Laserfiche WebLink
<br />Report Number: <br /> <br />VI~2 <br />an - tJ1.[ <br />- <br /> <br />CITY OF NEW BRIGHTON <br />REQUEST FOR COUNCIL CONSIDERATION <br /> <br />Agenda Section: <br /> <br />Report Date: April 26. 2006 <br /> <br />ITEM DESCRIPTION: Acceptance of Interim Financial Statements for the First Quarter of 2006 <br />DEPT. HEAD'S APPROVAL: ik0 <br />MANAGER'S REVIEW /RECOMMENDA nON: <br />No comments to supplement this report vrjJ)~ Comments attached <br /> <br />Explanation: <br /> <br />Attached are interim financial statements for the first quarter operations of our General, Water, Sewer, Stormwater <br />Management, Street Light, Golf Course, and Information Technology Funds. These interim financial statements of <br />revenues and expenditures/expenses are intended to illustrate how our operations are progressing financially during <br />the year. <br /> <br />The following are noteworthy items as of the end of the first quarter: <br /> <br />General Fund Revenues <br /> <br />1. Taxes <br />There were no property tax revenues in the first quarter. This is as expected, just like previous years. Property <br />tax revenues are received from Ramsey County at the end of June and again late in December. The budgeted <br />amount of revenue from taxes ($6,428,100) represents the single largest revenue source, over 53% of the total <br />for the General Fund. Since half of these revenues are received after we have expended monies for six months <br />of operations and the remaining halfis received at the end of the year, it is critical for us to maintain a reserve <br />in the General Fund to provide cash flow for our operations. The lack of property tax revenues is a significant <br />reason that the General Fund has a year-to-date operating deficit ($1,182,370) as of March 31, 2006. <br /> <br />2, Licenses and Permits <br />We appear to be on track to meet budget. Year -to-date revenues for this category are $216,231 (34.9% of the <br />budget) compared to $165,367 (28.9% of budget) last year. <br /> <br />3, Fines and Fees <br />Fines are received from Ramsey County one month in arrears. The first quarter reflects fines received in <br />January and February. Year-to-date revenues for this category are $11,052 (15.8% ofthe budget) compared to <br />$9,743 (10.8% of budget) last year. <br /> <br />Page I of2 <br />