2011-04 Financials - Laserfiche WebLink

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City of Centerville April 2011 Financial Statement Analysis The summary below was derived from observations related to the City of Centerville’s monthly financial statements, which should be read in conjunction with the analysis below. The City of Centerville utilizes a fund accounting system consisting of a General Fund, Debt Service Funds, Other Governmental Funds and Enterprise Funds. Balance Sheet Assets Cash and Cash Equivalents: The City of Centerville ended the month of April with $6,025,105 in reconciled bank balances. A summary of the City’s cash account holdings is chronicled on the attached bank reconciliation sheet. The city accrued $15,122 in interest receivable at fiscal year end. Taxes Receivable: The City has tax receivables of roughly $93,168—delinquent taxes derived from balances remaining from 2004 through 2010. General Receivables: The City has receivables of roughly $47,392 at month’s end. Special Assessments Receivable: The City has special assessment receivables from various sources in the amount of $15,876—delinquent special assessments are derived from balances remaining from 2008 through 2010. Special Assessments Deferred: The City has future special assessment principal balances from various sources in the amount of $2,272,001. These are outstanding principal balances with annual payment schedules, which are then used to assist in the payment of there respective bond issues. Inventory: The City has roughly $3,411 worth of water meters that are held and distributed on a need basis. Land/Other Fixed Assets: The City has roughly $23,304,280 in land, infrastructure and other fixed assets (net of depreciation) at the end of fiscal year 2010. Liabilities Interfund Loans: The Sewer fund has loaned $448,828 to the General Fund, $1,108,312 to the Park Capital Project Fund, $110,000 to the Storm Water Fund and $371,334 to the 2009 B Bond fund—totaling $2,038,474. Long Term Debt: The City of Centerville has five outstanding bond issues as of 4/30/11—2005 A, 2007 A, 2009 B, 2009 A, and 2011 A. The total current debt (principal to be paid back in 2011) is $173,583. Total long term debt outstanding (principal to be paid back 2012 through 2025) is $11,640,585. The 2007A debt issue will be refunded on 6/1/11, reducing the short term and long term debt portions by $145,000 and $2,315,000, respectively. Fund Balance Fund Balance: The City of Centerville began fiscal year 2010 with a General Fund balance of $1,068,412 and has since (1/1/11 through 4/30/11) incurred an excess of expenditures over revenues of ($523,176)—leaving the City with a total General Fund balance of $545,236 at the end of April.