VII.4. Fourth Quarter 2015 Financial and Investment Report; Harkess (Memo)MEMORANDUM
Date: February 29, 2016
To: Mayor & City Council
From: Christine Harkess, Finance Director
Subject: Fourth Quarter 2015 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.
FINANCE DEPARTMENT
2/23/2016
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2015 4th Quarter
Financial & Investment Report
•At the end of 4th quarter
•Revenues are at 100.99%
•Expenditures are at 99.20%
•Report is preliminary as we have not
closed out the year.
General Fund ‐Overview
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•MN State Arts Board ‐ $11,778 for programming at the
Arts Center
•State ‐ $27,120 for DWI Officer
•State ‐ $8,634 for TZD Enforcement
•State ‐ $24,477 for the Chemical Assessment Team
•State ‐ $180,002 for CDBG grant for Cottageville Park
•Hennepin County ‐ $13,978 for a recycling
Grants Received 4th Quarter
Hennepin County ‐ $23,333 for Active Living Grant
Hennepin County ‐ $100,000 for façade program
•Total for 4 th Quarter ‐ $412,320
•Total YTD ‐ $962,459
Grants Received 4th Quarter ‐cont
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General Fund Revenues
% age of
Budget Actual Budget
Taxes 9,307,729$ 9,113,565$ 97.91%
Intergovernmental 843,112$ 1,043,084$ 123.72%
Licenses, Permits &
Fines 569,975$ 706,791$ 124.00%
Charges for Services 209,300$ 285,912$ 136.60%
Miscellaneous 416,600$ 309,631$ 74.32%
Total Revenues 11,346,716$ 11,458,983$ 100.99%
Total General Fund Expenditures
$0
$3,000
$6,000
$9,000
$12,000
Salaries Matl/Spls Capital
2015
2014
2013
2012
4th Quarter – In Thousands
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General Fund Expenditures
General
Government
Public SafetyCommunity
Services
Public Works
Recreation
Planning &
Comm Dev
Other
General Fund Expenditures
% age of
Budget Actual Budget
General Government 1,378,084$ 1,490,853$ 108.18%
Community Services 985,889$ 980,227$ 99.43%
Public Safety 5,518,165$ 5,520,763$ 100.05%
Public Works 2,517,880$ 2,410,720$ 95.74%
Recreation 591,498$ 604,955$ 102.28%
Urban Development 228,409$ 226,344$ 99.10%
Other 126,791$ 21,685$ 17.10%
Total Expenditures 11,346,716$ 11,255,547$ 99.20%
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General Fund Expenditure Comparison
$0
$3,000
$6,000
$9,000
$12,000
2015 2014 2013 2012
4th Quarter – In Thousands
Special Revenue Funds Revenues
% age of
Budget Actual Budget
Chemical Assessment 45,000$ 94,731$ 210.51%
Economic Development 288,072$ 698,255$ 242.39%
Parking 96,500$ 137,820$ 142.82%
Communications 250,000$ 270,436$ 108.17%
Depot Coffee House 343,000$ 376,057$ 109.64%
Art Center 787,121$ 777,392$ 98.76%
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Special Revenue Funds Expenditures
% age of
Budget Actual Budget
Chemical Assessment 45,000$ 97,568$ 216.82%
Economic Development 240,828$ 425,682$ 176.76%
Parking 139,404$ 201,214$ 144.34%
Communications 244,264$ 228,264$ 93.45%
Depot Coffee House 333,359$ 351,552$ 105.46%
Art Center 999,277$ 763,815$ 76.44%
Special Revenue Funds Financial Position
Change
In Fund Cash
Revenues Expenses Balance Balance
Chemical Assessment 94,731$ 97,568$ (2,837)$ (19,629)$
Economic Development 698,255$ 425,682$ 272,573$ 2,705,366$
Parking 137,820$ 201,214$ (63,394)$ 122,074$
Communications 270,436$ 228,264$ 42,172$ 478,506$
Depot Coffee House 376,057$ 351,552$ 24,505$ 4,397$
Art Center 777,392$ 763,815$ 13,577$ (845,969)$
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Enterprise Funds Revenues
% age of
Budget Actual Budget
Water 1,675,400$ 2,012,517$ 120.12%
Sewer 2,208,700$ 2,471,846$ 111.91%
Refuse 949,800$ 966,685$ 101.78%
Storm Sewer 803,000$ 1,419,770$ 176.81%
Pavilion 390,600$ 411,716$ 105.41%
Enterprise Funds Expenditures
% age of
Budget Actual Budget
Water 1,569,265$ 1,743,382$ 111.10%
Sewer 2,382,064$ 2,144,594$ 90.03%
Refuse 903,376$ 840,943$ 93.09%
Storm Sewer 490,738$ 420,126$ 85.61%
Pavilion 437,617$ 447,468$ 102.25%
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Enterprise Funds Financial Position
Net
Income Cash
Revenues Expenses (Loss)Balance
Water 2,012,517$ 1,743,382$ 269,135$ 255,600$
Sewer 2,471,846$ 2,144,594$ 327,252$ 416,742$
Refuse 966,685$ 840,943$ 125,742$ 867,896$
Storm Sewer 1,419,770$ 420,126$ 999,644$ (71,125)$
Pavilion 411,716$ 447,468$ (35,752)$ 22,838$
Cash & Investments
December 31, 2015
Bank Sweep Account 13,548,650$
Certificates of Deposit 10,290,000
Government Securities 6,022,851
Total 29,861,502$
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Cash & Investments
Breakdown by Fund
General Fund $5,688,260
Special Revenue Funds 6,174,223
Debt Service Funds 12,146,251
Capital Funds 2,965,520
Internal Service Funds 1,395,297
Enterprise Funds 1,491,951
Total $29,861,502
Interest Earnings
$0
$50,000
$100,000
$150,000
$200,000
$250,000
2015 2014 2013 2012
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•How is the plan being utilized?
•To prepare for bond sales
•Assisted with 2016‐2020 ERP/CIP
•Assisted with 2016 Budget
•Plan to be updated annually
Financial Management Plan
•Update FMP for 2017
•2016 Street Improvement & Park Bond Sale
•Finance software upgrade implementation
•2015 Audit
•Implement office re‐organization
Looking Ahead