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MEMORANDUM
<br />date. August 9, 2023
<br />To: Mayor and City Council
<br />From: Tom Kelly, Treasurer
<br />Re: Second Quarter 2023. Financial Report
<br />The City's audit is complete and the 2"d quarter is also over. The year is flying by. The City's
<br />General Fund revenues are above budget and expenditures are below budget. Part of the
<br />reason revenues are above budget is business- and. iiquor licenses, along with the SCORE
<br />Grant and Cade Franchise Fees already exceeding their 2323.budget. The bad news. is these
<br />are one-time fees paid at the beginning of the year and have been. paid. The key to the City's
<br />finances are that even though we are 50% through the year, revenues and expenditures do not
<br />flow evenly though the year. There are some one-time expenditures,. which are spent at the
<br />beginning of the year, and expenditures for snow plowing activities, which are:spent.during the
<br />first and fourth.ouarters of the year, which makes the City look like it may over or under spend
<br />its budget, but over the course of the year, will actually be in line with budgeted amounts.
<br />Likewise, on the revenue side sewer and water billing. revenues. are.only received once a
<br />quarter. Below is a chart comparing budget to actual revenue and expenditures for the years
<br />2023 arid 2022..
<br />ALL FUNDS
<br />Revenues
<br />2022
<br />2022.
<br />9b
<br />2023
<br />2023
<br />%
<br />Budget
<br />Actual
<br />Received
<br />Budget
<br />Actual
<br />Received
<br />General Fund
<br />22;675.02
<br />42,563.48
<br />187:71%
<br />27,430.98
<br />40,856.75
<br />148.9496
<br />Special Revenue Fds
<br />200.00
<br />15,237.69
<br />7618.85%
<br />200.00
<br />810.57
<br />405.29%
<br />Debt Service Funds
<br />74,016.od
<br />552,26
<br />0.7.5%
<br />71,584.00
<br />1,Y96.35
<br />2.43%
<br />Capital ProjectFunds
<br />30,00D.00
<br />21,903.47
<br />72.68%
<br />280500.00
<br />25,378.18
<br />89;05%
<br />Enterprise Funds
<br />41;670.00.
<br />5.4,951.29
<br />131.87%
<br />40,650.00
<br />46,942.69
<br />115.48%
<br />Total
<br />168,561.62
<br />135,108.16
<br />80.15%n
<br />164,364.98
<br />.115,724.58:
<br />68.73%
<br />Expenditures
<br />2022
<br />2022
<br />%
<br />2022
<br />202.2
<br />°%
<br />Budget
<br />Actual
<br />Spent
<br />Budget
<br />Actual
<br />Spent
<br />General Fund
<br />26.1,639.00
<br />222,061.51
<br />M879/.
<br />337;414.50
<br />259,14120
<br />76.51%
<br />Special Revenue Fds
<br />2,50010.0
<br />0.00
<br />0.00%
<br />2;500.00
<br />0.00
<br />0:00%
<br />D.ebtService Funds
<br />64,930.00
<br />121,462.50
<br />187:07%
<br />68,614.50
<br />134,028.75
<br />195.34%
<br />Capital Project Funds
<br />55;000.00
<br />93,247.63
<br />0.001/0
<br />55,000.00
<br />0.40
<br />0.00%
<br />Enterprise Funds
<br />91,175.00
<br />57,378.50
<br />62,93%
<br />80,500.00
<br />A4,719,74
<br />18:29%
<br />Total
<br />475,244,00
<br />494,150.14
<br />103.98%
<br />544;029.00
<br />406,891.69
<br />74.79%
<br />It should be noted that the budget amounts are for half the. year's budget and the actual is year
<br />to state. The rest of the report will detail the revenues and expenditures of each of six fund.
<br />types.
<br />.GENERAL FUND
<br />For. the. second quarter, revenues are above budget projections and expenditures are below
<br />budget, which is show. 1n future. charts. However, the chart on. the following page shows how
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