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MEMORANDUM
<br />Date: July 13, 2015
<br />To: Mayor and City Council
<br />From: Tom Kelly, Treasurer
<br />Re: Second Quarter 2015 Financial Report
<br />In June the City received a good report from the City's auditors on the-City's-2014 audit and it
<br />also received the I5' quarter financial report. It now July and the second quarter is now
<br />complete, The City's revenues and expenditures are where they should be at this point in time.
<br />The key to the City's finances are that even though we are 50% through the year, revenues and
<br />expenditures don't flow evenly though the year, There are some one time expenditures which
<br />are spent at the beginning of the year and expenditures for snow plowing activities which are
<br />spent during the first and fourth quarters of the year which makes the City look Iike it may over
<br />spend its budget but over the course of the year will actually be in line with budgeted amounts.
<br />Likewise on the revenue side the major revenue source is.property.taxes and special
<br />assessments, which are received in July and December.. Also sewer billing revenues are only
<br />received once.a quarter. Below is a chart comparing budget to actual revenue and
<br />expenditures for the years 2014 and 2015.
<br />All Funds
<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 />69,429.07
<br />29.92%
<br />251,932..00
<br />.37,450.47
<br />14.87%
<br />Special Revenue.Fds
<br />515.00
<br />148.90
<br />28.91%
<br />615.00
<br />148.73
<br />24,18%
<br />Debt Service. Funds
<br />110,227.00
<br />10,7.12..17
<br />9 72%
<br />94,081.00
<br />257135
<br />0.27%
<br />Capital Project Funds
<br />15,832.00
<br />540:.81
<br />2.87%
<br />2,20100
<br />475.78
<br />21:59%.
<br />Enterprise Funds
<br />48,555;00
<br />34,839.82
<br />7.1,75%
<br />49;943,00
<br />39,616.67
<br />79.82%
<br />Total
<br />410,145.00
<br />115,.670.77
<br />28:20%.
<br />3H,776.00
<br />77,949..00
<br />19.55.0/6
<br />Expenditures.
<br />2014
<br />2014
<br />%
<br />2015
<br />2015
<br />%
<br />Budget
<br />Actual
<br />Spent
<br />Budget
<br />Actual
<br />Spent
<br />General Fund
<br />316013.3.00
<br />176,268.21
<br />55.760/a
<br />331,932.00
<br />159,496.13
<br />48.05%
<br />Special Revenue Fds
<br />0.00
<br />0.00
<br />0,000/0
<br />0.00
<br />0.00
<br />.0.00%
<br />bebtService :Funds
<br />48,505.00
<br />48,505.00.
<br />100.0C%
<br />47,905.00
<br />62,905.00
<br />131.31%,
<br />Capital .Proje.ct Funds
<br />8,900.00
<br />0.00
<br />0.00%
<br />70,500.00
<br />57,707.15
<br />81.85%
<br />Enterprise Funds
<br />54,738.00
<br />13,579.17
<br />24.81%
<br />59,481,00
<br />15,488.09
<br />26:04%
<br />Total
<br />428,N6.00
<br />23.8,352.38
<br />55.6504
<br />509j818.00
<br />295,596.37
<br />57.98%
<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 of funds spent. The rest of the report will detail the revenues and
<br />expenditures of each. of six fund types.
<br />GENEARLFUND
<br />For the second quarter, revenues are still slightly above budget projections and expenditures
<br />are slightly below budget, which is show in future charts; However the chart on the following
<br />page shows how revenues are below expenditures levels for the first half of the year which is
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