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CONSENT ITEM 5B MEMORANDUM DATE: July 28, 2014 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: 2014 2 Quarter Actuals Background/Discussion nd Attached are the 2 Quarter Actuals for 2014. The overall City-Wide and General Fund expenditures are running close to the projected budget estimates for the year. Currently the budget expenditures show a 33.47% budget to actual City-Wide and the General Fund at 51.21%. The City-Wide percentage is lower capital projects is only currently at 4.96% of the adopted budgeted amount. Revenue estimates are also running close to budget estimates for the City-Wide and General Fund budgets. Please remember that we receive 50% of our revenue from property taxes and did not st receive 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, 2014. Accruals, deferred revenue adjustments, etc. are only done at year-end. Basically expenditures from operating activities are running close to the budget estimates, revenues are also running close to 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 charges through th 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 , Insurance, Engineering, and Technology. Administrative Charges from and to other funds are only booked at year end.