Agenda Packets - 2013/08/12 - Laserfiche WebLink

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Item No. 11.B.1 Meeting Date: August 12, 2013 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, 2013 Attached is the June 30, 2013 Revenue and Expense Report. I have also attached our current investment inventory, and cash balances by fund. DETAIL FINANCIAL REPORTS General Fund: Most General Fund revenues are slightly ahead 2012. 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. Franchise taxes, investment earnings, and fines and forfeitures are trailing the budget due to the continued slow economic conditions. A larger percentage of the City’s revenues are received in the second half of the year. Most operating department expenditures are at or below budget expectations and represent department efforts to continue to spend wisely. Some purchases will be deferred until January 1 to take advantage of the sales tax emption. Other Funds: Banquet operations, which is a component of the Community Center shows a year-to-date deficit of $20,837 due to timing of management payments to the YMCA (paid 3 quarters). Banquet center revenues are lower by $4,794 under this period last year. Expenditures are higher by $15,819 due to the timing of payments to the YMCA. Other revenues should pick-up in the second half of the year as we get into the heart of wedding season with a slight increase over 2012. A transfer of $170,000 is budgeted for 2013 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 over the last five projects due to the very competitive construction environment. This should continue for at least one more project. The Water, Sanitary Sewer, Storm Water and Street Light Utility fund expenses are tracking within or under budget. Water revenues are slightly under budget but tend to increase after 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.