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42 43 Information Technology Fund Summary – This fund is being merged with the general fund as part of 44 the 2024 budget process. The transfer is to the general fund based on revenues collected through June 45 30, 2024. 46 47 Community Development Fund – Revenues are currently tracking better than anticipated. However, 48 there is some seasonality in the various permits issued by Community Development. Expenditures are 49 tracking less than anticipated, but several expenditures occur later in the year. 50 51 Communications Fund Summary – Cable franchise fees are the largest revenue source for this 52 fund. Franchise fees are received a month after the end of the quarter, so there is a lag until year end 53 when we record accruals. Expenditures are below 50% as North Suburban Cable Commission 54 accidentally billed us for 5 quarters in 2023, so we will end 2024 under budget by one quarter. 55 56 License Center Fund Summary – The License Center revenues are tracking slightly above the 57 benchmark and expenditures are tracking slightly below the benchmark. If this trend continues, this fund 58 should end the year above the approved reserve level range of 10-15%. 59 60 Sanitary Sewer Fund Summary – The Sanitary Sewer Fund revenues and expenditures are near 61 expected levels. Capital expenditures and transfers will occur later in the year. Expenditures are 62 tracking slightly higher as we have seven months of MCES charges paid through June 30. 63 64 Water Fund Summary –Water Fund revenues and expenditures are near expected 65 levels. Expenditures can fluctuate during the year based on water consumption. Expenditures are 66 slightly lower due to only five months of St. Paul Regional Water invoices being paid through June 30, 67 2024. Capital expenditures and transfers will occur later in the year. 68 69 Storm Sewer Fund Summary – Storm Sewer Fund revenues and expenditures are near expected 70 levels based on the prior two years. Capital expenditures and transfers will occur later in the year. 71 72 Environment Fund Summary –The Environmental Fund revenues are running a bit below expected 73 due to the County grant not being received as of June 30. Expenditures are near expected levels based 74 on prior two years. 75 76 Golf Course Fund Summary – The golf course activity is seasonal in nature, which impacts both the 77 revenues and the expenditures in this fund. The revenues are running ahead of projections based on 78 the prior two years. 79 80 The City’s overall financial condition remains strong, and the Finance Department has not noted any 81 unexpected variances in the operating funds for the second quarter of 2024. Variances that have 82 occurred are noted and explained in the attached financial report. There are no budget adjustments 83 necessary at this point in time. 84 85 Policy Objectives 86 The information presented above satisfies the reporting requirements in the City’s Operating Budget 87 Policy. 88 89 Equity Impact Summary 90 There is no equity impact. 91 92 Budget Implications 93 Not applicable. 94 95 Staff Recommendations Page 2 of 3 Qbhf!241!pg!2:4