General Fund - May 2022 (see attachment)

Revenue variances (+/- 41.7% target)

• Taxes and special assessments will remain below budget targets until the first half tax settlement is received in June.
• Licenses and permits are exceeding the budget amount as a result of building permit revenue received through May.
• Miscellaneous includes investment earnings, with rising interest rates in 2022 the City currently has a large unrealized loss which is not reflected.  This adjustment occurs at year-end.

Expenditure variances (+/- 41.7% target)

• Total General Fund expenditures are within the normal range and similar to last year's percentage through May. 
• The Finance Department is currently ahead of the budget target at this point in the year as a result of the timing of the annual assessment contract paid in May and annual audit.  The Finance Department is expected to be in line with budget expectations for the full year. 

Community Center/Ice Arena/SandVenture - May 2022 (see attachment)

SandVenture - Opened June 10th.

Community Center/Ice Arena - Revenues are in line with targeted budget expectations.