Information #2 10-16-2023Information
Memorandum
To: Mayor and City Council
From: Lori Stich, Finance Manager
Date: October 16, 2023
Subject: September 2023 Monthly Financial Report
This report is designed to provide summary information regarding the overall level of revenues and
expenditures in the General Fund, the Multipurpose Facility Special Revenue Fund, and the
Enterprise Funds. These funds provide an important picture of the city’s financial health.
For the month of September, actual revenues (excluding property taxes and transfers in) and
expenditures should run about 75% of the annual budget. It is natural for some of the items to vary
from month to month, such as exceeding budget for Supplies but being below budget for Services.
This is not considered serious as long as the total expenditure budget amount is not overspent.
Significant variances from budget are highlighted below accompanied with a general discussion for
the variance.
GENERAL FUND
Revenues:
License & permit collections are about 86% of budget estimates. September collections were
mainly building-related permits and rental licenses.
Charges for services are 96% of estimates with the third quarter school liaison overtime,
recreation fees and plan check fees making up most collections in September.
Court fines which lag a month are about 90% of budget estimates including August
collections received by the county.
Transfers in consist of ERMU’s 4% August monthly electric revenues.
Expenditures:
Total departmental expenditures are about 70% of budget and most departments are within
or below budget estimates.
Jan 2023 Monthly Expenditures$ THOUSANDS $25,000$20,000$15,000$10,000$5,000$0$20,490$18,783$17,075$15,368$13,660$11,953$10,245$8,538$6,830$5,123$3,415$1,708Budget$14,243$12,318$10,571$8,912$7,386$6,0
10$4,615$2,819$1,502ActualDecNovOctSepAugJulJunMayAprMarFeb
MULTIPURPOSE FACILITY
Through the end of September, expenditures of $1,260,127 exceed revenues of $1,008,870 by
$251,257. The majority of September collections consist of advertising, sponsorships, ice rental and
facility rental while expenditures are primarily attributable to personal services and utilities.
ATTACHMENTS
General Fund Revenue & Expense Report
Multipurpose Facility – Budget to Actual
Enterprise Funds – Budget to Actual
Cash Report – All Funds
CITY OF ELK RIVER
MULTIPURPOSE FACILITY - BUDGET TO ACTUAL
MONTH ENDED SEPTEMBER, 2023
Current Year to Date% of
BudgetActual Budget
Revenues:
Ice Rental$830,000$451,85054.44%
Admissions 40,00023,02757.57%
Dry Floor Events/Craft Shows 5,0008,081161.62%
Facility Rental 238,100124,38252.24%
Advertising/Naming Rights/Sponsorships 168,00073,85043.96%
Recreation fees (Skating/Hockey)175,000184,326105.33%
Concessions/vending 110,00084,34476.68%
Other Revenues (interest, etc.)13,90059,011424.54%
Use of Fund Balance 100,35000.00%
Total Revenues$1,680,350$1,008,87060.04%
Operating expenses:
Personal services$917,800$712,98077.68%
Supplies 102,850118,500115.22%
Other service charges 457,700428,64693.65%
Capital Outlay 202,00000.00%
Total Expenditures$1,680,350$1,260,12774.99%
Revenues over/(under) expenditures$0($251,257)
FTCenter
September 2023
Budget, $1,680,350 Budget, $1,680,350
$1,800,000
$1,600,000
Actual
$1,400,000
$1,260,127
Actual
$1,200,000
$1,008,870
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
Total Revenues Total Expenditures