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OF Report Number <br />VMIrON <br />Agenda Section Council Meeting Date <br />the city that works for you <br />• REQUEST FOR COUNCIL CONSIDERATION <br />10-117 <br />VI -3 <br />May 11, 2010 <br />ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the First Quarter of <br />2010 <br />DEPARTMENT HEAD'S APPROVAL: <br />y12 -�r0 <br />CITY MANAGER'S APPROVAL: <br />this <br />Comments <br />Recommendation: I recommend that the City Council accept the First Quarter 2010 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 2010 General Fund Budget was amended by the City Council on April 13`h. The attached interim <br />financial statements areas of March 31' and as such do not reflect those budget amendments. The second <br />quarter financial statements will. <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 ($7,104,100) represents the single largest <br />revenue source, over 55.4% 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 of <$1,724,249> as of March 31, 2010. <br />2. Licenses and Permits <br />This revenue category is one of the most volatile to anticipate/budget. Licenses revenues are <br />5106,933 so far, compared to $106,600 budgeted in 2010 and very similar to last year at this time, <br />$106,696. Year-to-date revenues for the building permits category are $52,383 (20.1% of the <br />budget). At the end of the first quarter in 2009, building permits revenues were $38,070. <br />0 <br />Page 1 of 3 <br />