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MEMORANDUM <br />Date: April 18, 2007. <br />To: City Council. <br />From: Tom Kelly. <br />Re: 1st Quarter Financial Report. <br />The first quarter of the year is already completed. The City's 2006 audit is complete. <br />The audit process went fairly well considering the staff change over and number seam <br />consistent with past audits. The final audit reports are included with your agenda <br />packets. Turning to the first quarter 2007 financial records, the City has merged its <br />checking accounts down to one interest bearing checking account. Beginning in April <br />we will be printing checks from the State Auditor's financial package, which is the last <br />step in using the program to its fullest. First quarter revenues are above budget <br />projections, but below last years 1st quarter revenues. Expenditures are below budget <br />projections, and 2006 1 st quarter expenditures. Below are the General Fund's 1st quarter <br />revenue and expenditures; <br />2006 2007 2007 % Received <br />1 st Qtr Budget 1 st Qtr Spent <br />Revenues $30,641 $335,605 $20,382 6% <br />Expenditures $133,685 $335,605 $76,490 23% <br />2007 COMPARISON OF REVENUES TO EXPENSES <br />$400,000............. ------- ••--•--•--•-------- *......... ........... <br />$350.000-...........................................».................------............--------*---......._._._._.... <br />$250,000 <br />$200.000 ----.- <br />$150,000......... --------------------------------------------------------------- :...... ::....... »....................... ............. <br />$50,000------------------ ----------------------------- »------ ....»------ r ---------- .---- .....------- 0--- .---------- *... ..- <br />$0 <br />JAN.1 JAN.31 FEB. MAR. APR. MAY JUN. JUL. AUG. SEP, OCT. NOV DEC. <br />-.-07 REVENUES —a-07 EXPENSES <br />For the year the City has received only 6% of their revenue in the first quarter. The <br />revenue sources that are above their budget amounts are the liquor and tobacco <br />licenses, cable TV franchise fees and interest earnings. Permits are over budget but this <br />is due to the fact that permit revenues were not budgeted because they were paid out to <br />