Agenda Packets - 2010/08/23 - Laserfiche WebLink

Home Browse Search

Item No. 11.B.1 Meeting Date: August 23, 2010 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, 2010 Attached is the June 30, 2010 Revenue and Expense Report. I have also attached our current investment statements, and cash balances by fund. DETAIL FINANCIAL REPORTS General Fund: Most General Fund revenues are trending on the low side of the budget. 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, building permits and fines and forfeitures are trailing the budget due to the continued economic slowdown. 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 spend wisely in response to the reduced Local Government Aid. Lower fuel and energy costs will benefit operations as will the vacancy of several positions. Other Funds: Banquet operations, which is a component of the Community Center shows a year-to-date deficit of $14,137. Banquet center revenues are lower by $14,759 over this period last year. Expenditures are lower by $4,014 due to lower operating costs. A contract for use of the banquet facility has been renewed for one year after it had lapsed and should help boost revenues in the 2nd half of the year. Other revenues should pick-up in the second half of the year as we get into the heart of wedding season but wedding revenue is down due to the economy. A transfer of $175,000 is budgeted for 2010 and the need to transfer the entire amount will depend on the 2nd half of the year. 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.