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0 <br />0 <br /> <br />V Of <br />the city that works for you <br />Report Number: <br />Agenda Section: <br />Report Date Sept. 7, 2007 <br />Council Meeting Date Sept. 25, 2007 <br />REQUEST FOR COUNCIL CONSIDERATION <br />ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the Second Quarter <br />of 2007 <br />DEPARTMENT HEAD'S APPROVAL: <br />CITY MANAGER'S APPROVAL: <br />No comments to suoulement this <br />Recommendation: I recommend that the <br />Statements. <br />Comments attached <br />Council accept the Second Quarter 2007 Financial <br />Explanation: <br />Attached are interim financial statements for the second quarter operations of our General, Water, Sewer, <br />Stonnwater, Street Light, and Golf Course Funds. These interim financial statements of revenues and <br />expenditures/expenses are intended to illustrate how our operations are progressing financially at this <br />point in the year. <br />The following are noteworthy items as of the end of the second quarter: <br />General Fund Revenues <br />Taxes <br />Property tax revenues were $3,368,000 in the second quarter. This is 50% of the total anticipated. <br />Property tax revenues are received from Ramsey County at the end of June and again late in <br />December. The budgeted amount of revenue from taxes ($6,733,500) represents the single largest <br />revenue source, over 54% of the total for the General Fund. The receipt of the first half property tax <br />settlement is the most significant reason that the General Fund's results of net revenues over (under) <br />expenditures improved from ($2,888,869) as of May 31st to $12,175 as of June 30, 2007. <br />Licenses and Permits <br />Most license revenue is received in the beginning of the year. 94.5% of the anticipated revenues have <br />been realized as of June 30"'. Only a small amount of license revenue is anticipated for the remainder <br />of the year. The permits revenue category is one of the most volatile to anticipate/budget. We appear <br />to be on track to meet budget. Year-to-date revenues for permits are $243,552 (48.6% of the budget) <br />compared to $307,405 last year. Obviously, activity in the Northwest Quadrant redevelopment could <br />influence this revenue stream in a very positive way. <br />Fines and Fees <br />Fines are received from Ramsey County one month in arrears. The second quarter reflects fines <br />received through May. Year-to-date revenues for this category are $25,806 (36.9% of the budget) <br />compared to $26,135 last year. <br />Page 1 of 3