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MEMORANDUM <br />Date: May 13, 2015 <br />To: Mayor and City Council <br />From: Tom Kelly, Treasurer <br />Re: First Quarter 2015 Financial Report <br />One of the things I did as finance officer when I was at.the Township previously and at the City <br />of Monticello was to provide the Town Board/City Council with quarterly financial updates. The <br />City Council is ultimately responsible for the City's finances and having good internal controls in <br />place.. To aid in this responsibility it is my goal to resume these quarterly financial reports to the <br />City Council. The goal of the report is keep the Council informed on how the City's finances are <br />doing compared to budget and prior years and to inform the. Council of any unusual activity. <br />This is my first report and would welcome any feedback to improve future reports. <br />The first quarter of the year fly right by. The City's revenues and expenditures are where they. <br />should beat this point in time. The key to.the City's finances are that even. though we are 25% <br />through the year, revenues and expenditures don't flow evenly though the year. There are <br />some onetime expenditures which are spent at the beginning of the year and expenditures for <br />snow plowing activities which are spent during the first and fourth:quarters of the year which <br />makes the City look like it may over spend its budget but over the course of the year will actually <br />be in line with budgeted amounts. Likewise 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 received once a quarter. Below is a chart comparing budget to actual <br />revenue and expenditures for the years 2014 and 2015. <br />Revenues <br />2014 <br />2014 <br />% <br />2015 <br />2015 <br />% <br />Budget <br />_- Actual <br />Received <br />Budget <br />Actual <br />Received <br />General Fund <br />232,016.00 <br />41,083.06 <br />17.71% <br />251,932.00 <br />31,333.18 <br />12.441% <br />5pecial.Revenue Fds <br />515.00 <br />0.00 <br />0.009101 <br />615.06 <br />0.00 <br />0.009'a <br />Debt Service Funds <br />110,227.00 <br />0.00 <br />0.00•� <br />94 081.00 <br />O.OQ <br />0.000/0 <br />Capital Project Funds <br />18,832.00 <br />0.00 <br />0.00% <br />2,2.05.00 <br />0,00 <br />0.00%: <br />Enterprise Funds <br />48,5.55,00 <br />0,00. <br />0.001yo <br />49;943.00 <br />13563.12 <br />27.16% <br />Total <br />410,145.00 <br />41,083.06 <br />.10.02% <br />394,776.00 <br />44;896.30 <br />11.261/1a <br />Expenditures <br />2014 <br />2014 <br />%. <br />2015 <br />2015 <br />9'a <br />Budget <br />Actual <br />Spent <br />Budget <br />Actual <br />Spent <br />General Fund. <br />M8,133.00 <br />.79,386.69 <br />25.11% <br />331;932.00 <br />75,656.09 <br />22,79% <br />Special Revenue Fds <br />0.00 <br />0,00 <br />0:00% <br />0.00 <br />0.00 <br />0.00% <br />Debt Service Funds <br />48,505.00 <br />32;177.50 <br />66.34% <br />47,905.00 <br />31,871.50 <br />66.54% <br />Capital Project Funds <br />8,900.00 <br />0.00 <br />0.00%. <br />70,500.00 <br />12,981.32 <br />18.419S <br />Enterprise Funds <br />54,738.00 <br />7,100:52 <br />14m% <br />59,48L00 <br />6,200.05 <br />10,42% <br />Total <br />428,276.00 <br />119,264.71 <br />27.85% <br />509;818.00 <br />126,714.96 <br />24.85% <br />It should be noted that <br />the budget amounts are <br />for the fiscal year and the actual is year to date <br />actual revenues collected of funds spent. The <br />rest of the report will detail the <br />revenues and. <br />expenditures of each of six fund types. <br />