2004-01-14 CC Meeting - Laserfiche WebLink

Home Browse Search

4. Charges for Services Assessment searches and map sales are below average for the year. Since charges for services are a minor part of the budget, the overall impact is negligible. 5. Interest Accrued interest will be booked in an accounting entry after year-end. This will bring the City's interest earnings up to, or slightly above, budget. This was unexpected, as rates have fallen over the past year. However, we have been investing idle funds much more aggressively and we will continue to review the investment portfolio and invest prudently. 6. Fines and Forfeits Due to alcohol and tobacco sting activity, fine revenue is above anticipated budget for the year. December fines have not yet been received from the county. An accounting entry will be made to record the accrued December fines. 7. Miscellaneous Miscellaneous Revenue includes $2,376.25 in tipping rebate fees from Waste Management. These fees were not known and, therefore, not considered at budget time. 8. Refunds and Reimbursements The refunds and reimbursements line item contains items that do not have an affect on the City's budget, such as pass-through gambling funds. The amount shown includes a $2,018 workers' compensation premium refund from LMCIT, the receipt of$I,500 earmarked for defibrillators for the police department, and $12,500 in gambling funds for the fire department. 9. Transfers In Administrative costs and interest income were transferred to the General Fund when closing out the TIF 1-3 Fund. Expenditures: 1. Financial Administration The budget amount for audit services was cut in half from last year, which proved to be too optimistic. Cost- saving measures have been implemented, however, not all of those savings were realized this year. It is expected that additional savings will be realized next year, however, extra expenses will likely occur as a result of implementing GASB 34 and SAS 99. 2. Assessing Payment was made to Anoka County in February for this year's assessing. 3. Legal The legal budget was increased substantially this year and is approximately on target. December legal expenses will be added at year-end.