Motion to recommend approval of the 2nd Quarter Financial Statements which include the General
Fund and Utility Funds.
ATTACHMENTS:
1) 2
nd Quarter Financials – General Fund and Utility Funds