2010-10-13 CC Packet - Laserfiche WebLink

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1� N� 'T7 iaffishcd City of Centerville September 20101 Financial Statement Analysis Prepared October 4, 201 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 relation to the financial statements taken as a whole. NERNMI-MITIMM Assets Cash and Cash Equivalents, The City of Centerville ended the month of September with $5,2�73,899 in reconciled bank balances. 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. As of the end of September, the TCCCF is dissolving their nonprofit group due to lack of ability to reach their mission. Accordingly the City anticipates receiving this escrow deposit back during the month of October. 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 $2,891,894. 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 $44,719 at month's end. Interfund Loans, The Sewer fund has loaned $448,828 to the General Fund, $283,312 to the Park Capital Project Fund, $110,000 to the Storm Water Fund and $371,334 to the 2009 B Bond fund—totaling $1,213,474. 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 $23,332,000 in land, infrastructure and other fixed assets (net of depreciation) at the end of September. Liabilities Current Liabilities: The city submitted their final payment in relation to the Old Mill project. The only retainage fee remaining is in relation to the 2009 street project and totals $48,579,