|
T11� Fund curr�ntly has a balance of approximately $700,000, so the impact will be negligible in
<br />the short term. �Iowever, in tihe fi�ture the General Fund's portion of the City's property/liability
<br />coverage wili need to increase to an arnount commensuraCe witl� the annua] premiums.
<br />FinancelAccdunfing llivis�iot�
<br />T'he vast majorit.y of duties and responsibilities oi the Finance/Account�n� ciivision are
<br />per%rmed in conjunctian with Federal, StaCe, and Local {City Code) mandates; and/or in
<br />recognition of generally accepted accounling principles. Yn short, the Department provides very
<br />l.ittle discretionary-type serv�ces. We rriust also recognize that many of the services providecl by
<br />the Department are funded by speciiic revenue sources, which rnakes it prob�ematic when
<br />considering budget reductions in revenue-generating programs.
<br />The following table summarizes the functions performed ii1 the Finance/Accounting division as
<br />well as any applrcable program revenue:
<br />F'unction
<br />k�ayroll
<br />E'urchase Orders
<br />Susiness Licensing (a)
<br />Accounts Payai�le
<br />Accounts �eceivabie
<br />Utility Bi[ling
<br />Receptionist 1 Cash EZeceipts
<br />General Acctg / Financial Reporting
<br />Risk Mana�ement
<br />Trea5ury Manage�nent (b)
<br />bebt M�na.gement (c}
<br />Budget and Ca�ital Plannin;
<br />Contract Admin (JPA's; wireless leas�s)
<br />Ec.onomic Deve[opment {d)
<br />Contracted Services - Lake Elmo
<br />Total
<br />Finance Division Func�ions
<br />FTE's
<br />0.83
<br />0.03
<br />0.40
<br />0.63
<br />0.03
<br />0.98
<br />1.00
<br />1.38
<br />0.54
<br />0.2.5
<br />0.13
<br />0.50
<br />a. i;
<br />a.��
<br />0.13
<br />�.oa
<br />Hou�•s
<br />1,716
<br />52
<br />832
<br />E,300
<br />52
<br />2,028
<br />2,080
<br />2,860
<br />1,040
<br />520
<br />260
<br />l ,D40
<br />260
<br />260
<br />260
<br />14,560
<br />CosC
<br />� 60,975
<br />2,475
<br />31,E50
<br />41;603
<br />2,1�0
<br />62,805
<br />b4,355
<br />I36,775
<br />6�, ] 50
<br />34,875
<br />] 9,.57�
<br />78,150
<br />19;375
<br />] 9,575
<br />8,751
<br />$ 644,738
<br />Cost
<br />Per I-�our
<br />� 35.53
<br />47.b0
<br />37.44
<br />32.00
<br />41.35
<br />30.97
<br />30.94
<br />47.82
<br />59.76
<br />67.07
<br />75.29
<br />75.14
<br />74.52
<br />75.29
<br />33.66
<br />$ 44.28
<br />Less
<br />Program
<br />Revenue
<br />$ -
<br />(300,000)
<br />(62,845)
<br />(�00,000)
<br />(30,0�0}
<br />$
<br />{19,375}
<br />{5,000}
<br />( E 4,440)
<br />{731,580)
<br />Ca���m��tt�s
<br />(a) Tatal revenues derived from bus�ness i�censing =$35Q,000. Approximately �50,000 is used for
<br />�'olice back;round and complianc� checks and ca[ls to the esta�lishment, the remaining is sho�vn here.
<br />(b} Tatal interest earnings °$1.7 cni]]ion an��►ua1Ly with portfolio management a�ersight. Absent this
<br />oversight, it is estimated the zarninbs wauld only be $1.5 million.
<br />(c} Through conduit d�bt%nancing, the City eams an average, $�30,000 per year.
<br />(d) The Gity fypically charges a 5% adcnin fee for rna��aging TIF projects: The amount shawn abave reE.ates
<br />only to the portiori aTtributabl.e to the Finance. Staff
<br />Net
<br />Co_st (Su_ rplus�
<br />$ 60,975
<br />2,475
<br />(268,8�6}
<br />41,603
<br />2,150
<br />64,; 5 5
<br />13G,775
<br />62, I �0
<br />(265,�25)
<br />( ] 0,42.5)
<br />78,154
<br />14,575
<br />(5,6�9}
<br />$ (86,842)
<br />As the tak�Ie above indica�es, the functions performed in the FinaneelAccountin� di�is�ion
<br />gener�te aver $730,000 annually in progra�n-related revenues. This translates into an annua]
<br />divisional surplus of appr��imately $86,a00 that is used t� off`set otl�er tax-stipported programs.
<br />It could be argued hawever, that a portion of the program revenues aught to b� aIlocated to other
<br />operational costs as well.
<br />2
<br />
|