2005-07-13 CC Packet - Laserfiche WebLink

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CITY COUNCIL MEMO Date: July 7,2005 To: Mayor, City Council & Staff From: John W. Meyer - Finance Director Aqenda Item - Financial Statement and Budqet Report Attached with your agenda packet is the financial statement/budget report for the month of June and the first half of 2005. Revenues Revenues do not reflect the first half property tax distribution that occurred on July 5, 2005. This distribution totaling $953,539.95 included property taxes ($823,019.49), bond levies and delinquencies ($130,520.46). With this property tax distribution, revenues for the first half of 2005 will be at 55.39% of budget. The revenue item falling short of budget was fines and forfeits. I will need to investigate this shortage. The city will see some unexpected revenue from the $75,000 Community Development Block Grant. These grant funds can replace $40,000 of the $50,000 budgeted for downtown redevelopment planning. In addition, canceling non-liability insurance on the Turcotte property saved the city $3,064. Expenditures Expenditures reflect spending at slightly above 50% (52.24%). The majority of this additional spending is attributed to the $153,074.20 payment to the Fire Department for Relief Aid. This payment is a direct pass through but above the budget because the Fire Department did not receive this aid in 2004. In addition, one time payments for assessing and auditing services as well as insurance also contributed to spending slightly above 50%. The 2005 Budget includes $25,000 for technology improvements. Since the beginning of the budget year, the city has spent $3,389.05 for technology improvements. The water fund other equipment budget line item reflects payments for the water tower construction. The city elected to fund this improvement from reserves rather than issue debt. -<//