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Shakopee City Council
September 19, 2023
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| | | | | | | | | FROM: | Nate Reinhardt, Finance Director | | TO: | Mayor and Council Members |
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| | | | | | | | Subject:
Monthly Financial Review - August 2023 | | |
| | | | | | | | Policy/Action Requested:
Review of August 2023 General Fund revenues and expenditures, and Community Center, Ice Arena and SandVenture year-over-year comparison. | | |
| | | | | | | | Recommendation:
Information Only | | |
| | | | | | | | Discussion:
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General Fund - August 2023 (see attachment)
Revenue variances (67% target)
- Taxes will remain below the budget target until the 2nd half settlement is received in December.
- Licenses and Permits have exceeded the full year budget targets and are currently ahead of last year's revenue.
- Intergovernmental is current 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.
- Miscellaneous is currently exceeding the full year budget target, primarily as a result of an increase in investment earnings.
Expenditure variances (67% target)
- In total, expenditures are at 67 percent, which is in line with the budget expectations through August.
- Finance department expenditures are currently ahead of budget targets, as a result of audit and assessment contract payments (one-time payments) that occur in the 1st half. It is anticipated the department will be within budget for the full year.
- The Building Inspections department is currently ahead of budget targets, primarily as a result of annual software costs paid in the 1st half. It is anticipate the department will be within the budget for the full year.
Community Center/Ice Arena/SandVenture - August 2023 (see attachment)
SandVenture
- Revenues for the year total $293k, which is up from the previous year and have exceeded the full year budget expectation of $192k.
Ice Arena
- Revenues for the year are at 62% of budget and ahead of last year through August by $92k.
Community Center
- Revenues are up from the previous year by $160k and are currently at 79 percent of budgeted annual revenues.
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| | | | | | | | Budget Impact:
No budget impact | | |
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