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IV of 1'I Report Number 13-095 the city that works for you Agenda Section VIII-1 Council Meeting Date April 23,2013 REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the First Quarter of 2013 DEPARTMENT HEAD'S APPROVAL: /p9.i - ,e€ CITY MANAGER'S APPROVAL: No comments to supplement this report' 2 - Comments attached Recommendation: I recommend that the Ci Council accept the First Quarter 2013 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 lack of property tax revenues is the most significant reason that the General Fund has a year-to-date operating deficit of($1,446,974)as of March 31, 2013. 2. Licenses Licenses revenues are $117,956 so far ($124,300 budget), and very similar to last year at this time, $110,994. 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 $66,111 (14.7% of the budget). At the end of the first quarter in 2012, building permits revenues were $52,412. 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 $8,828 (13.6% of the annual budget) compared to $13,200 last year(20.3% of the budget). Page 1 of 3