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Home My WebLink About2009-07-15 Financial Reports tervi((e Established J857 City of Centerville June 2009 Financial Statement Analysis Prepared July 15th, 2009 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 procedures and underlying supporting documentation available in the areas discussed below and evaluated the key factors used to develop the actual historical data and projected fiscal year budgets in determining that they are reasonable in relation to the financial statements taken as a whole. Balance Sheet Assets Cash and Cash Equivalents: The City of Centerville ended the month of June with a reconciled checking account balance of $15,952 and an investment holdings balance of $3,582,724. A summary of the City's cash account holdings is chronicled below: Main Checking $484,483 Leas Outstanding Checks $(391,847) Flex Savings $173,309 12 Month CD $921,013 12 Month CD $350,000 CDARS 11,170,858 CDARS $822,437 Money Markel $1,105 CD - Capital One $90,000 CD - Donl Bank 198,000 CD - CBI Bank 182,000 CD - Discover Bank 196,000 Total $3,675,380 It should also be noted that $42,008 was accrued as Interest receivable in relation to these held securities. 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 the communities businesses. Receivables:• The City has a receivable of roughly $41,800 in relation to downtown EAW. Interfund Loans: The Sewer fund has interfund loans with the General Fund and the Park Capital Project Fund totaling $710,660. Inventory: The City has roughly $8,500 worth of water meters that are held and distributed on a need basis. Land/Other Fixed Assets: The City has roughly $20,985,000 in land, infrastructure and other fixed assets at the end of June Liabilities Current Liabilities: The City accrued $13,939 in retainage fees from Precision Excavating for the Old Mill road project. Also, various payroll liabilities were accrued at the end of the reporting period and totaled $1,650. Long Term Debt: The City of Centerville has four outstanding bond issues -2004, 2006, 2007, and Police Station (held by Circle Pines). Total outstanding debt in relation to these bonds is roughly $7,500,000 at the end of June. Fund Balance Fund Balance: The City of Centerville began fiscal year 2009 with a General Fund balance of $1,157,515 and has since (1/1/09 through 6/30/09) incurred an excess of expenditures over revenues (net loss) of ($974,429) — leaving the City of Centerville with a total General Fund balance of $183,086 at the end of June. Please note that this is a normal fund balance decline due to the fact that tax revenue is not paid until July, while expenses are rather evenly distributed through the year. Income Statement — General Fund Revenue Property Tax and State Grants: There was no activity in this classification during the month of June. Overall, property tax and state grant generated revenue is coming in at 1% of the year to date budget through the end of June. It should be noted that the first tax settlement arrived in the City's bank account in July and totaled roughly $1,111,000 across all funds. Administration: Administration revenue consists of mostly fees derived from the selling of liquor licenses. The City has received $5,246 in Administration revenue or 14% of the year to date budget, which is below projections. 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 43,177 in Building inspection revenue or 33% of the year to date budget, which is below projections. Overall, general fund revenue is running below budgeted amounts coming in at roughly 4% of the year to date budget through June. Again, this is mainly because the first tax settlement was received in July and not yet reflected. Expenses Salaries and Wages: Salaries and Wages expense totaled $217,509 through the month of June. Overall, the City of Centerville's salaries and wages line items are running a little below budgeted amounts coming in at roughly 43% of the year to date budget through June. Benefits: Benefits expense totaled roughly $69,899 through the month of June. Overall, the City of Centerville's benefits are running a little below budgeted amounts for the fiscal year, coming in at roughly 41 % of the year to date budget through the month of June. Supplies and Materials: Supply and materials totaled roughly $11,351. Overall, the City of Centerville's supply line items are coming In at roughly 31% of the year to date budget through the month of June. Fees for Service: Fees for service expenses totaled $779,214 through the month of June. Overall, purchased services are running in line with budgeted amounts for the fiscal year, coming in at roughly 41% of the YTD budget through the month of June. Overall, General Fund expenses totaled $1,077,973 through June or 41% of the year to date budget. Analysis Prepared By: Michael Jeziorski Finance Director City of Centerville m i ez i o rs k i ac e n t e ry i I I e m n. c o m City of Centerville Bank Reconcilia0on Flew( Year 2009 6130109 Mainstreet Bark Maln Checking 3017115 221113.13 83.484.11 370,113.94 550,000.00 484,483.30 - Flex Savings 1321332 720,344.52 (550.00000) 2.965.27 173,309.79 12 Monm CD 303665 912,369.27 8.643.76 921,013.03 12 Month CD 303902 350,000.00 - 350,000.00 2,203,826.92 • 11,609.03 1,928,806.12 Mainstreet Berk (Cedar) CDARS 100/298636 1,170,858.77 - 1,170,858.77 CDARS 1003302686 622,437.38 - 622.43718 1,793198.15 - - 1,793,296.15 Smith Berney Money Market 0001278423 62,865.50 (62,000.00) 249.79 1,105.29 CD - Capital One Bank 14041AK73 90,000.00 90,000.00 CD - Dotal Bank 258111002 96,000.00 96,000.00 CO • Cili Belk 17284AEM6 - 62,000.00 62,000.00 CO- Discover Bank 25469JM48 96,000.00 96,000.00 344,855.50 249.79 346,106.29 • Total invumwntt per Statements 4,341,971,67 - 11,85602 4,067,20746 G xxx -10100 BO8 3,676,360.02 Outstanding 391,84741 Statement 4,06710741 Unreconciled I OK Unaudited - For Management Guooses Only City of Centerville Balance Sheet FNUI Year 2009 6/30109 Other Governmental Fund Name General Fund Debt Service Funds Enteredse Funds All Funds 0 wa -10100 Cash 62941984 88742210 (665.187.99) 2,643,706.26 3,675,360.01 G xxx -10200 Petty Cash 199.00 - - - 199.00 G lux -10250 Cougar Cash 150.00 - - 150.00 G xxx -10410 Twin Cities CCF - - - 50,000.00 50000.00 Goa -10450 Interest Receivable on Invest 42,008.12 - - 42,008.12 G,a -10700 Taxes Receivable- Delinquent 75,536.31 - 75.536.31 Gina- 10600Alow br Uncollected Taxes (75,536.31) - 75,536.31 - G ins -11500 Accounts Receivable 2,902.08 - 41,796.30 - 44,698.38 Gina -12200 Special Assess Rec - Delhquent - - - 1,703.57 1,703.57 G xx c -12300 Special Assess Rec-Delened - • - 146,493.81 148,493.81 G x,r -13100 Due lrom Other Funds - - - 710,660.00 71Q660.00 G xxx -14200 Inventory for Resale - - - 8,486.76 8,486.75 G ,x-15620 Unamonized Band Discount - - 119,361.00 - 119,381.00 G lax -16100 Land - - 3,099,999.00 1116,000.00 3,285,999.00 G xxx-16200 Buidi185 - • 1,627,438.00 414,000.00 2,041,438.00 G ,%-16330 Streets - - 6,016,22460 - 6,018,224.00 G xxx -16331 Trails - - 1,310,166.00 - 1,310,166.00 G ina -16335 Storm Wahx - - 1.745,288.00 - 1,745,288.00 G xxx -16400 Machinery - - 851,020.00 8,410,377.81 9,261,397.81 Gma -16410 Depredation - - - (2.130,980.43) (2,130,980.43) G ins -16500 Faed Asset - In Progress - • 1,647,301.00 0.77 1,647,301.77 G x001 -16600 Fixed Assets - - 988,080.43 988,080.43 Glax -16999 Accumulated Depreciation - (3,142,117.00) (37,449.85) (3,179,566.85) • tr. - ' ;n —tom iRE:A alscc._cr:iixcs;7,2?::iF G ma -20600 Contracts Payable - - 13,939.35 - 13,939.35 G 3n -20800 State Sales and Use Tex - - 143.23 143.23 G mot -20801 Service AvallabIlty - - - 1,788.25 1,788.25 Gina -20900 Advance From Other Funds 435 ,660.00 - 275,000.00 - 710,660.00 G xxx -21500 Accrued Interest Payable - - 78,488.00 - 78488.00 G xxx-21706 Hospitalization /Medical Ins (4,439.0D) - - - (4,439.00) G wa-2170B Disabi1M Ins 1106.00) - - - (108.00) G 1mf -21710 Other deductions 5,000.00 - - - 5.000.00 G ins -21711 FSA Payable 884.75 - - 884.75 • G xxx -21715 Life Insurance (39.96) - - - (39.96) G xxx -21716 Dental Insurance (447.59) - - • (447,59) G xxx -22000 Deposits 800.00 - - - •60000 G xxx •22100 Bonds Payable Current - - 305,35400 - 305,354.00 G,a -22200 Deferred Revenues - - (1,840,686.62) 249,500.00 (1,391,186.52) G,a -23100 Bonds Payable Non-Current - - 7,548,543.00 7,546,543.00 G xxx -24500 Bldg. Permit Surcharge 1,537.05 - - • 1,537.05 G xxx -24501 Plumbing Permit Surcharge 11.98 - - - 11,98 G xxx -24502 Mech, Perms Surcharge 9.44 - - - 944 G x01-24503 Eke. Permit Surcharge 24.28 - - - 24.28 G xxx -24504 • Ste Main. Escrow 200.00 - - • - 200.00 G xxx -24506 Road Repair escrow 4,400.00 - - - 4400.00 G ins -24508 Erosion Control Escrow 6.100.00 - - 6,100.00 G xxx -24510 Other Escrow 42,000.00 - - 355.50 42,355.50 1 414W` , i'1 • 'T'. - i. 'TT" , 261, ,$ 7 :F Fund Balance G xxx -25300 Unreserved Fund Balance at 12 /31/08 1.157,51603 1,296,217.67 6,636,092.07 11.466,85898 20,558,883 .76 Excess of Revenues over Expenses (1/1/19 to 6/30109) (974,429.14) (408,795.57) (507,905.28) (127,566.84) (2.018,696.83) Total Fund Balance 183,085.89 887,422.10 6,128,186.79 11,341,292.14 18,539,986.92 ..r rt-a 7 . . 71. 8 . . c: :.T: 'a..'C. Unaudited - For Management Purposes Only City of Centerville Revenue / Expense Report Fiscal Year 2008 111109 to 6/30/09 2009 Activity YTD as a % Account Description through 6/30/09 FY 2009 Budget of Budget General Fund Revenues Property Tax and State Grants 13299.09 2,208,320.00 1% Administration 5,246.67 37,000.00 14% Planning and Zoning 700.00 2,000.00 35% Police - Fines / Forfeits / State Aid 16,167.25 70.000.00 23% Fire Protection 1,030.00 125.00000 1% Building Inspection 43,176.85 131,000.00 33% Electrical inspection 7,415.00 10,000.00 74% Animal Control 277.50 2,000.00 14% Public Works 15,461.56 15,000.00 103% Parks 340.98 - N/A Economic Development 428.76 - WA (TOW 1lavaewa. OSrwalfund: 109inal 3!091330.09 4% Expenses Council 13,072.78 35,000.00 37% Administration 148.71007 424.280.00 35% Financial Administration 10,000.00 15,000.00 67% Assessing 7.685.26 17,000.00 45% Law and Legal 16.571.85 75,000.00 22% Planning and Zoning 1,450.76 7,500.00 19% Engineering Services 15,659.40 12,000.00 130% Poke Protection 346,107.81 751,032.00 46% City Hall/Fire Hall 7,863.20 40,000.00 20% Fire Protection 56,023.00 237,000.00 24% Building Inspection 67,634.03 168,575.00 40% Electrical Inspection 3,832.60 7,000.00 55% Civil Defense 455.40 1,500.00 30% Animal Control 461.82 1,500.00 31% Other Protection (GENERAL) - 600.00 0% Public Works (GENERAL) 96,741.76 175,418.00 55% Streets 18,176.36 75,500.00 24% Special Proj. - CR 14 3,516.11 - N/A Spedal Proj. - Str • 09 17,925.25 - N/A Special Proj. - TRAILS 888.03 - NIA Parks/Rec. Committee 300.00 4,000.00 8% Parks /Rec Programs 3,871.23 8,500.00 46% Parks Maintenance 49,229.63 95,535.00 52% Recycling 3,333.08 6,500.00 51% Downtown Redevelopment 5,263.00 - N/A TE Trail Grant 154,611.78 N/A • Economic Devebp 13,076.46 14,000.00 93% Unallocated - 407,900.00 0% City Festival 15,511.51 24,000.00 65% 'Total Ensndlluen • Oanaral Fund 1.04913.30 p d6l.3AO9p 41% j..1: �L.:l: ,ii .t.., , =.4F.7.7." nr " .-. t L izr:X D =C).:7. Expenses by Oblast Ana . Salaries And Wages 217,508.63 602,598.00 43% Benefits 69,899.24 171,790.00 41% Supplies 11,35028 36,900.00 31% Fees for Service 779,214.15 1,893,032.00 41% 1,077,972.80 2,604,320.00 41% Unaudited - For Management Purposes Only City of Centerville Revenue /Expense Report Fiscal Year 2009 7H109 to 8/30/09 2009 Activity YTD as a % Account Description through 6130/09 FY 2009 Budget of Budget Debt Service Revenues 30821st Ave Debt Service 576.02 - N/A Joint Police Station 2005A 356.86 - N/A Muni Street Imp debt service 5,551.86 - N/A DEPT 49200 Unallocated 5,485.45 - N/A Parkview Development Debt Service 90.10 - N/A DEPT 49200 Unallocated 174.74 - WA DEPT 49200 Unallocated 25,361.07 - N/A 2007 A 46,160.41 - N/A Titbit Revenue 69.766$1 .. WA Expenses Public Safety 36.808.33 71,018.00 52% Streets 162,868.75 - N/A Debt Service 292,875.00 - N/A Other Governmental Funds Revenues Park 631.46 - N/A Pedestrian Trail Ways 89.41 - NIA 2006 Municipal Improvement - - N/A CSAH 14 Improvements 2007 14,030.19 - NIA Developments 763.08 - N/A Downtown Redevelopment 1,131.30 - NIA Cable TV 202.88 - WA frotikRevertme .O0tsGov.rnmenulFunds 164!622 WA Expenses Engineering Fees 5,347.87 - N/A Improvement Proleds 6,329.00 - NIA Community Development 5,421.23 - WA Public Works 531,500.87 - N/A Cable TV 4,376.81 - N/A Iio1N EIDMdtllrrp•OBnr OovtennNMal Funds 662.9T619 • WA twsr r^: it Enterprise Funds Revenues Water 54,547.82 - N/A Sewer 84,374.96 - N/A Storm 21002.96 - N/A Recycling - - N/A Intel Revenue - Enlstprga Funds 119$2634 - WA Expenses Water 76,291.06 - N/A Sewer 142,443.89 • N/A Storm 36,764.95 - NIA Recycling 3,770.50 - N/A Total Expenditures- Ensnpris. Funds 260/0.40 - WA Unaudited - For Management Purposes Only