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Land/Other Fixed Assets: The City has roughly $22,964,309 in land, infrastructure and
<br />other fixed assets (net of depreciation) at the end of the fiscal year.
<br />Liabilities
<br />Current Liabilities: The City accrued $175,950 in Accounts Payable at fiscal year end.
<br />The city also accrued $13,939 in contract retainage from Precision Excavating for the Old Mill
<br />road project. Finally, an accrual for salaries and compensated absences payables totaled
<br />roughly $68,604.
<br />Long Term Debt: The City of Centerville has six outstanding bond issues as of
<br />12/31/09 -2004 B, 2005 A, 2006 A, 2007 A, 2009 B, and 2009 A. Total short and long term debt
<br />is $13,691,543 at year end —with $2,565,000 being the 2006A bond, which will be refunded in
<br />March of 2010.
<br />Fund Balance
<br />Fund Balance: The City of Centerville began fiscal year 2009 with a General Fund
<br />balance of $1,157,515 and has since (111/09 through 12!31109) incurred an excess of revenues
<br />over expenditures (net income) of $85,784 — leaving the City of Centerville with a total General
<br />Fund balance of $1,243,299 at the end of December. Please note the amended 2009 budget
<br />anticipated a loss of roughly $35,000 so operating results were better than anticipated. This
<br />$1,243,299 fund balance is 57.57% of the 2010 General Fund expenditures of $2,159,594 —the
<br />council fund balance objective is to be at 40 to 50% of expenditures.
<br />Income Statement— General Fund
<br />Revenue
<br />Property Tax and State Grants: The City received its second tax settlement during the
<br />month of December and its final settlement in January, which was booked as receivable at year
<br />end. Overall, property tax and state grant generated revenue came in at 100% of the 2009
<br />budget.
<br />Interest Earnings: The City accrued $10,398 in interest revenue or 26% of the 2009
<br />budget. This budget variance is primarily caused by the interest receivable accrual being adjusted
<br />from $42,000 to $18,000 at year end.
<br />Administration: Administration revenue consists of mostly fees derived from the selling
<br />of liquor licenses. The City has received $24,784 in Administration revenue or 110% of the 2009
<br />budget.
<br />Police Aid: The City received roughly $64,449 in Police Aid through the month of
<br />December or 92% of the 2009 budget.
<br />Fire Aid: The City accrued roughly $123,237 in Fire Aid through the month of December
<br />or 95% of the 2009 budget.
<br />Building Inspection: Building inspection revenues are comprised of the various permits
<br />associated with building projects — plumbing, building, mechanical, and etc. The City has
<br />received roughly $89,738 in Building inspection revenue or 95% of 2009 budget.
<br />Overall, general fund revenues came in at $2,668,540 or roughly 100% of the 2009
<br />budget.
<br />Expenses
<br />General Government: General Government expenditures include Salaries / Benefits,
<br />Supplies and Purchased Services in conjunction with activities performed by the Mayor, four City
<br />Council Members and City Administration. General Government expenditures total roughly
<br />494,698 or 96% of the 2009 budget.
<br />Public Safety: The City of Centerville has a joint powers agreement with Circle Pines
<br />and Lexington that funds the Centennial Lakes Police Department. A similar arrangement with
<br />Lino Lakes and Circle Pines funds the Centennial Fire District. Public Safety expenditures totaled
<br />roughly $1,084,887 or 93% of the 2009 budget.
<br />Unaudited — For Management Purposes Only
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