2009 04-21 CCP - Laserfiche WebLink

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MEMORANDUM Date: April 20, 2009 To: Gem Lake City Council From: Jessie Hart, Treasurer Re: 15} Quarter 2009 Financial Reports 2008 The 2008 audit is substantially complete. We hope to have the actual audit report available for presentation at the May meeting. Based on the preliminary data the General Fund ended the year with revenues and expenditures as follows: 2008 2008 2008 Budget Actual Variance Revenues $435,779 $442,354 ($ 6,575) Expenditures $435,779 $343,967 $ 91,811 Revenues exceeded the budget by approximately $6,500 in total and can be accounted for in several areas including building related permits, intergovernmental revenues and charges for services (facility rental). The 2008 budget was prepared prior to the change. in space rental by the Sheriff at Heritage. Hall which was substantially more than had bee originally budgeted. There several revenue line items that we under budget such as liquor licensing and tax collections which can be a direct result of the changing economy. Expenditures were under budget by approximately $92,000 and was due primarily to not spending monies budgeted for legal related to annexation issues and other professional services including some street maintenance projects not undertaken in 2008. The excess revenues combined with spending less than budgeted in expenditures was approximately $98,386 which is a direct increase in the General Fund fund balance, 2009 The first quarter of the year is already completed. Through the 1st quarter of the year the General Fund revenues are below anticipated levels, however so are. expenditures, Budgeted transfers to the City Hall Construction and Sewer Funds are included as of January 1st. Revenues are also above 2008 revenues as are expenditures