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Case # <br /> <br />GENERAL 1992 FUND REVENUES AND EXPENDITURES <br /> By: Sandra Ashley Helling, Finance Officer <br /> <br />Background: <br /> <br />The Finance Office is currently nmking final adjusting entries to the City's General Fund ledger. <br /> <br />Expenditures: <br /> <br />The expenditure accrual is not closed for sixty days after year-end, and as we are still receiving invoices for 1992 <br />services and purchases, the final slams of expenditures versus budget will be available within a few days of <br />February 28. But for planning purposes, expenditures do not exceed the amended 1992 budget. <br /> <br />Revenues: <br /> <br />Closing entries are in process, but as of this writing the follow revenues significantly exceed budget: <br /> <br />Building permits and plan check fees <br />LGA and area wide distribution <br />Airport reimbursement and primary <br />Other licenses and permits <br /> Favorable Total <br />Less designated for wansfer out <br /> Favorable Total <br />Bad debt write off for Atlas Incinerator <br />Additional bad debt reserve requffed <br /> for Fire Bills <br /> <br />$163,000 <br /> 48,000 <br /> 38,000 * <br /> 13.000 <br />$262,000 <br /> (38.000)* <br />$224,000 <br /> (2,000) <br /> <br />(13.000~ <br /> <br /> Favorable Total $209,000 <br /> <br />While other revenue lines have variances, none are significant and they tend to offset one another. <br /> <br />With expenditures within budget and revenues providing a net favorable variance of $209,000, the Finance <br />Committee may want to consider amending the General Fund Budget to provide for transfers to appropriate City <br />funds such as the Equipment Replacement Fund, Self-funding Insurance, Park Trust Fund and possibly others. <br /> <br />Observations: <br /> <br />Prior to developing a budget amendment, the Finance Committee will want to confh'm the status of expenditures <br />and verify the final revenue numbers. On your agenda this evening it is suggested the Finance Committee schedule <br />a meeting for March 9 to review the final numbers. At that same meeting the Committee could finalize any budget <br />amendments they may want to recommend to the City Council. <br /> <br />Finance Committee Action: <br /> <br />Based on discussion. <br /> <br />Review Checklist: Copies also distributed to: <br /> <br />City Administrator <br />Finance Officer <br /> <br />City Engineer <br />Fire Chief <br />Police Chief <br /> <br />FC: 2~3~3 <br /> <br /> <br />