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MEMORANDUM
<br />Date: July 12, 2022
<br />To: mayor.and City Council
<br />From: Tom Kelly, Treasurer
<br />Re: First Quarter 2022 Financial Report
<br />The City's audit for 2021 is almost complete and will be presented in August. With that being
<br />said, here is.a summary of the City's first quarterfin2ncial results: The City's revenues are
<br />higher than norm al,.but comparable to Last year's revenues for the first quarter and expenditures
<br />are where. they should. be at this point in time. The key to the City's finances are that even.
<br />though we are 25% through the year, revenues and expenditures do not flow evenly though the
<br />year. There are some one-time expen ditures,. whi ch are spent at the beginning of the year, and
<br />expenditures for snow plowing activities, which are spent during the first and fourth quarters of
<br />the year, which makes the City look like it may over spend its budget, but over the course of the
<br />year, will actually be in line with budgeted amounts. Likewise, on the revenue side the major
<br />revenue source is property taxes and special assessments, which are received in July and
<br />December. In addition, sewer billing revenues are only received. once a quarter. Below is a
<br />chart. comparing budget to actual revenue and expenditures for the years.2021 and 2022..
<br />ALL FUNDS
<br />Revenues
<br />2021
<br />2021.
<br />%
<br />2022
<br />2022o
<br />Budget.
<br />Actual
<br />R.ece'ived
<br />Budget
<br />Actual
<br />Received
<br />General Fund
<br />11,712.48
<br />15,73&04
<br />134,37%
<br />11,337.51
<br />20,880.58
<br />184.17%
<br />Special Revenue Fds
<br />100.00
<br />123.74 r
<br />123.74%
<br />40D.00
<br />137.37
<br />34.34%.
<br />Debt Service Funds.
<br />38,080.25
<br />308.08 r
<br />0.81%
<br />148,032.00
<br />337.32
<br />0,23%
<br />Capital Pro ject.Funds
<br />6,750.00
<br />1,300.67 r
<br />19:27%
<br />60,000.00
<br />1,153..83
<br />1A2%
<br />Enterprise. Funds
<br />17,68.7.50
<br />22,62&9.7 �
<br />127,94%
<br />83,340.00.
<br />19,280.92
<br />23.14%
<br />Total
<br />74,330.23
<br />40;099:50
<br />53.95%
<br />303,109.51
<br />41,790.02
<br />13.79%
<br />Expenditures.
<br />2021
<br />2021
<br />%
<br />2022
<br />2022
<br />%
<br />Budget
<br />Actual.
<br />Spent
<br />Budget
<br />Actual
<br />Spent
<br />General Fund
<br />30,774,06
<br />70,841.02
<br />23.0.20g5
<br />130,819.50
<br />87,883.14
<br />6T18.%
<br />Special Revenue Fds
<br />so0.00
<br />o.DO
<br />.0.00%
<br />1,250.00
<br />0.00
<br />0.00%
<br />Debt.Servi.ce Funds
<br />.32,816.25
<br />112,602.50
<br />343.1356
<br />32,465.00
<br />121,462.50
<br />374.13%
<br />Capital Project Funds
<br />0,00
<br />5,562.73
<br />0.00%
<br />27,500.00
<br />93,247.63
<br />MOM
<br />Enterprise Funds.
<br />45,022.50
<br />11,718.71
<br />26.03%
<br />45,597.50
<br />32;767.21
<br />71M
<br />Total
<br />109,112.81
<br />,200,724.96
<br />18196%
<br />237,62100
<br />335,360.48
<br />141.13%
<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 of the report will detail the
<br />revenues and expenditures of each. of.six fund types.
<br />GENERALFUND
<br />For the first quarter; revenues are above 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 />
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