Agenda Packets - 2009/10/26 - Laserfiche WebLink

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Item No . 11 . B . 1 . Meeting Date : October 26 , 2009 Type of Business : Reports Administrator Review: City of Moundsi tReport To : Honorable Mayor and City Council From : Mark Beer, Finance Director Item Title/Subject: Financial Report for the Quarter Ended September 30, 2009 Attached is the September 30 , 2009 Summary Revenue and Expense Report (pp . 1 — 25) . 1 have also attached our current investment inventory (pp . 26 — 72 ) and pooled cash report (p . 73) . FINANCIAL REPORTS General Fund : General Fund revenues are less than expected . Local Government Aid was reduced by $ 137K and Police State Aid was $22K less than anticipated . The second half tax settlement will be paid in 2 payments , one during the third week of November and the second during Vt week of December. This will amount to about 48% of our tax revenues for the year. Interest revenue and transfers in and out are recorded at the end of the year. Franchise taxes will end the year below projections due to lower commodity prices . Licenses and Permit revenues are down modestly and Fines and Forfeitures are down with administrative offenses lagging the prior year amount. A larger percentage of the City's revenues are received in the second half of the year as taxes are collected in the fourth quarter. Most operating department expenditures are on track or below budget expectations . The Council made a number of choices early in the year that deferred spending to adjust for the expected lower revenues . The Advisory Commissions budget is higher as a result of Festival in the Park expenditures that occur in the 3rd quarter. The Fire budget is higher as a result of the timing of payments to the SBM fire department. Park and Recreation and Public Works departments have higher expenditures during the summer months because of our seasonal employment and should slow down in the 4t quarter. Other Funds : Community Center operations show a year-to-date deficit of $ 123 , 957 . A transfer of $ 185 , 000 from the General Fund is budgeted for 2009 . Recreation profit from the YMCA will be received in the 4th quarter. Banquet Center revenues are $65 , 839 thru the 3'd quarter of 2009 compared with $52 ,467 for the same period in 2008 . Community Center operations should not have to use fund balance when the General Fund transfer is included and we may not have to transfer the entire budgeted amount.