Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
erviffe <br />'5w fished 1857 <br />City of Centerville <br />December 2009 Financial Statement Analysis <br />Prepared March 15th, 2009 <br />The summary below was derived from observations related to the City of Centerville's monthly <br />financial statements, which should be read in conjunction with the analysis below. The City of <br />Centerville utilizes a fund accounting system consisting of a General Fund, Debt Service Funds, <br />Other Governmental Funds and Enterprise Funds. Staff reviewed the supporting documentation <br />available in the areas discussed below and evaluated the key factors used to develop the actual <br />historical data and annual budget in determining that they are reasonable in relation to the <br />financial statements taken as a whole. <br />Balance Sheet <br />Assets <br />Cash and Cash Equivalents: The City of Centerville ended the month of December with <br />$6,951,351 in reconciled bank balances. It should also be noted that $18,447 was accrued as <br />interest receivable in relation to the citys investment holdings. A summary of the City's cash <br />account holdings is chronicled on the attached bank reconciliation sheet. <br />The City also has $50,000 in depository funds being utilized at Twin Cities Community <br />Capital Fund in order to help provide the financing needs of city businesses. <br />The City has roughly $2,418,940 in 2009B funds sitting in an escrow account that will be <br />utilized to refund the 2006A bond during March of 2010. <br />Taxes Receivable: The City has tax receivables of roughly $80,707 — $56,305 being <br />from 2009 delinquencies with the remaining amounts coming from 2004 through 2008. <br />Special Assessments Receivable: The City has special assessment receivables from <br />various sources in the amount of $34,174 — delinquent special assessments are derived from <br />balances remaining from 2006, 2008 and 2009. <br />Special Assessments Deferred: The City has future special assessment principal <br />balances from various sources in the amount of $2,512,894. Again, these are outstanding <br />principal balances with annual payment schedules, which are then used to help pay there <br />respective bond issues. <br />General Receivables: The City has receivables of roughly $338,956 at year's end- - <br />$41,800 in relation to the downtown EAW project, $101,666 in 2009 Fire Relief Aid, $12,027 in <br />2009 Cable Franchise fees, $3,533 in miscellaneous receivables and another $180,756 in Utility <br />payments from the 4"' quarter. <br />Interfund Loans: The Sewer fund has loaned $442,195 to the General Fund, $279,125 <br />to the Park Capital Project Fund and $365,847 to the 2006 A Bond fund — totaling $1,087,167. <br />Inventory: The City has roughly $3,469 worth of water meters that are held and <br />distributed on a need basis. <br />Prepaids: The City has roughly $28,233 in prepaid expenditures at year end. <br />Unaudited — For Management Purposes Only <br />