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Vtor Of Report Number 11-220 Agenda Section VI-2 BRIGHTON the city that works for you Council Meeting Date August 23, 2011 REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the Second Quarter of 2011 DEPARTMENT HEAD'S APPROVAL: CITY MANAGER'S APPROVAL: No comments to supplement this repo Comments attached Recommendation: I recommend that t e Ci Council accept the Second Quarter 2011 Interim Financial Statements. Explanation: Attached are the second quarter interim financial statements for the operations of our General, Water, Sewer, Stormwater, Street Light, and Golf Course Funds. These interim financial statements of revenues and expenditures/expenses are intended to illustrate how our operations are progressing financially at this point in the year. The following are noteworthy items as of June 30, 2011: General Fund Revenues 1. Taxes Property tax revenues were recorded as $4,237,695 in the second quarter. This is the entire settlement received from the County. The proper distribution, among the General Fund and the Tax Increment Districts, was not received until after we "closed" out the month of June. July will reflect the correct distribution. We continue to monitor the collection rate. Property tax revenues are received from Ramsey County at the end of June and again late in December. The budgeted amount of revenue from taxes ($7,115,300) represents the single largest revenue source, over 58% of the total revenues in 2011 for the General Fund. The receipt of the first half property tax settlement is the most significant reason that the General Fund's results of net revenues over(under) expenditures improved from a deficit of($2,084,852) as of May 31st to$1,723,926 as of June 30, 2011. 2. Licenses and Permits Licenses revenue is $119,014 compared to a budget of$112,100. Liquor license revenues are $7,533 over budget. Building permits revenue is one of the most volatile to anticipate &/or budget. Year-to-date revenues for building permits are $261,681 (84.4% of the total anticipated budget) compared to $149,483 last year at the end of the second quarter. Current projections for building permits for the year are $373,000, a favorable variance of$63,000. Page 1 of 3