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MEMORANDUM <br />Date: October 26, 201 B <br />To; Mayor and City Council <br />From: Tom. Kelly, Treasurer <br />Re: Third Quarter 2016 Financial Report <br />With the.third quarter safely behind us already. The City's revenues and expenditures are <br />where they should be at this point in time or a little below. The key to the City's finances are <br />that even though we are 75% through the year, revenues and expenditures: don't flow evenly <br />though the year. All debt payments have been made s❑ debt service expenditures. are 100% <br />spent, but snow plowing/sanding expenditures have not yet started for.the end of the year so <br />general fund is under budget. Below is a chart comparing budget to actual revenue and <br />expenditures for the years.2015 and 2016. <br />Revenues <br />2015 <br />2015 <br />% <br />2016 <br />2616 <br />% <br />.Budget <br />Actual <br />Received <br />Budget <br />Actual _ <br />Received <br />General Fund <br />251,932.00 <br />194,240.35. <br />75 91% <br />2.73,87.0.00. <br />_ <br />166,871.00 <br />60.9390 <br />Special. Revenue Fds <br />615.00 <br />286.12 <br />46.52% <br />270.00 <br />272.20. <br />100.819. <br />D0tService Funds <br />94,081:00 <br />46,356.71 <br />49.27% <br />4418.w <br />46,1)78.51 <br />53.94% <br />Capital Project Funds <br />2,205.00 <br />810.68 <br />36.77% <br />7,148.00 <br />29,783.91 <br />416:670/p <br />Enterprise Funds <br />49;943:6a <br />58,454.13 <br />117,04% <br />55,750.00 <br />43,739.76 <br />78.46%. <br />total <br />396,7.76.00 <br />201,147.99 <br />74,5.2% <br />422,456.00 <br />286,745.48 <br />67.88% <br />Expenditures <br />3015 <br />2015 <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 />226,247.24 <br />%15% <br />353;870.00 <br />242,537.79 <br />68.5496 <br />Special Revenue Fds <br />0.00 <br />0.0.0 <br />0.00% <br />0.00 <br />0.00 <br />0.00% <br />Debt Service Funds <br />47,905.00 <br />79,932.50 <br />164.77% <br />46,479.00 <br />39,917.50 <br />85:88% <br />Capital Project Funds <br />70,500.00 <br />75;A31.56 <br />107.00% <br />562,600.00 <br />323,983.04 <br />.57,57% <br />Enterprise Funds <br />59,481.00 <br />25,342.09 <br />4161% <br />580113,00 <br />23,253.52 <br />.34:14% <br />Total <br />509;818.00 <br />465;953.39 <br />79.63% <br />1,031,062.00 <br />629,591.85 <br />61,06% <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 five fund: types. <br />GBNFARLFUND <br />For the third quarter, revenues are still above budget projections and expenditures are below <br />budget, which is show n.future charts; However, the chart on the following page shows haw <br />revenues are below expenditures levels for the first three quarters of the. year which is due to <br />the second half property tax payment not being received until December. Also one. can see how <br />the City depends on reserves (cash balances) until that tax payments are received. <br />