2010-03-10 CC Set Agenda w/Handouts

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Long Tenn Debt: The City of Centerville has six outstanding bond issues as of 2/28/10 -2004 B, 2005 A, 2006 A, 2007 A, 2009 B, and 2009 A. The total current debt (principal to be paid back in 2010) is $2,882,104 with $2,565,000 being the 2006A refund. Total long tens debt outstanding is $10,809,437. Fund Balance Fund Balance: The City of Centerville began fiscal year 2010 with a General Fund balance of $1,243,299 and has since (1/1/10 through 2/28/10) incurred an excess of expenditures over (net loss) of ($217,134) - 4eaving the City with a total General Fund balance of $1,026,164 at the end of February. This is a normal fund balance decline given the City has yet to receive any Property Tax Revenue. Income Statement —General Fund Revenue Property Tax and State Grants: The City received no revenue in this classification during the month of February. Overall, property tax generated revenue is at 0% of the year to date budget. The first tax settlement will be received in July. Interest Earnings: The City has received $1,695 in interest revenue or 6% of the year to date budget through the month of February. Administration: Administration revenue consists of mostly fees derived from the selling of liquor licenses. The City has received $20,263 in Administration revenue or 84% of the year to date budget through the month of February. Police Aid: The City received roughly $1,655 in Police Aid through the month of February or 2% of the year to date budget. Fire Aid: The City has not received any revenue in this classification through the month of February. Building Inspection: Building inspection revenues are comprised of the various permits associated with building projects — plumbing, building, mechanical, and etc. The City has received roughly $5,917 in Building inspection revenue or 7% of the year to date budget. Overall, general fund revenues are coming in at roughly 1% of the year to date budget through February. Expenses General Government: General Government expenditures include Salaries / Benefits, Supplies and Purchased Services in conjunction with activities performed by the Mayor, four City Council Members and City Administration. General Government expenditures total roughly 49,363 or 9% of the year to date budget. Public Safety: The City of Centerville has a joint powers agreement with Circle Pines and Lexington that funds the Centennial Lakes Police Department. A similar arrangement with Lino Lakes and Circle Pines funds the Centennial Fire District. Public Safety expenditures totaled roughly $158951 or 15% of the year to date budget through February. Public Works: The City of Centerville Public Works department has four full time employees that work to maintain the City parks, streets and utility operations. Public Works expenditures totaled roughly $33,047 or 13% of the year to date budget through February. Culture and Recreation: The Culture and Recreation budget consists of expenditures incurred by the City's committee, recreation programs, park maintenance and the city festival. Culture and Recreation expenditures totaled roughly $6,565 or 8% of the year to date budget. Other. This classification consists of items associated with development, recycling program and administrative transfers. Other expenditures totaled roughly $501 or 0% of the year to date budget. Overall, General Fund expenditures totaled roughly $248,427 through February or 12% of the year to date budget. Analysis Prepared By: Michael Jeziorski Finance Director