2007 07-17 CCP - Laserfiche WebLink

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MEMORANDUM Date: July 3, 2007. To: City Council. From: Tom Kelly. Re: 2"d Quarter Financial Report. The year is half over already. Through the 2"d quarter of the year the General Fund revenues are above anticipated levels, however so are expenditures. Revenues are also above 2006 revenues and expenditures are below 2006 expenditures, Below are the General Fund's 2"d quarter revenue and expenditures; 2006 2007 2007 % Received 2nd Qtr Budget 2°d Qtr Spent Revenues $155,933 $335,605 $197,073 59% Expenditures $268,770 $335,605 $215,391 64% 2007 COMPARISON OF REVENUES TO EXPENSES S400.000 T.. ......... ......... S350.000................................................................................ $300.000............................................... $250 000....................................................................................................................... $200000 $150.000 $100.000 S50.000 $0 6— JAN 1 JAN 31 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC —o--07REVENUES—a-07EXPENSES For the year the City has received 59% of their revenue in the first quarter. The City received its tax settlement advance from Ramsey County in June, which is the main reason revenues levels are as high as they are The City certified a debt levy of $100,000, which was not included as budgeted revenues or expenditures.. The City received $48,450 for this debt levy in June, which I have placed in the General Fund. The revenue sources that are above their budget amounts are the liquor and tobacco licenses, cable TV franchise fees and interest earnings. The City has already collected $737 more in interest earnings than it budgeted in the general fund, So far the City has collected interest earning of $2,237 compared to $3,604 in all of 2006. Permits are over budget but this is due to the fact that permit revenues were not budgeted because they