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Comments <br />General Fund revenues and expenditures are near expected levels. Franchise taxes are below expected <br />levels due to the payment change by Xcel from monthly receipts to quarterly in June of 2016. Permits is <br />higher than expected due to more than expected general purpose permits such as water heaters, decks, <br />remodels, as well the Pulte home development. The department of Central Services is below what is <br />expected due an increased budget for the community survey which has not yet been paid. <br /> <br />At the end of first quarter, the General Fund currently has $5 million in available reserves or 33% of the <br />current annual operating budget. This is out of compliance with the targeted balance by 2% or $302,100 <br />required by the fund balance policy. The fund will be in compliance once the City receives the first half <br />property tax settlement in June. <br /> <br /> <br />Water Utility Fund Summary <br /> <br />The Water Utility Fund includes the activities associated with the City’s water distribution system. Its <br />primary funding source are fees charged to water customers. <br /> <br />The following table depicts the 2017 financial activity for the Water Utility Fund for the fiscal period <br />ending March 31st, 2017 (unaudited). <br /> <br /> <br />2017 2017 %% <br />Budget Actual YTD Actual Expect Diff Amount <br />Revenues <br />Charges for Service 2,293,900$ 202,315$ 9%12%-3%(72,953)$ <br />Miscellaneous 6,300 0 0%0%0%0 <br />Total Revenues 2,300,200 202,315 9%12%-3%(72,953)$ <br />Expenditures <br />Personnel 634,100 134,327 21%24%-3%(17,857) <br />Materials 103,800 4,946 5%30%-25%(26,194) <br />Contractual Service 757,500 154,231 20%23%-3%(19,994) <br />Capital 1,350,650 0 0%0%0%- <br />Total Expenditures 2,846,050 293,504 10%13%-3%(64,045) <br />Net Revenues Over/(Under) <br />Expenditures (545,850) (91,189) <br /> <br />Comments <br />The Water Utility Fund revenues are reporting within expected levels. Though Charges for Service is within <br />expected levels, water consumption billed in the first quarter of 2017 was 19,575,000 gallons less than <br />2016. Materials are lower than expected due to connections with Minneapolis and the inactivity of the City <br />wells. <br /> <br />As of March 31st, the water fund has a positive cash balance of $428,666. <br /> <br />Sewer Utility Fund Summary <br />The Sewer Utility Fund includes the activities associated with the City‘s sewer collection system. Its <br />primary funding source are fees charged to sewer customers. <br /> <br />The following table depicts the 2017 financial activity for the Sewer Utility Fund for the fiscal <br />period ending March 31st, 2017 (unaudited).