2009-09-09 CC Agenda - Laserfiche WebLink

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e:ntervi{{e 'rstaJj{isli~t{ 1lL"7 City of Centervllle August 2009 Flnandal Statement Analysis Prepared September 3rd, 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 utNizes a fund accounting system consisting of a General Fund, Debt Service Funds, Other Governmental Funds and Enterprise Funds. staff reviewed the supporting documentation available in the areas discussed below and evaluated the key factors used to develop tha actual historical data and annuat budget in detarmining that thay 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 August with $7,291,694 in reconciled bank balances. A summary of the City's cash account holdings is chronicled on the attached bank reconciliation sheet. 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. it should also be noted that $42,008 was accrued as interest receivable In relation to these held securities. Receivables: The City has a receivable of roughly $41,800 in relation to the downtown EAW project. Intsrfund Loans: The Sewer fund has loaned $435,660 to the General Fund and $275,000 to the Park Capital Project Fund-totaling $710,660. These loans will have resolutions brought before Council changing the interest rates from 6% to 1.5% at the September meeting. Inventory: The City has roughly $8,500 worth of water meters that are held and distributed on a need basis. Land/Other Fixed Assets: The City has roughly $20,985,000 in land, infrastructure and other fIXed assets (net of depreciation) at the end of August. Fixed asset line items are updated at year end during the audit process and therefore will remain constant throughout the year. Liabilities Current Liabilities: The City accrued $13,939 In retalnage fees from Precision Excavating for the Old Mill road project. Also, various payrollliabililies were accrued at the end of the reporting period and totaled $20,905. Please note that $19,432 of that amount is in relation to a post employment benefit-a new audit requirement (GASB 45). Long Term Debt: The City of Centerville has five outstsnding bond issues as of 8/31t09-2004 B, 2005 A, 2006 A, 2007 A, and 2009 A. Principal payments stili remaining to be paid in 2009 equal roughly $15,166. Total outstanding debt (current and non-current) in relation to these bonds is roughly $11,276,709 at the end of August. 49