Discussion:
General Fund - April 2024 (see attachment)
This early in the year, the timing of one of two large receipts or payments tend to skew the variances.
Revenue variances (33% target)
- Taxes will remain below budget targets until the 1st half settlement is received in June.
- Fines and forfeits are currently exceeding budget targets. Court fine revenue has been dedicated towards paying prosecution costs, which previously the city would net court fine revenue with prosecution costs for accounting purposes. Based on auditor recommendation the City will be separating court fine revenue and prosecution expense. There is no net impact on overall cost, but will be more transparent for financial reporting purposes. Prosecution cost expenses are report in the Police department budget.
- Miscellaneous includes interest earnings on investments, which are tracking ahead of budget targets.
Expenditure variances (33% target)
- All departmental expenditures are within the normal range and similar to last year's percentage through April.