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OfBRIGHTON Report Number 12-191 <br /> _ IiitYlNEW <br /> Agenda Section VI-4 <br /> Council Meeting Date August 15, 2012 <br /> the city that works for you <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the Second Quarter <br /> of 2012 <br /> DEPARTMENT HEAD'S APPROVAL: <br /> CITY MANAGER'S APPROVAL: <br /> No comments to supplement this report Comments attached <br /> Recommendation: I recommend that tli�City Council accept the Second Quarter 2012 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, 2012: <br /> General Fund Revenues <br /> 1, Taxes <br /> We requested an advance payment of the first half tax settlement and received $3,700,000 in June. <br /> Last year, property tax revenues were recorded as $4,237,695 in the second quarter. This was the <br /> entire settlement received from the County. The proper distribution, among the General Fund and the <br /> Tax Increment Districts,was not received until after we"closed" out the month of June. <br /> We continue to monitor the collection rate. Property tax revenues are received from Ramsey County <br /> at the end of June and again late in December. The receipt of the first half property tax settlement is <br /> the most significant reason that the General Fund's results of net revenues over (under) expenditures <br /> improved from a deficit of($2,124,962) as of May 31st to $914,253 as of June 30, 2012. <br /> 2. Licenses and Permits <br /> Licenses revenue is $125,648 compared to a budget of $122,500. Environmental Health License <br /> revenues are $3,70lover budget. <br /> Year-to-date revenues for building permits are $162,535 (44.1% of the total anticipated budget) <br /> compared to $261,681 last year at the end of the second quarter. <br /> Page 1 of 3 <br />