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<br /> .~ <br /> CITY OF ARDEN HILLS <br /> -,e MEMORANDUM <br /> ~. DATE: July 11, 1996 <br /> - TO: Brian Fritsingcr, City Administrator <br /> - Terrance Post, City Accountant@ <br /> FROM: <br /> - <br /> I SUBJECT: June 1996 Operating Results/Commentary <br /> I Enclosed are General Fund and All Funds budget summaries for the six months ended June, <br /> 1996. Also enclosed are Investment Portfolio Schedules as of June 30, 1996. Following is <br /> commentary on noteworthy items. <br /> - 101 Revenue: <br /> l. Current month Property Taxes revenue reflects an accrual of the semi- <br /> annual tax settlement received July 5, 1996. The settlement included the <br /> release of $180,175 in pending petitions and abatements that had <br /> -e previously been withheld from the December, 1995 tax settlement. With <br /> this item not considered ($1,099,192 - $180,175), this revenue source <br /> tracks to a 1.4% increase over July, 1995 tax settlement revenue. <br /> I 2. License & Permits YTD revenue of$169,757 has already exceeded the <br /> annual budget 0[$156,650. Driving this positive variance are YTD <br /> . Building Permit revenues exceeding budget by $23,089 ($85,000 budget; <br /> $108,089 actual) and YTD Heating Permit revenues exceeding budget by <br /> $9,502 ($7,500 budget; $17,002 actual). <br /> I 3. Two significant state aid revenue items (HACA - $87,607; and Fireman's <br /> Relief Aid - $110,000) have not yet been received. YTD lntergovem- <br /> I mental revenues therefore do not track on a "run rate" basis. <br /> 4. YTD Miscellaneous Receipts includes $13,103 in equipment sale revenue <br /> I for two vehicles that were replaced in 1995 (P/W pickup & Parks dump <br /> truck). <br /> I 5. The Interest Income YTD credit of ($1 ,365) arises from the reversal of the <br /> 12/31/95 interest income accrual. <br /> I 101 Expenditures: <br /> .e 6. Expenditures in the elections department include $2,080 for voting <br /> matching maintenance. <br /> . <br />