First Quarter 2014 Financial and Investment ReportMEMORANDUM
Date: April 15, 2014
To: Mayor & City Council
From: Christine Harkess, Finance Director
Subject: First Quarter 2014 Financial and Investment Report
Attached is the first quarter financial and investment report power point presentation. If you
have any questions in advance please contact me. A full presentation will be given at the council
meeting.
FINANCE DEPARTMENT
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1
2014 1st Quarter
Financial & Investment Report
•At the end of 1st quarter
•Revenues are at 23.65%
•Expenditures are at 22.04%
General Fund - Overview
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•Met Council – $49,995 for Sustainable Communities
•MN State Arts Board - $6,971 for programming at the Arts
Center
•Met Council - $86,445 Inflow/Infiltration grant
•Total for 1st Quarter - $143,411
Grants Received 1st Quarter
General Fund Revenues
% age of
Budget Actual Budget
Taxes 8,952,774$ 2,238,644$ 25.01%
Intergovernmental 813,410$ 72,623$ 8.93%
Licenses, Permits &
Fines 564,395$ 164,964$ 29.23%
Charges for Services 201,250$ 71,547$ 35.55%
Miscellaneous 414,300$ 40,734$ 9.83%
Total Revenues 10,946,129$ 2,588,512$ 23.65%
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Total General Fund Expenditures
$0
$400
$800
$1,200
$1,600
$2,000
Salaries Matl/Spls Capital
2014
2013
2012
2011
1st Quarter – In Thousands
General Fund Expenditures
General
Government
Public Safety
Community Services
Public Works
Recreation
Planning &
Comm Dev
Other
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General Fund Expenditures
% age of
Budget Actual Budget
General Government 1,319,927$ 292,624$ 22.17%
Community Services 945,429$ 179,875$ 19.03%
Public Safety 5,439,659$ 1,311,982$ 24.12%
Public Works 2,384,144$ 490,042$ 20.55%
Recreation 586,329$ 88,347$ 15.07%
Urban Development 220,441$ 44,987$ 20.41%
Other 50,200$ 4,739$ 9.44%
Total Expenditures 10,946,129$ 2,412,596$ 22.04%
General Fund Expenditure Comparison
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2014 2013 2012 2011
1st Quarter – In Thousands
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Special Revenue Funds Revenues
% age of
Budget Actual Budget
Chemical Assessment 45,000$ -$ 0.00%
Economic Development 287,480$ 75,775$ 26.36%
Parking 96,000$ 75,222$ 78.36%
Communications 236,500$ 59,926$ 25.34%
Depot Coffee House 354,650$ 92,198$ 26.00%
Art Center 777,376$ 103,359$ 13.30%
Special Revenue Funds Expenditures
% age of
Budget Actual Budget
Chemical Assessment 45,000$ 11,937$ 26.53%
Economic Development 280,488$ 44,903$ 16.01%
Parking 95,869$ 20,635$ 21.52%
Communications 208,954$ 19,851$ 9.50%
Depot Coffee House 354,456$ 72,756$ 20.53%
Art Center 744,428$ 181,775$ 24.42%
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Special Revenue Funds Financial Position
Change
In Fund Cash
Revenues Expenses Balance Balance
Chemical Assessment -$ 11,937$ (11,937)$ (9,009)$
Economic Development 75,775$ 44,903$ 30,872$ 2,222,256$
Parking 75,222$ 20,635$ 54,587$ 183,192$
Communications 59,926$ 19,851$ 40,075$ 401,250$
Depot Coffee House 92,198$ 72,756$ 19,442$ (14,387)$
Art Center 103,359$ 181,775$ (78,416)$ (867,922)$
Enterprise Funds Revenues
% age of
Budget Actual Budget
Water 1,605,484$ 322,225$ 20.07%
Sewer 2,104,150$ 579,682$ 27.55%
Refuse 947,200$ 231,979$ 24.49%
Storm Sewer 803,000$ 208,042$ 25.91%
Pavilion 372,600$ 119,815$ 32.16%
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Enterprise Funds Expenditures
% age of
Budget Actual Budget
Water 1,615,651$ 329,431$ 20.39%
Sewer 2,313,265$ 472,870$ 20.44%
Refuse 872,206$ 134,336$ 15.40%
Storm Sewer 479,638$ 112,022$ 23.36%
Pavilion 438,462$ 107,048$ 24.41%
Enterprise Funds Financial Position
Net
Income Cash
Revenues Expenses (Loss)Balance
Water 322,225$ 329,431$ (7,206)$ 392,689$
Sewer 579,682$ 472,870$ 106,812$ 210,770$
Refuse 231,979$ 134,336$ 97,643$ 863,596$
Storm Sewer 208,042$ 112,022$ 96,020$ 829,444$
Pavilion 119,815$ 107,048$ 12,767$ 11,189$
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Cash & Investments
March 31, 2014
Bank Sweep Account 1,128,914$
Certificates of Deposit 5,392,000
Government Securities 9,308,107
Total 15,829,021$
Cash & Investments
Breakdown by Fund Ownership
General Fund $3,008,115
Special Revenue Funds 3,090,942
Debt Service Funds 1,140,096
Capital Funds 4,307,236
Internal Service Funds 1,974,944
Enterprise Funds 2,307,688
Total $15,829,021
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Interest Earnings
$0
$25,000
$50,000
$75,000
$100,000
2014 2013 2012 2011
•How is the plan being utilized?
•To prepare 2014 Bond Sale
•Assist with 2015-2019 ERP/CIP
•Assist with 2015 Budget
•Plan to be updated following completion of
2015-2019 ERP/CIP
Financial Management Plan
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•Audit Report Released
•Begin ERP/CIP for 2015-2019
•Begin 2015 Budget
•2014 Street Improvement Bond Sale
Looking Ahead