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�'�W Report Number 10-189 <br />BRKATION Agenda Section VI -2 <br />the city that works for you Council Meeting Date August 24, 2010 <br />REQUEST FOR COUNCIL CONSIDERATION -- - <br />F <br />TION: Acceptance of Interim Financial Statements for the Second Quarter <br />HEAD'S APPROVAL: <br />R'S APPROVAL: <br />i <br />No comments to supplement this report Comments attached <br />Recommendation: I recommend that the City Council accept the Second Quarter 2010 Interim <br />Financial Statements. <br />Explanation: <br />Attached are the second quarter interim financial statements for the operations of our General, Water, <br />Sewer, Stormwater, Street Light, and Golf Course Funds. These interim financial statements of revenues <br />and 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 June 30, 2010: <br />General Fund Revenues <br />1. Taxes <br />Property tax revenues were $3,684,000 in the second quarter. This is about half of the total amount <br />anticipated for the entire year. Property tax revenues are received from Ramsey County at the end of <br />June and again late in December. The budgeted amount of revenue from taxes ($7,104,100) <br />represents the single largest revenue source, over 56% of the total, for the General Fund. The receipt <br />of the first half property tax settlement is the most significant reason that the General Fund's results <br />of net revenues over (under) expenditures improved from a deficit of ($2,537,563) as of May 31 st to <br />$576,906 as of June 30, 2010. <br />2. Licenses and Permits <br />Licenses revenue is $112,508 compared to a budget of $115,500. Building permits revenue is one of <br />the most volatile to anticipate &/or budget. Year-to-date revenues for building permits are $149,483 <br />(57.5% of budget) compared to $162,841 last year at the end of last year's second quarter. Current <br />projections for building permits for the year are $260,000. <br />3. Fines and Fees <br />Fines are received from Ramsey County one month in arrears. The second quarter reflects fines <br />received for the months through May. Year-to-date revenues for this category are $27,827 (42.8% of <br />the budget) compared to $26,838 (41.3% of the budget) last year. <br />Page 1 of 3 <br />