2009-11-10 CC Packet - Laserfiche WebLink

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t4 e r vit t e Est 1857 City of Centerville October 2009 Financial Statement Analysis Prepared November 4th, 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 Govemmental 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 annual 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 of Centerville ended the month of October with $6,923,776 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 holdings. Receivables: The City has a receivable of roughly $41,800 in relation to the downtown EAW project and another $3,916 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 Bond fund — totaling $1,071,100. 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 tend, infrastructure and other fixed assets (net of depreciation) at the end of October. 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 $14,724. Long Term Debt: The City of Centerville has five outstanding bond issues as of 10/31109 -2004 6, 2005 A, 2006 A, 2007 A, and 2009 A. Total outstanding debt (current and non - current principal) in relation to these bonds is roughly $11,269,127 at the end of October — with $7,584 of that amount payable in 2009.