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<br /> <br /> <br /> Report No. <br /> $RICa~~N Agenda Section <br /> the city that works for you Report Date <br /> Council Meeting Date <br /> REQUEST FOR COUNCIL CONSIDE <br /> <br /> <br /> ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the Second Quarter <br /> of 2007 <br /> <br /> DEPARTMENT HEAD'S APPROVAL: <br /> <br /> CITY MANAGER'S APPROVAL: <br /> <br /> No comments to supplement this re ort Comments attached <br /> <br /> Recommendation: I recommend that the ~Iity Council accept the Second Quarter 2007 Financial <br /> Statements. <br /> Explanation: <br /> <br /> Attached are interim financial statements for the second quarter operations of our General, Water, Sewer, <br /> Stormwater, 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 /> <br /> The following are noteworthy items as of the end of the second quarter: <br /> <br /> General Fund Revenues <br /> 1. 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 /> <br /> 2. 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 30t". 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 /> 3. 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 <br />