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<br />, , <br />. CITY OF 1lRDEN HILLS <br /> MEHlRANOOM <br /> TO: Dorothy Person, city 1\dminist:rator <br /> FRCH: Terry Post, City Accountant <br /> D1d'E: I)ecAnho;!r 7, 1993 <br /> stlI!JB::T : November Financial Results/",...._tary <br /> Enclosed are "General Fund (101) bldget summary" and "Budget Summary (all <br /> funds)" schedules for the eleven months ended November 30, 1993. <br /> Significant November transactions were as follows: <br /> . Accruing the $805,630 lJecernber 1, 1993 tax settlement receipt to <br /> facilitate general fund revenue analysis. <br /> . Booking the quarterly standby operating transfer of $17,814 from <br /> the Water Fund (601) to the PIR Fund (501). <br /> . Booking the annual debt payment of $42,434 from the <br /> Development/Redevelopment (522) to the PIR Fund (501). This is in <br /> repayment of the KeIn Milling site demolition costs =iginally <br />. in=ed by the PIR Fund. <br /> . Booking a=ued expenses of $26,576 in the General Fund (101) <br /> Legal Department in anticipation of Oak Grove settlement costs. <br /> Commentary on various operating results are listed below: <br /> l. 'lhere appears to be a $100,000 revenue problem in the property <br /> taxes categoxy. General property tax collections are at 94.2% of <br /> b.1dget (a $73,000 miss) and Fiscal Disparities are a 77.7% of <br /> bldget (a $25,000 miss). Both shortfalls are related to <br /> reductions in commercial and industrial valuations and do not <br /> appear to be the result of an increased deliJxIuency problem. <br /> 2. Licenses and pennits revenue will not benefit from building pennit <br /> fees associated with the Cottage villas project due to developer <br /> financing difficulties. <br /> 3. Intergoverrunental revenue, while "on bldget" at this time, is <br /> expected to exceed budget by same $55,000 at year-end as all BACA <br /> is received, MSA Maintenance is $45,000 amve blclget (which <br /> resulted in a pavement nanagement scope in=ease in the street <br /> maintenance deparbnent), and an unbudgeted miscellaneous item of <br /> $9,531 (oar T.H. 51 engineering services consulting <br /> rein1b.Jrsement) . <br /> 4. Miscellaneous revenue is expected to fall short same $26,000 from <br />. equipment sales (due to allocation of trade-in/sales proc"""''' to <br /> the other initial acquisition funds - water and sewer). Asa <br /> note, $25,458 is =ently a revenue item of the Sewer Fund which <br /> "- <br /> / <br />