General Fund - August 2020 (See attachment)

Revenue Variances (+/- 10% of 67% target)

• Property taxes will remain below the targeted amount until the city receives the 2nd half tax settlement.
• Special assessments is a negative amount due to the payments to Republic Services for delinquent garbage assessments.  Similar to last year, this account will be negative until we receive our second half tax payments.
• Intergovernmental revenues exceed the budgeted target as a result of Federal Cares Act Relief Funding.
• Charges for services are below budget due to the Community Center/Ice Arena/Sand Venture closures.
• Miscellaneous revenues are ahead as a result of investment income.

Expenditures Variances (+/- 10% of 67% target)

• In total, departmental expenditures are within the normal range and similar to last year's percentage through August.
• Finance expenditures are currently exceeding the targeted amount as a result of audit and assessing contract expenses occurring at the beginning of the year.
• Planning and development is exceeding the targeted amount as a result of small business grants from CARES Act funds.
• Inspections is exceeding the targeted amounts as a result of the purchase of Tyler building permit software.
• Recreational expenditures are down as a result of COVID-19 related programming reductions.

Community Center/Ice Arena/Sand Venture - August 2020 (See attachment)

SandVenture - will not open in 2020.

Community Center/Ice Arena - Revenues are behind in terms of budget targets and comparison to the previous year, primarily related to operations being closed and impacted by COVID-19.

COVID-19 Financial Impact (See attachment)

In July, the city received $3,127,073 of Coronavirus Relief Funds (CRF). Included is a memo that provides the detail of the city's submission of eligible expenditures through August 31.  The state modified their reporting form, requiring an additional breakdown (new categories) of eligible expenditures.  An additional revenue summary (not currently eligible for reimbursement) has been provided.