2010-04-14 Set Agenda & Handouts

Home Browse Search

Long Term Debt: The City of Centerville has five outstanding bond issues- as of 3/31/10 -2004 B, 2005 A, 2007 A, 2009 B, and 2009 A. The total current debt (principal to be paid back in 2010) is $171,500. Total long term debt outstanding (principal to be paid back 2011 through 2025) 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 3/31/10) incurred an excess of expenditures over revenues (net loss) of ($347,784Heaving the City with a total General Fund balance of $895,514 at the end of March. 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 material revenue in this classification during the month of March. 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 $6,852 in interest revenue or 23% of the year to date budget through the month of March. Administration: Administration revenue consists of mostly fees derived from the selling of liquor licenses. The City has received $21,225 in Administration revenue or 88% of the year to date budget through the month of March. Police Aid: The City received roughly $3,885 in Police Aid through the month of March or 6% of the year to date budget. Fire Aid: The City has not received any revenue in this classification through the month of March. 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 $11,751 in Building inspection revenue or 14% of the year to date budget. Overall, general fund revenues are coming in at roughly 2% of the year to date budget through March. 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 86,642 or 16% 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 $232,972 or 21 % of the year to date budget through March. 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 $69,547 or 18% of the year to date budget through March. Culture and Recreation: The Culture and Recreation budget consists of expenditures incurred by the City's committee, recreation programs, and the city festival. Culture and Recreation expenditures totaled roughly $3,819 or 24% of the year to date budget. Other: This classification consists of items associated with development, the city's recycling program and administrative transfers. Other expenditures totaled roughly $843 or 1 % of the year to date budget. Overall, General Fund expenditures totaled roughly $393,823 through March or 18% of the year to date budget. Analysis Prepared By: Michael Jeziorski Finance Director