CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Receive the 2024 First Quarter Financial Report
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DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Deputy Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
The Finance Department monitors revenues and expenditures throughout the year to identify trends that impact the annual budget and Capital Improvement Program (CIP). Regular financial reporting informs the City Council and the public on important issues related to the City's finances, including discussions around short-and long-term financial strategies.
This month's report focuses on the City's first quarter (Q1) budget performance and proposed actions at the state level that could impact future revenues.
The accompanying PowerPoint presentation will be distributed with the Agenda Q&A on Monday, May 6.
DISCUSSION:
Through the first quarter, budget performance aligns with expectations in most areas. Due to the budget's size and complexity, revenues and expenditures are summarized according to three major fund categories: Maintenance and Operating, Capital and Debt Service, and Special Funds.
Staff measures year-to-date revenues and expenditures against three milestones: the full-year budget, a monthly projection based on five years of historical data, and the prior year's year-to-date actual. These three measures allow for the budget to be analyzed against a single point in time (last year) and a longer time.
Revenues
Revenue through the first quarter across all funds totaled $108.48 million. This is a 2.6% increase over the same period in 2023, but 4.1% lower than the current year projection of $113.14 million. While major revenue streams remain consistent with projections, some revenues are performing below expectations. Revenues in the Special Funds exceeded prior year actuals by 57%. The variance is a result of the new quarterly transfer to the Naper Settlement Fund from the Food and Beverage Fund, as well as the timi...
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