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MEMORANDUM
<br />Date* May 14, 2016
<br />To: Mayor and City Council
<br />From; Tom Kelly,. Treasurer
<br />Re. First Quarter 2016 Financial .Report
<br />The. City's audit for 2015 is nearly complete and the. first quarter of the fiscal. year is already
<br />complete. The C€ty's revenues and. expenditures are where they should be at this. point in time.
<br />The key to the City's finances are that even though we are 25% through the Year, revenues: and
<br />expenditures don't flow evenly. though the year. There are someone time expenditures which
<br />are spent at the beginning. of the year and expenditures for snow plowing act ivitles which are
<br />spent during the first and fourth quarters of the. year which makes the City look like it may over
<br />spend its. budget but over.the course of the year will actually be in line with budgeted amounts,
<br />Likewise on the revenue side the major revenue source is property taxes and special
<br />assessments,. which are received in July and Dpoernber. Also sewer billing revenues are.. only
<br />received once a quarter. Below is a chart comparing budget to actual revenue. and
<br />expenditures for the years 2016 and 2016,
<br />Revenues
<br />2015
<br />2015
<br />%
<br />2016.
<br />2016.
<br />%.
<br />Budget
<br />Actual
<br />Receivecl
<br />Budget
<br />Actual
<br />. Received
<br />General Fgnd
<br />251,932.00
<br />31,33S.18
<br />12.44%
<br />273,870.00
<br />3,137.48
<br />1.15%
<br />Special Revenue. Fd5
<br />615.00
<br />.0,00
<br />0.00%
<br />270.00
<br />0.00
<br />0.00%
<br />Debt Service Funds.
<br />94,091.00
<br />0.00
<br />0:00%
<br />85,418.00
<br />0.00
<br />0.00%
<br />Capital Project Funds,
<br />2,205.00
<br />0.00
<br />0.00%
<br />7,248.00
<br />0.00
<br />0.00%
<br />Enterprise Funds
<br />49,943:00
<br />13156312
<br />27.16%
<br />551750:00
<br />12,042.82
<br />21.60%
<br />Total
<br />398,776.00
<br />4096.30
<br />11.M/a
<br />422,456.06
<br />15,180.30
<br />M9%
<br />Expenditures
<br />201.5
<br />2015
<br />0/0
<br />2016
<br />2016
<br />%:
<br />Budget
<br />Actual
<br />Spent
<br />Budget
<br />Actual
<br />Spent _
<br />General Fund
<br />331,932.00
<br />75,656.09
<br />22.7996
<br />353,870.00.
<br />85,982.10
<br />24.30%
<br />Special Revenue Fds
<br />0.00
<br />.0.00
<br />0.00°%
<br />0.00
<br />0.00
<br />0.00%
<br />Debt Service Funds
<br />47,905.00
<br />31,877.50.
<br />66.540A
<br />46,47.9.00
<br />31,477.50
<br />67,72%
<br />Capital Project Funds.
<br />70,500.00
<br />12,991.32
<br />18.41°%
<br />552,600,00
<br />3,003.94
<br />0.53%
<br />Enterprise F.und5
<br />59,481•00
<br />6,200.05
<br />10.42%.
<br />68,113.40
<br />4,612.70
<br />6.77%
<br />Total
<br />509,818:00
<br />126,714.96
<br />24.85%
<br />1,031,062.00
<br />,125,076.24
<br />12.13%
<br />It should be noted that the budget amounts are for the fiscal year and the actual is year to date
<br />actual revenues collected or funds spent. The rest of the report will detail the revenues and
<br />expenditures of each of six fund types.
<br />GENEARL FUND
<br />For the first quarter, revenues are near budget projections:and expenditures are slightly below
<br />budget, which is show in future charts. However the chart: on the following page shows how
<br />revenues are beiaw expenditures .levels for the first quarter which is typical until the City
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