2009-07-22 CC Set Agenda & Handouts

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'L<wUi'.<iie,{ 18-'7 City of Centerville June 2009 Financial Statement Analysis Prepared July 15th, 2009 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. Staff reviewed the procedures and underlying supporting documentation available in the areas discussed below and evaluated the key factors used to develop the actual historical data and projected fiscal year budgets in determining that they are reasonable in relation to the financial statements taken as a whole. Balance Sheet Assets Cash and Cash Equivalents: The City of Centerville ended the month of June with a reconciled checking account balance of $15,952 and an investment holdings balance of $3,582,724. A summary of the City's cash account holdings is chronicled below: Main Checking............."......... ........................ ....................... .................................. $484,483 Less Outstanding Checks......... ......... ...... .... "... ...... ..,... ......,........ ........ ......" ........ ..."", ...$(391,847) Flex Savings..........,... .............".......... ...................... ....................... .....................,. $173,309 12 Month CD .... ..... ".." ......."". .............. .......... ..... ....."..... ....... ........... ...... ...... .............,,$921 ,013 12 Month CO.... ....................... ........................ .............................................. .......... $350,000 CDARS............................................ ........................ ...................... ......n..."............. $1,170,856 CDARS.... ...... ............ ..... ...... ......."...... .................. ......... ... ........... ...... ..... ................. $622,437 Money Market... .... ..... ....... ..,... ..... .... ............. ...... ...... ............. ....................... .. .......... $1,105 CD - Capital One........................... .................... ................,....... ........................ ..... $90,000 CD - Doral Bank........, ............"........... ..................................".......... ...................... $96,000 CD - Cltl Bank........... ......................... ......................,............................................... $62,000 CD - Discover Bank.............. ........................................................................ ............ $96,000 Total. ........ ............ ................... .. ........ ...... ....... . .................. .......... ......... ......... ..........$3,675,360 It should also be noted that $42,008 was accrued as interest receivable in relation to these held securities. The City also has $50,000 in depository funds being utilized at Twin Cities Community Capital Fund in order to help provide the financing needs of the communities businesses. Receivables: The City has a receivable of roughly $41,800 in relation to downtown EAW. Interfund Loans: The Sewer fund has interfund loans with the General Fund and the Park Capital Project Fund totaling $710,660. Inventory: The City has rou9hly $8,500 worth of water meters that are held and distributed on a need basis. LandlOther Fixed Assets: The City has roughly $20,985,000 in land, infrastructure and other fixed assets at the end of June Liabilities Current Liabilities: The City accrued $13,939 in retainage fees from Precision Excavating for the Old Mill road project. Also, various payroll liabilities were accrued at the end of the reporting period and totaled $1,650.