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IIIwcity of Report Number 11-300 -ITN Agenda Section VI-4 the city that works for you Council Meeting Date November 9, 2011 REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the Third Quarter of 2011 DEPARTMENT HEAD'S APPROVAL: CITY MANAGER'S APPROVAL: No comments to supplement this report/ Comments attached Recommendation: T recommend that the C. Council accept the third quarter 2011 Interim Financial Statements. Explanation: Attached are the third quarter interim financial statements for the operations of our General, Water, Sewer, Stonnwater, 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 September 30, 2011: General Fund Revenues 1. Taxes Property tax revenues were $3,747,110 year-to-date as of the end of the third quarter. This amount includes $111,095 of delinquent taxes. We continue to monitor the collection rate. The collection rate of current taxes is slightly below 100% for the first half of 2011. 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 forecast for this revenue source is that the anticipated budget will be met for 2011. 2. Licenses and Permits Licenses revenue is $[22,694 compared to a budget of$112,100. Liquor license revenues are $7,533 over budget. One year ago revenues from licenses were $115,289. Building permits revenue is one of the most volatile to anticipate &/or budget. Year-to-date revenues for building permits are $395,740 (127.7% of the total anticipated budget) compared to $277,644 last year at this time. Current projections for building permits for the year are $400,000, a favorable variance of$90,000. 3. Fines and Fees