General Fund - May 2023 (see attachment)

Revenue variances (42% target)

• The 1st half property tax settlement, which will also include special assessments collected, will be received by the County in June.
• Licenses and Permits are tracking ahead of budget targets as a result of building permit revenues received through May.  The City received $1.1 million in May, which included larger permits for Lennar Multifamily permits for Emblem Shakopee.
• Intergovernmental is currently below budget targets, this is typical as the majority of grant revenue is received in the fall.
• Fines and Forfeit revenue revenue has exceeded the budget amount.  The City received a class action settlement payment of $17k from Monsanto for their role in impairments to the environment, including water bodies.

Expenditure variances (42% target)

• In total, expenditures are within the normal range and similar to last year's percentage through May.
• Finance department expenditures are currently ahead of budget targets, as a result of audit and assessment contract payments (one-time payment) that occur in May.

Community Center/Ice Arena/SandVenture - May 2023 (see attachment)

SandVenture

• SandVenture opened early June. 

Ice Arena

• Revenues are up from the previous year and are currently at 43 percent of budgeted annual revenues.

Community Center

• Revenues are up from the previous year and are currently at 50 percent of budgeted annual revenues.