2009-10-14 CC Packet - Laserfiche WebLink

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tervi{Ce 'EstaJj[isfw{ 1857 City of Centerville September 2009 Financial Statement Analysts Prepared October 5th, 2009 771e summary below was derived from observations related to the City of Centervil/e'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 supporting documentation available in the areas discussed below and evaluated the key factors used to develop the actual historical data and annua' budget 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 at Centerville ended the month of September with $7,146,314 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 city businesses. It should also be noted that $42,008 was accrued as interest receivable in relation to the city's investment hoidjngs. Receivables: The City has a receivable of roughly $41,800 in relation to the downtown EAW project and another $1 ,460 in miscellaneous receivables. Interfund Loans: The Sewer fund has loaned $435,660 to the General Fund, $275,000 to the Park Capital Project Fund and $360,440 to the 2006 A Sond-totaling $1,071,100. Inventory: The City has roughly $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 (net of depreciation) at the end of September. 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 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 $14,581. Long Term Debt: The City of Centerville has five outstanding bond issues as of 8/31/09-2004 S, 2005 A, 2006 A, 2007 A, and 2009 A. Principal payments still remaining to be paid in 2009 equal roughly $11,375. Total outstanding debt (current and non-current) in relation to these bonds is roughly $11,272,918 at the end of September.