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HomeMy WebLinkAbout2011-04 Financials City of Centerville April 2011 Financial Statement Analysis 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. Balance Sheet Assets Cash and Cash Equivalents: The City of Centerville ended the month of April with $6,025,105 in reconciled bank balances. A summary of the City’s cash account holdings is chronicled on the attached bank reconciliation sheet. The city accrued $15,122 in interest receivable at fiscal year end. Taxes Receivable: The City has tax receivables of roughly $93,168—delinquent taxes derived from balances remaining from 2004 through 2010. General Receivables: The City has receivables of roughly $47,392 at month’s end. Special Assessments Receivable: The City has special assessment receivables from various sources in the amount of $15,876—delinquent special assessments are derived from balances remaining from 2008 through 2010. Special Assessments Deferred: The City has future special assessment principal balances from various sources in the amount of $2,272,001. These are outstanding principal balances with annual payment schedules, which are then used to assist in the payment of there respective bond issues. Inventory: The City has roughly $3,411 worth of water meters that are held and distributed on a need basis. Land/Other Fixed Assets: The City has roughly $23,304,280 in land, infrastructure and other fixed assets (net of depreciation) at the end of fiscal year 2010. Liabilities Interfund Loans: The Sewer fund has loaned $448,828 to the General Fund, $1,108,312 to the Park Capital Project Fund, $110,000 to the Storm Water Fund and $371,334 to the 2009 B Bond fund—totaling $2,038,474. Long Term Debt: The City of Centerville has five outstanding bond issues as of 4/30/11—2005 A, 2007 A, 2009 B, 2009 A, and 2011 A. The total current debt (principal to be paid back in 2011) is $173,583. Total long term debt outstanding (principal to be paid back 2012 through 2025) is $11,640,585. The 2007A debt issue will be refunded on 6/1/11, reducing the short term and long term debt portions by $145,000 and $2,315,000, respectively. Fund Balance Fund Balance: The City of Centerville began fiscal year 2010 with a General Fund balance of $1,068,412 and has since (1/1/11 through 4/30/11) incurred an excess of expenditures over revenues of ($523,176)—leaving the City with a total General Fund balance of $545,236 at the end of April. Revenue / Expense Statement – General Fund Revenue Property Tax and State Grants: The City has not received any revenue in this classification and therefore revenue is at 0% of the year to date budget. The City will receive its first tax settlement payment in July of 2011. Licenses and Fees: Licenses and Fee revenue consists of mostly fees derived from the selling of liquor licenses. The City has received $7,932 in this revenue source or 26% of the year to date budget through the month of April. 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 $8,962 in Building inspection revenue or 15% of the year to date budget. Police Aid: The City has not received any Police associated revenue through the month of April and therefore revenue is at 0% of the year to date budget. Fire Aid: The City has $1,000 in Fire Aid revenue through the month of April and therefore revenue is at 1% of the year to date budget. Interest Earnings: The City has received $3,843 in interest revenue or 19% of the year to date budget through the month of April. Overall, general fund revenues are coming in at roughly 3% of the year to date budget through April. 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 the five member City Administration team. General Government expenditures total roughly 153,766 or 29% of the year to date budget through April. 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 $321,570 or 31% of the year to date budget through April. Public Works: Public Works expenditures include salaries / benefits associated with the departments five full time employees. This classification also captures expenditures of supplies and purchased services that are used to maintain the city parks and streets. Public Works expenditures totaled roughly $98,802 or 27% of the year to date budget through April. Engineering: General Fund Engineering expenses are those that do not get billed directly to a special project construction fund—Bonestroo. Engineering services totaled roughly $1,391 through the month of April or 70% of the year to date budget. 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 $6,158 or 33% of the year to date budget through April. Recycling: The Recycling fund consists of all expenditures related to the County’s SCORE fund program—whereas the city is reimbursed 1:1 for every expenditure. Through the month of April recycling related expenditures totaled $1,378 or 8% of the year to date budget. Capital Outlay: The Capital outlay classification consists of major items that fall outside the realm of normal yearly activity. Through the month of April capital outlay related expenditures totaled $1,243 or 1% of the year to date budget. Overall, General Fund expenditures totaled roughly $584,307 through April or 28% of the year to date budget. Analysis Prepared By: Michael Jeziorski Finance Director City of Centerville Bank Reconciliation Fiscal Year 2011 4/30/11 InstitutionInstrument4/1/2011DepositsExpendituresTransfersInterest4/30/2011 Central BankMain Checking60,010.91 46,276.57 1,426,260.27 1,500,000.00 32.38 180,059.59 Flex Savings3,573,989.78 2,674,072.26 (1,500,000.00) 3,443.26 4,751,505.30 CD1,000,000.001,000,000.00 2,720,348.834,634,000.69 1,426,260.27 - 3,475.64 5,931,564.89 Smith BarneyMoney Market 1,995.02 2,043.75 4,038.77 CD - Capital One Bank90,000.00 (1,795.07) 1,795.07 90,000.00 CD - Doral Bank96,000.00 (248.68) 248.68 96,000.00 CD - Citi Bank62,000.00 62,000.00 -249,995.02 - - 2,043.75 252,038.77 Total Cash per Statements4,883,995.71 2,720,348.831,426,260.27- 5,519.39 6,183,603.66 G xxx-10100BDS6,025,105.00 Outstanding158,498.66 Total 6,183,603.66 D- Unreconciled OK CB Collateral6,703,017.0 4 Unaudited - For Management Purposes Only City of Centerville Balance Sheet Fiscal Year 2011 4/30/11 Other Governmental Fund Name General Fund Debt Service Funds Enterprise Funds All Funds G xxx-10100 Cash1,016,896.80 3,307,690.04 373,820.37 1,326,697.79 6,025,105.00 G xxx-10200 Petty Cash199.00 - - - 199.00 G xxx-10250 Cougar Cash150.00 - - - 150.00 G xxx-10450 Interest Receivable on Invest15,121.91 - - - 15,121.91 G xxx-10700 Taxes Receivable-Delinquent93,167.61 - - - 93,167.61 G xxx-10800 Allow for Uncollected Taxes(93,167.61) - 93,167.61 - - G xxx-11500 Accounts Receivable5,700.04 - 41,691.80 - 47,391.84 G xxx-12200 Special Assess Rec - Delinquent4,801.26 4,949.90 - 6,124.48 15,875.64 G xxx-12300 Special Assess Rec-Deferred96,117.15 2,037,942.66 - 137,941.33 2,272,001.14 G xxx-13100 Due from Other Funds- - - 2,038,474.00 2,038,474.00 G xxx-14200 Inventory for Resale- - - 3,410.95 3,410.95 G xxx-15620 Unamortized Bond Discount- - 154,694.00 - 154,694.00 G xxx-16100 Land- - 3,308,023.30 196,255.00 3,504,278.30 G xxx-16200 Buildings- - 1,627,438.00 414,000.00 2,041,438.00 G xxx-16330 Streets- - 7,294,202.31 - 7,294,202.31 G xxx-16331 Trails- - 1,310,166.00 - 1,310,166.00 G xxx-16335 Storm Water- - 1,745,288.00 - 1,745,288.00 G xxx-16400 Machinery- - 797,104.07 8,408,623.81 9,205,727.88 G xxx-16500 Fixed Asset - In Progress- - 4,038,168.64 0.77 4,038,169.41 G xxx-16600 Fixed Assets- - - 981,047.78 981,047.78 G xxx-16999 Accumulated Depreciation- - (4,002,120.10) (2,813,917.96) (6,816,038.06) Total Assets1,138,986.16 5,350,582.60 16,781,644.00 10,698,657.95 33,969,870.71 G xxx-20800 State Sales and Use Tax- - - 43.39 43.39 G xxx-20900 Due to Other Funds448,827.82 371,334.30 1,108,311.88 110,000.00 2,038,474.00 G xxx-21500 Accrued Interest Payable- - 134,750.00 - 134,750.00 G xxx-21601 Benefits Payable- - 3,066.20 987.49 4,053.69 G xxx-21650 Compensated Absences- - 40,081.05 12,908.24 52,989.29 G xxx-217xx Insurance Payable(5,737.20) - - - (5,737.20) G xxx-23100 Bonds Payable Non-Current- - 11,640,584.70 - 11,640,584.70 G xxx-22100 Bonds Payable Current- - 173,583.31 - 173,583.31 G xxx-22200 Deferred Revenues100,918.41 2,042,892.56 (2,143,810.97) - - G xxx-24506 Road Repair Escrow4,400.00 - - - 4,400.00 G xxx-24508 Erosion Control Escrow3,920.50 - - - 3,920.50 G xxx-24510 Other Escrow41,421.00 - - - 41,421.00 Total Liabilities593,750.53 2,414,226.86 10,956,566.17 123,939.12 14,088,482.68 Fund Balance G xxx-25300 Unreserved Fund Balance at 12/31/101,068,411.85 2,102,677.80 7,189,079.37 10,757,385.73 21,117,554.75 Excess of Revenues over Expenses (1/1/11 to 4/30/11)(523,176.22) 833,677.94 (1,364,001.54) (182,666.90) (1,236,166.72) Total Fund Balance 545,235.63 2,936,355.74 5,825,077.83 10,574,718.83 19,881,388.03 Total Liabilities and Fund Balance1,138,986.16 5,350,582.60 16,781,644.00 10,698,657.95 33,969,870.71 Unaudited - For Management Purposes Only City of Centerville Revenue/Expense - Summary Fiscal Year 2011 1/1/11 to 4/30/11 YTD as a 2011 Actual - % of Account Description 4/30/11 FY 2011 Budget Budget General Fund Revenues Property Tax - 1,670,600.00 0% Special Assessments- 12,000.00 0% State Grants- 1,300.00 0% Licenses and Fees7,931.50 30,400.00 26% Building Inspection Permits8,961.72 59,000.00 15% Fines and Forfeits7,622.61 33,500.00 23% Police State Aid- 35,000.00 0% Fire Relief Aid1,000.00 102,000.00 1% Animal Control235.00 1,500.00 16% Antenna Lease16,403.17 16,500.00 99% Public Works14,283.93 53,000.00 27% Park and Recreation850.00 3,400.00 25% Recycling- 16,500.00 0% Interest Earnings 3,842.56 20,000.00 19% Total Revenues - General Fun 2,054,700.061,130.4 3% d90 Expenditures General Government Council7,885.88 31,800.00 25% Administration113,670.70 359,900.00 32% Planning and Zoning558.70 2,600.00 21% Auditing4,000.00 15,000.00 27% Assessing3,863.25 16,000.00 24% Law and Legal18,609.08 75,000.00 25% City Hall/Fire Hall5,178.58 21,400.00 24% Total General Government 521,700.0153,766.19 29%0 Public Safety Police Protection219,207.32 657,700.00 33% Fire Protection60,436.00 222,000.00 27% Building Inspection 38,839.88 135,300.00 29% Electrical Inspection1,898.40 8,000.00 24% Civil Defense478.20 1,500.00 32% Animal Control289.80 1,100.00 26% *Alexandra House Other Protection 1,200.00420.00 35% Total Public Safet 1,026,800.0321,569.6 31% y00 Public Works Public Works - General74,743.71 234,400.00 32% Public Works - Streets10,863.99 52,500.00 21% Public Works - Parks Maintenance13,193.84 74,900.00 18% Total Public Works 361,800.098,801.54 27%0 Engineering Services Engineering Services1,390.60 2,000.00 70% 2,000.01,390.6 70% Total Engineering Services00 Culture and Recreation Parks and Recreation Committee360.00 2,000.00 18% Parks and Recreation Programs5,747.80 11,000.00 52% City Festival50.00 5,500.00 1% Total Culture and Recreation6,157.8 18,500.00 33%0 Economic Development Economic Development- 9,100.00 0% 9,100.0- 0% Total Economic Development0 Unaudited - For Management Purposes Only City of Centerville Revenue/Expense - Summary Fiscal Year 2011 1/1/11 to 4/30/11 YTD as a 2011 Actual - % of Account Description 4/30/11 FY 2011 Budget Budget Recycling Recycling1,378.31 16,500.00 8% Total Recycling 16,500.01,378.31 8% 0 Capital Outlay Capital Outlay1,242.67 98,300.00 1% Total Capital Outlay 98,300.01,242.67 1%0 Total Expenditures - General Fund584,306.71 2,054,700.0 28%0 Excess of Revenues over Expenditures - General Fund -(523,176.22) Debt Service Revenues 2004 B, 2005 A, 2009 B, 2007 A, 2009 A, 2011 A Bonds2,809,910.40 992,600.00 283% Total Revenue - Debt Servic 992,600.02,809,910.4 283% e00 Expenses 2004 B, 2005 A, 2009 B, 2007 A, 2009 A, 2011 A Bonds1,976,232.46 1,252,065.00 158% Total Expenditures - Debt Service 1,252,065.01,976,232.46 158%0 Excess of Revenues over Expenditures - Debt Service (259,465.00833,677.94 ) Other Governmental Funds Revenues Other Governmental Funds 218,881.10 - N/A Total Revenue - Other Governmental Fund -218,881.1 N/ s0A Expenses Other Governmental Funds(1,177,117.36) - N/A -(1,177,117.36 N/ Total Expenditures - Other Governmental Funds)A Excess of Revenues over Expenditures - Other Governmental Fund -1,395,998.4 s6 Enterprise Funds Revenues Water10,377.38 341,800.00 3% Sewer3,876.95 413,100.00 1% Storm1,796.64 83,000.00 2% Total Revenue - Enterprise Funds 837,900.016,050.97 2%0 Expenses Water62,237.51 348,700.00 18% Sewer124,304.18 441,700.00 28% Storm12,176.18 199,300.00 6% Total Expenditures - Enterprise Funds 989,700.0198,717.87 20%0 Net Income - Enterprise Funds (151,800.00(182,666.90) ) Unaudited - For Management Purposes Only