Title
Third Quarter Financial Update
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Summary and Background Information:
· This presentation is in response to the City Council's desire for periodic financial updates.
· Over-all the real revenues are slightly over 75% of the budget 75% of the way through the year.
o Some revenues are under budget & others are over budget
o We continue to monitor them
· Expenditures also are slightly ahead of budget at 76%
· We have not made some of the transfers from various fund balances but have transferred in the $5,696,500 from the 2010 one-time revenues that was in-turn transferred to the CIPP
· Expenditures exceed real revenue plus the one-time revenue transfer by $516,960. The most significant reason for that is the Police Department's search of the landfill (over $600,000). Unless revenues come in faster than expenditures during the fourth quarter we will need to actually transfer in money from one or more of the other funds as budgeted. We have avoided that in the past and want to avoid it this year if possible.
Staff Responsible (Department Head): Roger Tinklenberg
Staff Member Presenting: Roger Tinklenberg
Financial Impact: None
Funding Source: N/A
Staff Recommendation: This is only for information.