2004-04-28 Handouts - Laserfiche WebLink

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City of Centerviae Narrative for Interim Financial Statements Month Ended March 31, 2004 Attached are interim financial statements for the General Fund and Enterprise 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 do not reflect all financial transactions that will be recorded for the year. Accounting entries will be made after year-end to record accruals (payables and receivables) and will be reflected on a final report. Therefore, this report should only be used as a guideline until a final report has been prepared. General Fund Revenues: 1. Taxes Property tax revenues are received from the county in July, December and January. Therefore, there has been no property tax revenue to-date. 2. Intergovernmental State payments for police and fire aid will not be received until September or October. 3. Licenses and Permits Permit revenues are slightly above budget for the year. Whether or not Pheasant Marsh Phase III moves forward may make a difference in 2004 revenues. Permit revenues will begin to drop off as the City reaches full development potential. Next to taxes and intergovernmental revenue, permit revenue is the third largest source of city income. 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 Interest revenue is expected to come in at or above budget for the year. Monthly revenue will fluctuate as instruments come due. We continue to invest idle funds prudently. 6. Fines and Forfeits The City receives fine revenue a month behind, which explains the budget deficit in the fines and forfeits line item.