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CASE# Fe-/., GENERAL FUND INTERIM FINANCIAL REPORT AS OF OCTOBER 31, 1995 - ACTUAL COMPARED TO BUDGET By: Jessie Hart, Finance Officer Attached for your review is the General Fund Interim Financial Report as of October 31, 1995. This report reflects all year-to-date activity in the General Fund. As of October 31, 1995, expenditures exceeded revenues by $258,647. Due to the timing of property tax and state aid settlements, it is not out of the ordinary to experience this type of cash flow during this time of year. The second half property taxes and state aids will be received in December to offset this negative cash flow. Revenues: General Fund revenues as of October 31, 1995 were $1,848,961 or 63% of projected 1995 totals. Most of these revenues consisted of the first half 1995 state aid and property tax settlements, building permits and related charges, court fine collections and the MSAS maintenance for 1995. The average percentage of budget received through October is approximately 83%, of which we were at 63% in revenue collections through October. Interest will be allocated at year-end based on average cash balances. Expenditures: Total General Fund expenditures at October 31, 1995 were $2,123,416 which is 73% of the 1995 budget as compared to the average of83% after ten months. The budgeted expenditures have not been amended to reflect any amendments approved by City Council during the year. Keeping in mind that workers compensation insurance and general liability insurance has not yet been distributed to the various cost centers for 1995, most cost centers were at or below the average of 83% after ten months. Committee Actions: For discussion purposes only. Reviewed By: Copies also distributed to: City Administrator Finance Officer Department Heads and Supervisors Fe: 11/28/95