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• <br />• <br />is <br />I&TrON <br />Report Number 08-153 <br />Agenda Section VI -2 <br />Report Date May 12, 2008 <br />the city that works for you Council Meeting Date May 27, 2008 <br />REQUEST FOR COUNCIL CONSIDERATION <br />ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the First Quarter of <br />2008 <br />DEPARTMENT HEAD'S APPROVAL: <br />z/ o P <br />CITY MANAGER'S APPROVAL: / <br />No comments to supplement this report Comments attached <br />Recommendation: I recommend that Ulty Council accept the First Quarter 2008 Financial <br />Statements. <br />Explanation: <br />Attached are interim financial statements for the first 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 />The following are noteworthy items as of the end of the first quarter: <br />General Fund Revenues <br />1. Taxes <br />There were no property tax revenues in the first quarter. This is as expected, just like previous years. <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 ($7,038,200) represents the single largest <br />revenue source, over 54.8% of the total for the General Fund. Since half of these revenues are <br />received after we have expended monies for six months of operations and the remaining half is <br />received at the end of the year, it is critical for us to maintain a reserve in the General Fund to provide <br />cash flow for our operations. The lack of property tax revenues is the most significant reason that the <br />General Fund has a year-to-date operating deficit ($1,998,529) as of March 31, 2008, <br />2. Licenses and Permits <br />This revenue category is one of the most volatile to anticipate/budget. We appear to be on track to <br />meet budget. Year-to-date revenues for this category are $257,984 (42.5% of the budget) compared <br />to $197,547 (31.7% of budget) last year. <br />3. Fines and Fees <br />Fines are received from Ramsey County one month in arrears. The first quarter reflects fines received <br />in January and February. Year-to-date revenues for this category are $12,065 (17.2% of the budget) <br />compared to $10,906 (15.6% of the budget) last year. <br />Page 1 of 3 <br />