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<br />STAFF REPORT <br />DATE: February 18, 2025 <br /> <br /> <br />TO: Mayor and Council <br />FROM: Clarissa Hadler, Finance Director <br /> Nina Kraemer, Finance Coordinator <br />AGENDA ITEM: 4th Quarter Financial Reports <br /> <br />BACKGROUND: <br /> <br />Staff has prepared the 4th Quarter Financial Report for review by the City Council. <br /> <br />ISSUE BEFORE THE COUNCIL: <br /> <br />Does the City Council have any questions about the 4th Quarter Financial Report? <br /> <br />DISCUSSION: <br /> <br />The Budget vs. Actual for 4th quarter 2024 is attached. Most expenses for 2024 have been paid. Below <br />are a few general notes regarding various items. However, these reports may not include various <br />adjustments that occur infrequently or at year-end, and thus may not be fully representative of financial <br />activity to date. <br /> <br />Revenues: <br /> <br />• Tax revenues are receipted in July and December. <br />• General Fund non-tax revenues are slightly higher than budgeted, primarily due to an increase in <br />planning and zoning provided services and intergovernmental payments. <br />• Utility Bills are typically reflected the following quarter due to the timing of mailings and <br />payments. <br /> <br />Expenditures: <br />• Expenditures reflect a combination of ongoing expenses and items that are one-time payments per <br />year. <br />• We closed two budgetary departments: communications and city hall. The communications <br />expenses are incorporated into the administration department. City Hall expenses are now being <br />allocated directly to each department. <br />• Water fund sales, connections and meter sales were all less than expected resulting in a deficit for <br />fiscal year 2024. <br /> <br />Additional information regarding planned/budgeted changes for the 2024 fiscal year is available in the 2024 <br />Budget reports from the December 5, 2023 Council meeting, or upon request. <br /> <br />FISCAL IMPACT: <br />As noted. <br /> <br />ATTACHMENTS: <br />1) 4th Quarter Budget-to-Actual Reports