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Home My WebLink About4E, 3rd Quarter Financial ReportsARpENHILLs Request for Council Action Prepared By: Sue Iverson, Finance Director /Treasurer Council Meeting Date: October 25, 2010 Accept Third Quarter Financial Reports as Presented Budgeted Amount: N/A Actual Amount: N/A Funding Source: N/A Recommendation: 1. Motion to accept the 3 rd quarter financial reports as presented. Supporting Documents: 1. See the attached memo from Sue Iverson. 2. 3 rd quarter financial reports. DATE: October 25, 2010 Background/Discussion: Staff Recommendation: �EN HILLS MEMORANDUM TO: Honorable Mayor and City Council Patrick Klaers, City Administrator FROM: Sue Iverson, Finance Director /Treasure SUBJECT: 2010 3 Quarter Financial Reports Attached are 3 Quarter Actuals for 2010. Overall expenditures are running below budget estimates. Please remember that we receive 50% of our revenue from property taxes and will not received the 2 half until December. Governmental accounting is not done on an accrual basis, therefore the numbers reflect what was actually taken in as revenue or paid out as expenditures thru September 30, 2010. Accruals, deferred revenue adjustments, etc. are only done at year -end. Basically expenditures from operating activities are running below the budget estimates (except for the Administration Department due to severance packages, recruitment, acting pay, and additional help but the General Fund overall is running slightly below estimates), revenues are slightly below budget estimates. (Please note that the overall percentages look lower because property taxes, liquor licenses, etc are collected at year -end.) An Investment Portfolio has also been included with these financial reports. Per the Investment Policy, our Benchmark Rate is the 4M plus Rate. At September 30, 2010 this rate was 0.090% and our portfolio is averaging 2.506 All of our investments are in government secured or government backed deposits. The section listed at the top of the portfolio are the "liquid" investments that we can access at anytime. We are trying to stay diversified in this area and will be transferring between these accounts. We have had some of our high interest notes call and I am working on cash flows with the PMP and other CIP projects to determine how much I can invest and for what time periods. 17% of our funds are in the League of Minnesota Cities 4M Fund and 4M Plus accounts. Staff requests that Council accept the 3 Quarter Financial Reports. I I I 3, 840.00 4.080.00 I 1 I I 4,080.00 4.032.00 4,080.00 3.984.00 00'0 258,773.42 4.000% 4.250% %00Z't %09Z't' %096'i %09Z'I %099'Z %140T 00'000'96 00'000'96 00'000'96 00'000'96 00'000'96 00'000'96 00'0 OL'686`£69`8 %6 ov 6 %6 %0 %6L Heritge Bk of Comm Key Bank NA Morgan Stanely Bank GE Money Bank American Express Bank BMW Bank, Salt Lake City Sallie Mae Bank Fixed Rate Instruments 42721E -FZ -7 49306S -FS -0 61747M-NT-4 36159S-BW-0 02580V -AW -5 05568PMK0 795450 -LU -7 C) C) C3 C) C3 C3 aC Z 10/08/10 10/08/10 06/Z6/06 01./90/01- 06/6021. 0626/6 6 Lt./CO/90 10/08/08 10/08/08 10/08/08 10/09/08 11/12/08 12/01/08 06/03/09 Wells Fargo Advisors Wells Fargo Advisors 1 Wells Fargo Advisors Wells Fargo Advisors 1 Wells Fargo Advisors Wells Fargo Advisors Wells Fargo Advisors Sub -Total co' c‘i co co co co (.1 co cis c‘, co 0 co co 8 8 23 g2 g c co_ 25 0 0 VI 0) CS UD 3 4A. 09 4 co 4 N 8 7- 0 Lo 0 0 15 i5 2 8 ce 3 0 E aQ 0 0- a) 2 16 .4. ce 13 6 'First State Bank Union City TN Total Investments City of Arden Hills City -Wide Budget Summary Revenues Proposed Actual Balance YTD FY 2010 9/30/2010 Available of Budget Operating Revenue Mayor Council Elections Administration 3,178,811 1,595,293 1,583,530 50% Finance Support Services 40,307 2,079 38,228 5% Planning Zoning 59,600 53,879 5,721 90% Government Buildings 95,299 130 95,299 0% Public Safety 85,641 16,928 68,713 20% Emergency Management Protective Inspections 196,300 154,487 41,813 79% Street Maintenance 68,199 69,121 (922) 101% Park Maintenance 3,500 2,761 739 79% Recreation 88,500 90,238 (1,738) 102% Celebrating Arden Hills 15,000 5,919 9,081 39% Transfers Total General Fund 3,831,157 1,990,835 1,840,464 52% TCAAP 70,000 5,820 64,180 8% Cable Fund 83,000 44,010 38,990 53% Risk Management 15,000 27,545 (12,545) 184% Park Fund 849,126 43,464 805,662 5% Community Services 50,000 25,266 24,734 51% EDA General Fund 9,100 17,970 (8,870) 197% EDA TIF #3 Cottage Villas 21,687 (21,687) EDA Revolving Fund 4,000 1,453 2,547 36% EDA TIF #2 Round Lake 435,000 252,735 182,265 58% Total Special Revenue Funds 1,515,226 439,950 1,075,276 29% GO Tax Increment Bonds of 1998A 25 (25) Total Debt Service Funds 25 (25) Equipment, Bldg Replacement 10,000 10,000 0% Public Safety Capital 15,000 4,779 10,221 32% Capital Improvement Fund (PIR) 827,947 332,590 495,357 40% Total Capital Funds 852,947 337,369 515,578 40% Water 1,675,853 1,204,957 470,896 72% Sanitary Sewer 1,637,853 1,014,279 623,574 62% Recycling 173,100 74,362 98,738 43% Surface Water Management 522,321 341,825 180,496 65% Total Enterprise Funds 4,009,127 2,635,424 1,373,703 66% Total Operating Revenues 10,208,457 5,403,602 4,804,997 53% Other Financing Sources Mayor Council Elections Administration Finance Planning Zoning Government Buildings Public Safety Emergency Management Protective Inspections Street Maintenance Park Maintenance Recreation Celebrating Arden Hills Transfers Total General Fund TCAAP Cable Fund Risk Management Park Fund Community Services EDA General Fund EDA TIF #3 Cottage Villas EDA Revolving Fund EDA TIF #2 Round Lake 12,600 12,600 0% Total Special Revenue Funds 12,600 12,600 0% GO Tax Increment Bonds of 1998A 281,575 281,525 50 100% Total Debt Service Funds 281,575 281,525 50 100% Equipment, Bldg Replacement 183,000 1,200 181,800 1% Public Safety Capital 25,000 25,000 0% Capital Improvement Fund (PIR) 200,000 200,000 0% Total Capital Funds Water Sanitary Sewer Recycling Surface Water Management 408,000 1,200 406,800 0% Total Enterprise Funds Total Other Financing Sources 702,175 282,725 419,450 Prior Period Adjustment 40% Total Revenues $10,910,632 5,686,327 5,224,447 52% City of Arden Hills City -Wide Budget Summary Expenditures Proposed Actual Balance YTD FY 2010 9/30/2010 Available of Budget Operating Expenses Mayor Council 86,936 50,805 36,131 58% Elections 12,600 8,687 3,947 69% Administration 338,434 293,054 45,380 87% Finance Support Services 144,448 110,306 34,143 76% Planning Zoning 260,876 131,301 129,575 50% Government Buildings 240,711 120,181 120,530 50% Public Safety 1,308,900 988,677 320,223 76% Emergency Management 32,921 8,405 24,516 26% Protective Inspections 251,158 174,236 76,922 69% Street Maintenance 286,501 201,056 85,445 70% Park Maintenance 415,489 250,921 164,568 60% Recreation 215,784 162,023 53,761 75% Celebrating Arden Hills 25,000 15,182 9,818 61% Reserves /Contingency Transfers Total General Fund 3,619,758 2,514,832 1,104,960 69% TCAAP 70,000 15,948 54,052 23% Cable Fund 77,348 63,023 14,325 81% Risk Management 27,000 3,804 23,196 14% Park Fund 96,576 (96,576) Community Services 25,000 25,000 0% EDA General Fund 11,700 544 11,156 5% EDA TIF #3 Cottage Villas 1,000 1,673 (673) 167% EDA Revolving Fund EDA TIF #2 Round Lake 1,300 1,094 206 84% Total Special Revenue Funds 213,348 182,663 30,685 GO Tax Increment Bonds of 1998A Total Debt Service Funds Equipment, Bldg Replacement Public Safety Capital Capital Improvement Fund (PIR) Total Capital Funds Water 1,750,853 748,260 1,002,593 43% Sanitary Sewer 1,416,294 788,004 628,290 56% Recycling 172,989 84,039 88,950 49% Surface Water Management 336,853 142,454 194,399 42% Total Enterprise Funds 3,676,989 1,762,757 1,914,232 48% Total Operating Expenses Capital Outlay Mayor Council Elections Administration Finance Support Services Planning Zoning Government Buildings Public Safety Emergency Management Protective Inspections Street Maintenance Park Maintenance Recreation Celebrating Arden Hills Total General Fund TCAAP Cable Fund Risk Management Park Fund Community Services EDA General Fund EDA TIF #3 Cottage Villas EDA Revolving Fund EDA TIF #2 Round Lake Total Special Revenue Funds 7,510,095 4,460,251 3,049,877 59% (3,431) 3,431 86% (3,431) 3,431 3,000 2,314 686 77% 968,521 413,815 554,706 43% 10,000 10,000 0% 981,521 416,128 565,393 42% GO Tax Increment Bonds of 1998A Total Debt Service Funds Equipment, Bldg Replacement 171,468 64,257 108,814 37% Public Safety Capital 76,496 26,978 49,518 35% Capital Improvement Fund (PIR) 865,750 477,488 388,262 55% Total Capital Funds 1,113,714 568,723 546,594 51% Water 89,000 82,678 6,322 93% Sanitary Sewer 270,600 153,135 117,465 57% Recycling Surface Water Management 338,500 61,724 276,776 18% Total Enterprise Funds 698,100 297,537 400,563 43% Total Capital Outlay 2,793,335 1,278,958 1,515,980 46% Debt Service GO Tax Increment Bonds of 1998A Total Debt Service Other Financing Uses Mayor Council Elections Administration Finance Support Services Planning Zoning Government Buildings Public Safety Emergency Management Protective Inspections Street Maintenance Park Maintenance Recreation Celebrating Arden Hills Transfers TCAAP Cable Fund Risk Management Park Fund Community Services EDA General Fund EDA TIF #3 Cottage Villas EDA Revolving Fund EDA TIF #2 Round Lake 281,575 281,525 50 100% 281,575 281,525 50 100% 252,600 Total General Fund 252,600 252,600 0% 252,600 0% 281,575 281,525 50 100% Total Special Revenue Funds 281,575 281,525 50 100% GO Tax Increment Bonds of 1998A Total Debt Service Funds Equipment, Bldg Replacement Public Safety Capital Capital Improvement Fund (PIR) Total Capital Funds Water 43,000 43,000 0% Sanitary Sewer 62,000 62,000 0% Recycling Surface Water Management 38,000 38,000 0% Total Enterprise Funds 143,000 143,000 0% Total Other Financing Uses 677,175 281,525 395,650 42% Total Expenditures $11,262,180 6,302,260 4,961,557 56% Activity City of Arden Hills General Fund Summary 2010 Budget Proposed Actual Balance YTD FY 2010 9/30/2010 Available of Budget Taxes 101- 41300 -31010 Current Ad Valorem Taxes $3,016,465 1,327,788 1,688,677 44% 101-41300-31011 Payments in Lieu of Taxes 101- 41300 -31020 Delinquent Ad Valorem Taxes 20,000 36,489 (16,489) 182% 101 41300 -31030 Mobile Home Tax 7,500 1,116 6,384 15% 101 41300 -31040 Fiscal Disparities 120,029 (120,029) 101- 41300 -31510 Aggregate Removal Tax (1,082) 1,082 101 41300 -31910 Penalties Interest on Taxes 101- 41300 -31920 Forfeited Tax Sales Total Taxes 3,043,965 1,484,339 1,559,626 49% Licenses and Permits 101- 41300 -32110 Liquor, On Sale Sunday 32,500 23,820 8,680 73% 101-41300-32111 Liquor, Off Sale 950 (950) 101- 41300 -32160 Contractors 5,000 6,400 (1,400) 128% 101- 41910 -32170 Rental Regulation Fee 4,000 2,400 1,600 60% 101- 41300 -32180 Business Licenses 13,000 8,942 4,058 69% 101- 41300 -32181 Other Business Lic /Permits 3,465 (3,465) 101- 42400 -32210 Plan Review Bldg Permits 128,000 89,784 38,216 70% 101- 42400 -32220 Mechanical Permits 20,000 19,846 154 99% 101 42400 -32230 Plumbing Permits 10,000 5,813 4,187 58% 101- 41300 -32240 Animal Licenses 3,500 1,974 1,527 56% 101- 41910 -32250 Sign Permits 1,100 2,380 (1,280) 216% 101- 42400 -32260 Electrical Permits 20,000 21,219 (1,219) 106% 101 42400 -32270 Utility Permit Fees 300 5,499 (5,199) 1833% 101- 42400 -32275 Fire Suppression Permits 6,000 6,477 (477) 108% 101- 42400 -32278 Fire Permit Plan Check Fee 3,000 3,000 0% 101- 41910 -32279 Erosion /Grading Permit 1,500 2,975 (1,475) 198% 101- 41300 -32280 Other Nonbusiness Lic /Permits 1,520 (1,520) Total Licenses and Permits 247,900 203,464 44,436 82% Intergovernmental Revenues 101- 41300 -33402 Market Value Homestead Credit (61,774) (61,774) 0% 101- 41300 -33403 Mobile Home Homestead Credit 101- 41300 -33420 State PERA Aid 5,179 2,590 2,590 50% 101- 42100 -33416 Police Aid 44,000 44,000 0% 101- 43100 -33418 MSA Maintenance 67,649 68,559 (910) 101% 101- 41910 -33422 State Grants 101 41410 -33621 Other County Grants Aids Other Intergovernmental 55,054 71,149 (16,095) 129% Charges for Services 101- 41910 -34103 Zoning and Subdivision Fees 50 (50) 101- 41910 -34104 Plan Checking Fees 40,000 36,739 3,261 92% 101 41300 -34105 Sale of Maps and Publications 12 (12) 101 41910 -34106 Plat Other Fees 12,000 9,135 2,865 76% 101- 41300 -34108 Admin Chgs from other funds 24,281 24,281 0% 101- 41500 -34108 Admin Chgs from other funds 37,307 37,307 0% 101- 41940 -34108 Admin Chgs from other funds 95,299 95,299 0% 101- 41910 -34110 Zoning Permit Fees 800 800 0% 101 41300 -34120 Water Tower Antenna Rentals 62,260 54,175 8,086 87% 101- 41300 -34121 Other General Govt Charges 3,300 385 2,915 12% 101- 42100 -34202 False Alarms 2,000 400 1,600 20% 101 42100 -34206 Impound Fees 200 200 0% 101 42400 -34207 State Building Code Surcharges 8,000 5,849 2,151 73% 101- 42400 -34208 City Building Code Surcharges 1,000 1,000 0% 101- 45200 -34300 Park Facility Rental Fees 3,500 1,611 1,889 46% 101- 45120 -34730 Summer Playground Fees 12,000 12,484 (484) 104% 101- 45120 -34740 Summer Trip Fees (34) 34 101- 45120 -34781 Adult Programs 17,000 29,875 (12,875) 176% 101- 45120 -34782 Youth Programs 42,000 33,675 8,326 80% 101- 45120 -34785 Adult Softball 101- 45120 -34790 After School Programs 14,000 10,052 3,948 72% 101- 45120 -34791 Special Events Programs 3,500 2,136 1,364 61% 101- 41910 -34950 Other Charges for Services 200 200 100% Total Charges for Services 378,647 196,743 181,904 52% Proposed Actual Balance YTD Activity FY 2010 9/30/2010 Available of Budget Fines Forfeits 101- 42100 -35110 Highway Patrol Fines 10,000 525 9,475 5% 101- 42100 -35130 DWI Forfeitures 1,000 1,000 0% 101- 42100 -35140 Violations Bureau 23,000 15,003 7,997 65% 101-42100-35150 Tobacco Fines 100 (100) 101- 42100 -35200 Forfeits 5,441 900 4,541 17% Total Fines Forfeits 39,441 16,528 22,913 42% Miscellaneous 101 41300 -36210 Interest Income 40,000 5,387 34,613 13% 101- 41300 -36230 Contributions /Donations 3,600 581 3,019 16% 101- 41940 -36230 Contributions donations 101- 45120 -36230 Contributions donations 2,050 (2,050) 101- 45400 -36230 Contributions donations 15,000 5,794 9,206 39% 101- 41910 -36240 Developer Reimbursements 101- 41940 -36270 Developer Reimbursements 101- 41910 -36280 Other Miscellaneous Revenue 101- 43100 -36270 Miscellaneous Reimbursements 550 312 238 57% 101- 41300 -36270 Miscellaneous Reimbursement 4,000 722 3,278 18% 101- 41500 -36270 Miscellaneous Reimbursement 3,000 3,000 0% 101- 43100 -36275 Private Street Light Reimbursements 101- 42100 -36280 Miscellaneous Reimbursement 101 42400 -36280 Fire Inspection Reimbursement Total Miscellaneous 66,150 14,846 51,304 22% Total Operating Revenues 3,831,157 1,987,068 1,844,089 52% Other Financing Sources 101- 42100 -39101 Sales of General Fixed Assets 101- 45200 -39203 Transfer Operating Expenses Capital Outlay Total Other Financing Sources Total General Fund Revenue Total Operating Expenses Total Capital Outlay Total General Fund Expenses Revenue Over /(Under) Expenses $3,831,157 1,987,068 1,844,089 52% Mayor Council 86,936 50,805 36,131 58% Elections 12,600 8,687 3,947 69% Administration 338,434 293,054 45,380 87% Finance Support Services 144,448 110,306 34,143 76% Planning Zoning 260,876 131,301 129,575 50% Government Buildings 240,711 120,181 120,530 50% Public Safety 1,308,900 988,677 320,223 76% Emergency Management 32,921 8,405 24,516 26% Protective Inspections 251,158 174,236 76,922 69% Street Maintenance 286,501 201,056 85,445 70% Park Maintenance 415,489 250,921 164,568 60% Recreation 215,784 162,023 53,761 75% Celebrating Arden Hills 25,000 15,182 9,818 61% Reserves /Contingency Transfers 252,600 252,600 0% 3,872,358 2,514,832 1,357,560 65% Mayor Council Elections Administration Finance Support Services Planning Zoning Government Buildings Public Safety Emergency Management Protective Inspections Street Maintenance (3,431) 3,431 Park Maintenance Recreation Celebrating Arden Hills Transfers (3,431) 3,431 $3,872,358 2,511,401 1,360,991 65% (41,201) (524,333) 483,098 1273%