General Fund - March 2018 Review (See Attachment)

Revenue Variances (+/- 10% of 25% Target)

• After the first quarter of the year, General Fund revenues are trending in the right direction. If we ignore Taxes and Special Assessments, which are only received twice a year in June and December, other revenues are at 29 percent of budget.

Expenditure Variances (+/- 10% of 25% Target)

• The Mayor and Council division incurs a number of one-time costs at the front of the budget cycle and is anticipated to fall back within the variance parameters as the year progresses.
• Last month the Facilities division was exceeding the target range due to the operational change that took place on January 1. The Council approved a budget amendment at its last meeting moving operational maintenance and repair dollars from public works, police and fire to the facilities division. The budget amendment was a budget neutral change, and has allowed the facilities division to fall back within the target range. 

Community Center/Sand Venture& Ice Arena Year-over-Year Comparison - March 2018 (See Attachment)

Ice Arena revenues are slightly higher at this point in the year compared to this same time last year. This is largely due in part to the recognition of advertising revenue. In early 2017 a payment was made to the Shakopee Youth Hockey Association for their agreed upon share of advertising revenue. This check should have been classified as a 2016 payable as the coinciding revenue was recorded in 2016. Since it was not recorded in 2016, this 2017 expenditure reduces the net advertising revenue for the year. In effect our 2016 revenues were overstated slightly and our 2017 revenues are understated by the same amount. At the end of the day, this oversight washes itself out over the two years, 2016 and 2017.            

Ice arena expenditures are similar to this same time last year and are tracking with the 2018 budget.

Community Center/Sand Venture revenues are trending at about 29% of the 2018 budget, which is right in-line with our target at this point in the year.

Community Center/Sand Venture expenditures are higher than this time last year due to the facility not being fully functional until mid-summer. However, through March 2018 community center/sand venture expenditures account for approximately 17 percent of the budget. Individual line item expenditures will continue to be monitored as the year progresses.

Deferred membership revenue as of March 31, 2018 is $263,485 compared to $195,781 a year ago. This is direct result of strong annual membership sales throughout 2017 and into 2018.