2007 10-16 CCP - Laserfiche WebLink

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MEMORANDUM Date: October 15, 2007 To: City Council From: Jessie Hart Re: 3rd Quarter Financial Report. The year is three-quarters over already. Through the 3rd 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 3rd quarter revenue and expenditures; 2006 2007 2007 % Received 3d Qtr Budget 3rd Qtr Spent Revenues $231,699 $335,605 $258,059 77% Expenditures $429,230 $335,605 $282,068 84% 2007 COMPARISON OF REVENUES TO EXPENSES W0.000 T.............................................................................. ... .......... ....................... ............ $350.000 I..................................................................................................................................... $300,000 f.............. - -1 OCT NOV DEC For the year the City has received 77% of their revenue through the third quarter. 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 $2,000 more in interest earnings than it budgeted in the general fund. So far the City has collected interest earning of $3,429 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 were paid out to the inspector. Under the State Auditor's financial program you record all the revenues in revenue accounts and any expenses are to be spent from expenditure accounts, In addition the agreement with the Township is for the City to