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CONSENT ITEM MEMORANDUM DATE: July 29, 2013 TO: Honorable Mayor and City Council Patrick Klaers, City Administrator FROM: Sue Iverson, Director of Finance and Administrative Services Kyle Howard, Finance Analyst nd SUBJECT: 2013 2 Quarter Actuals Background/Discussion: nd Attached are the 2 Quarter Actuals for 2013. Overall expenditures are running slightly below budget estimates with the exception of TIF #4 (Presbyterian Homes) which is just starting up. Revenue estimates are running above budget estimates as a result of increased building permit activity, and increased participation in recreation programs. (On a side note, under Charges for Services in the General Fund, the Plan Check Fees were originally budgeted in the Inspections department and have been moved to the Planning department.) Please remember that we receive 50% of our revenue from property taxes and did st not received the 1 half until July, and Administrative Fines are not received until the final contract number reconciliation next March. Governmental accounting is not done on an accrual basis, therefore the numbers reflect what was actually taken in as revenue or paid out as expenditures thru June 30, 2013. Accruals, deferred revenue adjustments, etc. are only done at year-end. Basically expenditures from operating activities are running close to the budget estimates or slightly below, revenues are slightly above budget estimates. (Please note that the overall percentages look lower because property taxes, liquor licenses, etc are collected at year-end.) Internal Service funds are charged back to the operating departments. We have included estimated th charges through June 30 in these reports. These costs may seem to appear double counted when you look at the organization in total, as they appear in the internal service funds and then again as charges in the departments which used them governmental accounting determines how we show this in our fund financial statements, but adjustments are made at audit time to show only the actual expenditures as any surplus or deficits in the internal service funds are rolled into the government-wide statements so actual expenditures and revenues are shown. They are meant to operate like the enterprise funds (our utility funds) bu , Insurance, Engineering, and Technology. Administrative Charges from and to other funds are only booked at year end.