2002-06-12 CC Packet - Laserfiche WebLink

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. " r . City of Centerville Narrative for Interim Financial Statements Month Ended May 31, 2002 Attached are interim financial statements for the General Fund, Special Revenue Funds, Debt Service Funds and Capital Projects Funds for the City of Centerville. These reports are intended to illustrate how city operations are progressing financially during the year. The interim financial statements are unaudited and may not reflect all financial transactions that will be recorded for the year. Note: I have not included reports for the debt service, capital projects and special revenue funds because of the extensive amount of work that needs to be done to reconcile the capital projects fonds. Housekeeping transfers are being submitted to council at this meeting. At the next meeting, a report on the status of the capital projects funds will be ready. I will delay preparing regular budget reports for the other funds pending council's decisions with regard to issues relating to the capital project funds Please take note of the following: General Fund Revenues: 1. Taxes Property tax revenues are received from the county in June, November, December and January. The January settlement is accrued back to the previous year. Therefore, no property tax revenues are reflected on the interim statements as of the above date. 2. Intergovernmental The Intergovernmental Revenue Account includes a grant received from the DNR in the amount of $40,500 for an Acorn Creek Park project. The project was not in the 2002 budget because it was a reimbursement prior year expenses. Police State Aid will be received in September or October. The amount budgeted for police state aid is $15,000. There was no budget for Local Government Aid. 3. Interest Interest earnings are below budget and will most likely continue to be below budget throughout the year. Interest shown in this account consists of checking account interest only. Interest on investments is credited to a special interest fund and, under current policy, is distributed at year-end. 4. MisceUaneous The Refunds and Reimbursements line item includes a donation from the Centennial Fire Relief Association in the amount of $14,500. The money came from gambling proceeds and was passed on to the Centennial Fire Department.