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Item No. 11.B.1 Meeting Date: August 10, 2015 Type of Business: Reports Administrator Review: _____ City of Mounds View Staff Report To: Honorable Mayor and City Council From: Mark Beer, Finance Director Item Title/Subject: Financial Report for the Quarter Ended June 30, 2015 SUMMARY FINANCIAL REPORT General Fund: Most General Fund revenues are tracking expected results. Property taxes comprise 70% of General Fund revenues. We receive an advance on the July property tax settlement in late June. However, the majority of tax revenue and related state paid credits are received in the 2nd half of the year. Interest revenue and transfers in and out are recorded at the end of the year. Intergovernmental revenue, charges for services, and fines and forfeitures are trailing the budget. A larger percentage of the City’s revenues are received in the second half of the year. Even though it is part of the third and fourth quarters, the first half of LGA was received in mid July. ($327,766) Most operating department expenditures are at or below budget expectations and represent department efforts to continue to spend wisely. Some purchases will be deferred and be carried over as part of the 2016 budget. Other Funds: Banquet operations, which is a component of the Community Center shows a year-to-date deficit of $9,644. Banquet Center revenues are generally lower in the first half of the year. Revenues are higher by $8,432 from this period last year and expenditures are higher by $210. Other revenues should pick-up in the second half of the year as that is generally the more busy time for the community center. A transfer of $170,000 is budgeted for 2015 and the need to transfer the entire amount will depend on the 2nd half of the year. Community Center operations have experienced growing maintenance costs and this will only accelerate as the equipment continues to age. The Street Improvement Fund has experienced significant cost savings from past projects due to the very competitive construction environment during the economic slowdown. With a number of very significant construction projects occurring around the metro area street project costs have started to increase. We may have to pay more but there is only 1 project remaining and we should end the street program under the projected program budget. (Area I - 2016) The Water, Sanitary Sewer, Storm Water and Street Light Utility fund expenses are tracking within or under budget. Water revenues are slightly under budget due to the wet spring and early summer, revenues generally increase for the summer quarter. Most funds are on target with their respective budgets. The third quarter will provide a more accurate picture on how the year is going but we are on track, with no significant surprises.