2022.04.26 CC Packet - Laserfiche WebLink

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3 General Fund (continued) Comments (1) The property tax levy is generally received in June and November of each year. (2) Franchise taxes are received on a quarterly basis, in the month following the end of the quarter. (3) The majority of license fees are annually recurring in nature and received at the start of the year. (4) Permit revenue is higher than expected at the end of the first quarter due to work conducted at the apartment construction site at 2299 Palmer Drive, as well as at Global Academy for their new gym addition. (5) Fines and Forfeitures revenues are at expected levels based on the timing of monthly payments from the state. (6) Investment Income generally has a negative balance at the end of the first quarter due to year‐end accounting practices for accrued interest earned in the prior year. (7) The majority of our rent income derives from our tower leases, which are paid annually at the start of the year. Smaller payments for billboard leases will be received on a monthly basis throughout the year. (8) Most Elections expenses are incurred in the second half of the year for election days and related absentee voting periods. (9) Street expenses such as seasonal wages, overtime wages and materials/supplies occur more during the warmer months of the year. (10) Recycling hauler invoices are received in the month following the service period, so only two months have been invoices as of the end of the 1st quarter. (11) Forestry expenses such as seasonal wages and materials/supplies occur more during the warmer months of the year. (12) A larger number of recreation programs offered, along with the related expenditures, occur during the summer and fall. (13) Golf Course activity mainly occurs between April and October of each year. (14) 12% of the Fire division’s budget is related to a one‐time contribution of Fire State Aid to the Fire Relief Association that occurs in or around October of each year. (15) Transfers Out generally occur at the end of the year, unless budget amendments are made mid‐year. At the end of the first quarter, the General Fund has $8.56 million in available reserves or 48% of the current annual operating budget. This is compliant with the fund balance policy.