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MEMORANDUM.
<br />Date: August 3, 201.6
<br />To: Mayor and City Caunc.i!
<br />From: Tom Kelly, Treasurer
<br />Re: Second Quarter 2016 Financial Report
<br />In June the City received a good report from the Citys auditors on the City's. 2015 audit and now
<br />the second quarter is complete, The City's revenues and expenditures are where they should
<br />be at this point M time: The key to the Cify's finances are that.even though we are 50% through.
<br />the. year,. revenues a.nd expenditures don't flow evenly though:the year. There are some one
<br />time expenditures which are spent:at the beginning of the year and expenditures for snow
<br />plowing. activities which are spent during the first and fourth.quarters`of the year which rhakes
<br />the City look like it may over spend its budget but over the. course of the year will actually be in
<br />Brie with budgeted amounts. Similarly, 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 recelved once; a quarter. Below is a chart. comparing budget to actual
<br />revenue and .expenditures for the years 2015 and 2016.
<br />ALLTUNDS
<br />Revenues
<br />2015
<br />2015
<br />%
<br />2016
<br />2016.
<br />%
<br />Budget
<br />Actual
<br />Re.cei.ved
<br />Budget
<br />Actual.
<br />Received
<br />General Fund
<br />251,932.40
<br />37,450.47
<br />14:8794,
<br />273,870.60
<br />36,845.39
<br />1145%
<br />Spesi.a! ReY.Pnue Fds.
<br />615.00
<br />148:73
<br />24.18%
<br />270,00
<br />42.90
<br />15,89%
<br />Debt Service Funds
<br />94,081:60
<br />25735
<br />0.27%
<br />85,418.00.
<br />136.17
<br />0116%.
<br />Capital Project Funds
<br />2,205.00
<br />475.18
<br />:21.58%
<br />7,148.00
<br />12.54
<br />0 18%
<br />Enterprise Funds
<br />49,943.00
<br />39,615.67
<br />79,32%
<br />55,750.00
<br />15;926.67
<br />28.57%
<br />Total
<br />398,776:00
<br />77,949.00
<br />19,55%
<br />422,456.00
<br />52,963.57
<br />12,54%
<br />Expendltures
<br />2015
<br />2b15
<br />%
<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 />15.9,496.13
<br />48.05%
<br />353,870.00
<br />181,735.45.
<br />51-%%
<br />Special Revenue Fds
<br />0.00
<br />p,q0
<br />010GI/O
<br />0.00
<br />0.00
<br />Debt.Service Funds
<br />47,905.00
<br />6.2,905.60
<br />131.31°I.
<br />46,479.00
<br />31,477.50
<br />67:72%
<br />Capital Project Funds
<br />70,500.00.
<br />57;707.15
<br />81,85%.
<br />562,60.0.0.0
<br />322,327.67
<br />.57.29%
<br />Enterprise Funds
<br />59,481,00
<br />15,488,09
<br />26.,04%
<br />68,11100
<br />13,666,51
<br />20,06%
<br />Total.
<br />509,81.8:60
<br />295;596.37
<br />51.98%
<br />1,031,062.00
<br />549,207.13
<br />53,27%
<br />It should be noted that the budget ar OUnts are for the fiscal year and the actual is year to date
<br />revenues collected and 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 second quarter, revenues are aboveb u dget. projections, as are expenditures, which is
<br />show in future charts. However, the .chart on the following page shows how revenges are below
<br />expenditures levels for the first. half of the year which is typical until the City receives its first half
<br />property tax.payment in July, Also one can see how the City depends on reserves (cash.
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