HomeMy WebLinkAbout2010-11-17 PACKET 04.C.REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM #
DATE 11/17/10
Finance
Robin Roland
COUNCIL ACTION REQUEST:
Review quarterly financial report through September 30, 2010.
STAFF RECOMMENDATION:
For Council's information.
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ACTUAL AMOUNT
APPROVED
DENIED
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ADVISORY COMMISSION ACTION:
DATE REVIEWED
❑ PLANNING ❑
❑ PUBLIC SAFETY ❑
❑ PUBLIC WORKS ❑
❑ PARKS AND RECREATION ❑
❑ HUMAN SERVICES/RIGHTS ❑
❑ ECONOMIC DEV. AUTHORITY ❑
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an
'City Administrator Date
COUNCIL ACTION TAKEN APPROVED DENIED W / OTHER
H:\Council iterns\City Council Action Form.doc
City of Cottage Grove
Finance Department
TO:
Honorable Mayor and City Council
Ryan Schroeder, City Administrator
FROM:
4z'
Robin Roland, Finance Director
DATE:
November 1, 2010
RE:
September 30, 2010 Financial Report
T1T9-T*7rr4M-r1
Attached are financial reports giving budget to actual analysis for the General Fund, Special
Revenue and Enterprise funds for the nine months ended September 30, 2010 with
comparison data for the same period in 2009.
Discussion
General Fund
The budget to actual analysis is presented with Revenues by type and Expenditures by
division.
Total revenues are significantly less than 75% received for the year, as the first half property
tax settlement from the County came the first week in July but the second half won't come until
December. Other revenue sources including permits and charges for services are closer to or
exceed the 75% expected, however intergovernmental lags behind due police and fire aid not
being received until October. Investment income currently exceeds our total annual budgeted
amount due to stronger than anticipated revenues. Council will recall the conservative budget
for this line item due to staff's concerns about the investment market.
The Engineering division has been adjusted since June to apply the appropriate wage costs to
non-General fund projects.
Honorable Mayor, City Council, and Ryan Schroeder
Page 2 of 2
Special Revenue Funds
The Special Revenue Funds are presented as total revenues by fund and total expenditures by
fund, exclusive of transfers in or out.
Enterprise Funds
The Enterprise Funds are presented as total revenues by fund and total expenditures by fund,
exclusive of transfers in or out.
Enterprise funds are less volatile than Special Revenue funds and because they do not
depend on property taxes as a source of revenue, the assumption can be made that the
percentage of revenues received and expenditures expended should be closely related to the
percentage of time elapsed in the year. The only exception to this would be the Golf Course
fund which is of a more seasonal nature.
More detailed information on any of the funds operations is available from the Finance
department upon request.
• - • ,,
For information only.
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