CCP 04-24-2012 - Laserfiche WebLink

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IbEW litYNktv BR ON Report Number 12-087 IGHT the city that works for you the Section VI-2 Council Meeting Date April 24, 2012 REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the First Quarter of 2012 DEPARTMENT HEAD'S APPROVAL: CITY MANAGER'S APPROVAL: No comments to supplement this report Comments attached Recommendation: I recommend that e Council accept the First Quarter 2012 Financial Statements. Explanation: Attached are interim financial statements for the first quarter 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 the end of the first quarter: General Fund Revenues 1. Taxes There were no property tax revenues in the first quarter. This is as expected,just like previous years. Property tax revenues are received from Ramsey County at the end of June/early July and again late in December. The budgeted amount of revenue from taxes, $7,287,300, represents the single largest revenue source, over 58.7% of the total revenues for the General Fund. Since half of these revenues are received after we have expended monies for six months of operations and the remaining half is received at the end of the year, it is critical for us to maintain a reserve in the General Fund to address the negative cash flow. The lack of property tax revenues is the most significant reason that the General Fund has a year-to-date operating deficit of($1,203,180) as of March 31, 2012. 2. Licenses Licenses revenues are $110,994 so far, compared to $122,500 budgeted in 2012 and very similar to last year at this time, $113,264. 3. Permits The building permits revenue category is one of the most volatile to anticipate/budget. Year-to-date revenues for the building permits category are $52,412 (14.2% of the budget). At the end of the first quarter in 2011,building permits revenues were$64,526. 4. Fines and Fees Fines are received from Ramsey County one month in arrears. The first quarter reflects fines received in January and February. Year-to-date revenues for this category are $13,200 (20.3% of the annual budget) compared to $8,522 (13.1% of the budget) last year. Page 1 of 3