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Report Number 14 -099 IrBRIGMUN Agenda Section VI -3 Me eity that works rur yon Council Meeting Date May 13, 2014 REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the First Quarter of 2014 DEPARTMENT HEAD'S APPROVAL: CITY MANAGER'S APPROVAL: No comments to supplement this re or Comments attached Recommendation: I recommend that the City Council accept the first quarter 2014 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, as usual. Property tax revenues are received from Ramsey County at the end of June /early July and again at the end of November /early December. The lack of property tax revenues is the most significant reason that the General Fund has a year -to- date operating deficit of $1,451,246 as of March 31, 2014. 2. Licenses Licenses revenues are $110,476 so far, which is 88.2% of the budgeted amount of $125,300. That is slightly less than the $117,956 we received in the first quarter of 2013. 3. Permits The building permits revenue category is typically one of the most difficult to budget. Year -to -date revenues for the building permits category are $61,898 (13.7% of the budget). Last year, we received $66,111 in the first quarter. Most of the permit revenues are received in the 2 "d and 3`d quarters. 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 $10,774 (16.6% of the annual budget) compared to $8,828 last year (13.6% of the budget). Pagel of 3