2010-03-10 CC Set Agenda w/Handouts

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'CstaRisherf 185, City of Centerville February 2010 Financial Statement Analysis Prepared March 5th, 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 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 rotation to the financial statements taken as a whole. Balance Sheet Assets Cash and Cash Equivalents: The City of Centerville ended the month of February with $6,389,626 in reconciled bank balances. It should also be noted that $18,447 was accrued as interest receivable in relation to the city's investment holdings. 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. The City has roughly $2,418,940 in 2009B funds sitting in an escrow account that will be utilized to refund the 2006A bond during March of 2010. Taxes Receivable: The City has tax receivables of roughly $80,707 — delinquent taxes derived from balances remaining from 2004 through 2009. Special Assessments Receivable: The City has special assessment receivables from various sources in the amount of $34,174 — delinquent special assessments are derived from balances remaining from 2006, 2008 and 2009. Special Assessments Deferred: The City has future special assessment principal balances from various sources in the amount of $2,512,894. These are outstanding principal balances with annual payment schedules, which are then used to assist in the payment of there respective bond issues. General Receivables: The City has receivables of roughly $225,943 at month's end- - $41,800 in relation to the downtown EAW project, $3,533 in miscellaneous receivables and another $180,756 in Utility payments from the 4'" quarter. Interfund Loans: The Sewer fund has loaned $442,195 to the General Fund, $279,125 to the Park Capital Project Fund and $365,847 to the 2006 A Bond fund — totaling $1,087,167. Inventory: The City has roughly $3,469 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 February. Liabilities Current Liabilities: The city accrued $13,939 in retainage fees from Precision Excavating for the Old Mill road project.