Agenda Packets - 2002/10/28 - Laserfiche WebLink

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Item No. 7F Type of Business: CB WK: Work Session; PH: Public Hearing; CA: Consent Agenda; CB: Council Business City of Mounds View Staff Report To: Honorable Mayor and City Council From: Charles Hansen, Finance Director Item Title/Subject: Financial Report for the Quarter Ended Sept. 30, 2002 Date of Report: October 25, 2002 Attached is the September 30, 2002 Quarterly Financial Report. General Fund: The end of the third quarter gives us sufficient data to start drawing some conclusions for the year 2002. I expect revenues in total to roughly equal the budget of $4,555,628. Several individual revenues are worthy of note. For Franchise taxes, the September Year-to-Date (YTD) figures for both years actually represent eight months of revenue. If this trend holds through year-end, 2002 revenues will total about $171,500. This results from energy prices being significantly lower in 2002 than they were in 2001. There are some predictions for higher energy prices in 2003. We may want to revise down the amount in the 2003 budget which currently is $190,000. The next major group of revenues after taxes is licenses and permits. The YTD business licenses portion of this is tracking well with 2001 and with the 2002 budget. However, the building and related permits portion is off significantly. This runs from plan check fees (100-3268) through sewer & water surcharge (100-3286). YTD 2002 totals $112,901.79, compared with $162,495.33 YTD in 2001. This is a reduction of $49,593.54 or 31%. At least one major permit inflated the 2001 total and major permits may come in yet in the fourth quarter of 2002. At least some of the decline in permits is probably the result of the downturn in the economy. Actual permit revenue in 2003 will probably be no more than the amount budgeted unless there are one or more major projects. Following this is the intergovernmental revenue category that contains the local government aid. The City is due to receive second half aid payments of almost $400,000, which normally would be delivered to us on about December 30th. This is at risk given the State’s budget problems.