Laserfiche WebLink
MEMORANDUM <br />Date:. June 26, 20.19 <br />To: Mayor and City Council <br />From: Tom Kelly, Treasurer <br />Re: First Quarter 2019 Financial Report <br />Better late than never, so mere is the first quarterfinancial report. The City's audit for 2018 is <br />also delayed by the auditors for some unexplained reason but.should be presented in July:and <br />the City was provided an extension to complete the audit by the State Auditor. With that said <br />the City's revenues are lower than normal for the first quarter and expenditures are where they <br />should be at this point in time, The key to the. City's finances are that even trough we are 25% <br />through the year, revenues and expenditures don't flow evenly though the year. There are <br />some one time expenditures which .are spent at the beginning of the year and expenditures for <br />snow plowing. activities which are spent during the first and fourth quarters of the year which <br />makes the City look like it may over spend. its budget but over the course of the year will actually <br />be in line with budgeted amounts:: Likewise on the revenue side the major revenue source is <br />property taxes and special assessments, which are received in July and December. Also sewer <br />billing revenues are only received once a quarter. Below is a chart comparing budget to actual <br />revenue and expenditures for the. years 20.18 and 2019. <br />Revenues <br />2018 <br />2018 <br />°/ <br />2019 <br />2019 <br />% <br />Budget. <br />Actual <br />Received <br />Budget <br />Actual <br />Received <br />General Fund <br />13,498.74 <br />34,614.74 <br />256.43% <br />19,946.25 <br />.130608.93 <br />68;23% <br />Special Revenue.Fds <br />86.25 <br />O.oa <br />cicm <br />119.75 <br />0.00 <br />0:00% <br />Debt Service Funds <br />19,123.50 <br />1,622,21 <br />8:48% <br />33,687.75 <br />587.80 <br />1.74%. <br />Capital Project Funds <br />15,892.50 <br />342.30 <br />2;15% <br />22;575.00 <br />37,266.1:2 <br />165.08% <br />Enterprise Funds <br />14,274.25 <br />11,105,36 <br />77;80% <br />16,732,50 <br />25,719.70 <br />153,71% <br />Total <br />62,875.24 <br />47,684.61. <br />75.84% <br />93,060.25 <br />7.7,182.55 <br />82.94% <br />Expenditures <br />2018 <br />2018 <br />0 <br />2019 <br />2019 <br />% <br />Budget <br />Actual <br />Spent <br />Budget <br />Actual <br />Spent <br />General Fund <br />105,811.74. <br />71;360:71. <br />67.44% <br />116,218.26. <br />66,040.60 <br />56;82% <br />Special Revenue Fds <br />0.00. <br />6.00 <br />O'DWI/. <br />00o <br />5,016.04. <br />debt Service Funds <br />19,263.75 <br />68,515.00 <br />355.6790 <br />26,358.50 <br />86,370.98 <br />327,68% <br />Capital Project Funds <br />o.bo <br />39,15433 <br />0.00% <br />0.00 <br />2,6.09.81 <br />0.00% <br />Enterprise. Funds <br />17,213.75 <br />6,890.2.6 <br />40M%i <br />.18;406:25 <br />10,158.16 <br />55:19% <br />Total <br />142,289.24 <br />185,920.30 <br />130.66%. <br />160, 983.01 <br />170;189.59. <br />105.72% <br />It should be noted that the budget amounts are for:one quarter of the fiscal year and the actual <br />is. year to date actual revenues collected or funds spent. The rest af.the report will detail the. <br />revenues and expenditures of each of six fund types. <br />GENEARL FUND: <br />For the. first quarter; revenues are near budget projections and expenditures are below budget,, <br />which is show in.future charts.. However the.chart on the following page shows how revenues <br />