IV.1 Fourth Quarter Financial ReportMEMORANDUM
Date: February 2, 2015
To: Mayor & City Council
From: Christine Harkess, Finance Director
FINANCE DEPARTMENT
Subject: Fourth Quarter 2014 Financial and Investment Report
Attached is the fourth quarter financial and investment report power point presentation. This is a
pre -audit report and is subject to change as we complete our year end work. If you have any
questions in advance please contact me. A full presentation will be given at the council meeting.
2014 4th Quarter
Financial & Investment Report
General Fund - Overview
• At the end of 4th quarter
• Revenues are at 102.55%
• Expenditures are at 100.77%
• Report is preliminary as we have not
closed out the year.
Grants Received 4th Quarter
• MN State Arts Board - $14,476 for programming at the
Arts Center
• State - $4,535 for DDACTS Grant
• State - $8,593 for TZD Enforcement
• State - $19,691 for the Chemical Assessment Team
• State - $12,500 for CDBG grant for local home rehab loan
• Hennepin County - $24,645 for a recycling
Grants Received 4th Quarter - cont
• Three Rivers Park District- $15,000 for Depot operating
support
• Total for 4th Quarter - $99,440
• Total YTD - $550,139
Total General Fund Expenditures
a
INN
General Fund Revenues
age of
Budget
Actual
Budget
Taxes
$
8,952,774
$
8,871,778
99.10%
Intergovernmental
$
813,410
$
929,913
114.32%
Licenses, Permits &
Fines
$
564,395
$
766,332
135.78%
Charges for Services
$
201,250
$
294,046
146.11%
Miscellaneous
$
414,300
$
362,987
87.61%
Total Revenues
10 946 129
11 225 056
102.55%
Total General Fund Expenditures
General Fund Expenditures
age of
Budget
Actual
Budaet
General Government
$
1,319,927
$
1,373,710
104.07%
Community Services
$
945,429
$
960,111
101.55%
Public Safety
$
5,439,659
$
5,464,528
100.46%
Public Works
$
2,384,144
$
2,410,700
101.11%
Recreation
$
586,329
$
585,197
99.81%
Urban Development
$
220,441
$
210,899
95.67%
Other
$
50,200
$
25,338
50.47%
Total Expenditures
$10,946,129
$11,030,483
100.77%
General Fund Expenditure Comparison
2111MIMM
Special Revenue Funds Revenues
age of
Budaet
Actual
Budaet
Chemical Assessment
$ 45,000
$ 73,949
164.33°/%
Economic Development
$ 287,480
$ 650,707
226.35%
Parking
$ 96,000
$ 106,934
111.39°/%
Communications
$ 236,500
$ 257,338
108.81°/%
Depot Coffee House
$ 354,650
$ 367,397
103.59%
Art Center
$ 777,376
$ 684,169
88.01%
CIMMIMM
Special Revenue
Funds Expenditures
Change
% age of
Budaet
Actual
Budaet
Chemical Assessment
$
45,000
$ 75,981
168.85%
Economic Development
$
280,488
$ 365,240
130.22%
Parking
$
95,869
$ 107,113
111.73%
Communications
$
208,954
$ 194,392
93.03%
Depot Coffee House
$
354,456
$ 378,092
106.67%
Art Center
$
744,428
$ 766,840
103.01%
21111MIMM
Special Revenue Funds Financial Position
Change
In Fund
Cash
Revenues
Expenses
Balance
Balance
Chemical Assessment $
73,949
$ 75,981
$ (2,033)
$ (7,789)
Economic Development $
650,707
$ 365,240
$ 285,467
$2,535,221
Parking $
106,934
$ 107,113
$ (179)
$ 192,717
Communications $
257,338
$ 194,392
$ 62,946
$ 425,223
Depot Coffee House $
367,397
$ 378,092
$ (10,696)
$ (21,101)
Art Center $
684,169
$ 766,840
$ (82,671)
$ (846,408)
CIMMIMM
Enterprise Funds Revenues
age of
age of
Budaet
Budaet
Actual
Budaet
Water
$ 1,605,484
$ 1,513,774
94.29%
Sewer
$ 2,104,150
$ 2,117,430
100.63%
Refuse
$ 947,200
$ 955,602
100.89%
Storm Sewer
$ 803,000
$ 811,842
101.10%
Pavilion
$ 372,600
$ 388,421
104.25%
2111MIMM
Enterprise Funds Expenditures
age of
Budaet
Actual
Budaet
Water
$1,615,651
$ 1,473,103
91.18%
Sewer
$2,313,265
$2,079,368
89.89%
Refuse
$ 872,206
$ 838,058
96.08%
Storm Sewer
$ 479,638
$ 879,210
183.31%
Pavilion
$ 438,462
$ 451,875
103.06%
Cash & Investments
December 311, 2014
Bank Sweep Account $11,575,702
Certificates of Deposit 8,577,000
Government Securities 11,063,741
Total $ 31,216,444
CIMMIMM
Enterprise Funds Financial Position
Net
Income
Cash
Revenues
Expenses
Loss
Balance
Water
$ 1,513,774
$1,473,103
$
40,671
$
545,098
Sewer
$2,117,430
$2,079,368
$
38,062
$
277,902
Refuse
$ 955,602
$ 838,058
$
117,544
$
962,582
Storm Sewer
$ 811,842
$ 879,210
$
(67,368)
$
736,490
Pavilion
$ 388,421
$ 451,875
$
(63,454)
$
(36,350)
Cash & Investments
December 311, 2014
Bank Sweep Account $11,575,702
Certificates of Deposit 8,577,000
Government Securities 11,063,741
Total $ 31,216,444
Cash & Investments
Breakdown by Fund Ownership
General Fund
Special Revenue Funds
Debt Service Funds
Capital Funds
Internal Service Funds
Enterprise Funds
Tota I
Interest Earnings
$5,478,259
5,202,865
10,242,963
6,007,527
1,799,106
2,485, 724
$31,216,444
Financial Management Plan
• How is the plan being utilized?
• To prepare for the two bond sales
• Assisted with 2015-2019 ERP/CIP
• Assisted with 2015 Budget
• Plan to be updated annually
Looking Ahead
• Update FMP for 2016
• 2015 Street Improvement Bond Sale
• Complete evaluation of new finance software
• 2014 Audit
• Complete Finance Evaluation Process