2010 10-19 CCP - Laserfiche WebLink

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Special Revenue Funds The only activity the Parks and Playgrounds Fund had during the third quarter was the allocation of interest earnings from the pooled investments fund. Debt Service Funds The City's maintains three debt funds: the 2004 and 2006 Bonds which were issued for road and sewer improvements and are paid by special assessments and the 2007 Bonds which were issued for the construction of Heritage Hall and are paid through property taxes. There were principal and interest payments totaling $92,556 paid in the 1st quarter. The second half debt payments were due August 1st. The second half payments were principal of $28,347 and interest of $28,479 for a total payment of $56,826 Capital Project Funds The City currently has no active construction funds. The Scheuneman Road Project Fund currently carries a deficit balance that will be satisfied with the receipt of special assessments from property owners over time. This fund is charged interest from the pooled investment fund. The City requested 100% of the turn back monies available for Scheuneman and Hoffman Roads there fore there is a construction fund for Hoffman Road that is accruing interest on the turn back monies until the point in time a project is completed on that section of road. Enterprise Funds The City's Sewer Fund 3rd quarter financial information is as follows: 2009 2010 2010 % Received 3rd QuarterNTD Annual Budget 3rd Quarter Spent Revenues $ 160,071 $ 51,020 $ 26,600 52.14% Expenditures $ 21,189 $ 61,997 $ 46,385 74.82% Revenues for the third quarter do not include the 3rd quarter sewer billing which was sent on October 1, 2010 and will be recognized in the October reports. The third quarter billing of $11,312 would bring the revenues to approximately 75% of the budgeted amount for 2010. Revenues for the Td quarter are also lower than anticipated because SAC fees are included in the budget as an annual amount and late charges are recorded mid -quarter. Expenses are actually at the anticipated level due to expenditures in the third quarter for sewer line maintenance and repair. These budgeted costs in addition to the MCES charges make up the bulk of the expenditure budget.