VII.2. 2017 4th Quarter Financial and Investment Report; BishopCity of Hopkins
MEMORANDUM
Date: March 20th, 2018
To: Mayor & City Council
From: Nick Bishop, Finance Director
Subject: 2017 4rd Quarter Financial and Investment Report
We are still in the process of closing year end. A 4th Quarter Financial and Investment Report
will be presented based on unaudited number during the meeting. As part of that presentation I
will discuss the attached Financial Management Plan Summary. If you have any questions in
advance please contact me.
FINANCE DEPARTMENT
City of Hopkins
Financial Management Plan Update
Executive Summary
March 20, 2018
\\lisa\share\FINANCE\FMP\2018 FMP\Hopkins FMP 2018 V8a.xls
2018 2019 2020 2021 2022 2023
Tax Levy Budget
General Fund 10,747,657 11,483,090 12,016,381 12,393,986 12,970,081 13,910,743
Capital Improvements 75,000 100,000 100,000 100,000 100,000 100,000
Arts Center 250,000 257,500 400,000 700,000 700,000 700,000
Pavilion - 32,306 32,306 332,306 332,306 482,306
Debt Service 3,149,223 3,658,429 4,076,846 4,315,548 4,310,770 3,675,485
Equipment Fund - 250,000 250,000 250,000 250,000 250,000
Total City Levy 14,221,880 15,781,325 16,875,533 18,091,840 18,663,158 19,118,534
% Increase 9.86%10.97%6.93%7.21%3.16%2.44%
Additional Projects to Consider
City Hall Remodel - - 202,000 202,000 202,000 202,000 $2.5M, 15 Years, 2.5%
Central Park - - - - - - Unfunded
Pavilion Project - 8,077 8,077 8,077 8,077 8,077 $100,000 Overbudget
Levy Required - 8,077.00 210,077.00 210,077.00 210,077.00 210,077.00
Total City Levy w/ Additions 14,221,880 15,789,402 17,085,610 18,301,917 18,873,235 19,328,611
% Increase 9.86%11.02%8.21%7.12%3.12%2.41%
2018 2019 2020 2021 2022 2023
Budget
General Fund 1,093 1,178 1,231 1,274 1,330 1,430
Capital Improvements 8 10 10 10 10 10
Arts Center 25 26 41 72 72 72
Pavilion - 3 3 34 34 50
Debt Service 320 375 418 444 442 378
Equipment Fund - 26 26 26 26 24
Total City Levy per Home 1,446 1,619 1,728 1,860 1,913 1,964
$ Increase 150 173 109 132 53 50
Additional Projects to Consider
City Hall Remodel - - 24 24 24 24
Central Park - - - - - -
Pavilion Project - 1 1 1 1 1
Additional Levy per Home - 1 24 25 25 25
Total Tax Levy per Home 1,446 1,620 1,753 1,885 1,938 1,988
$ Increase 150 174 133 132 53 50
Projected
ProjectedTaxes for Median Value Home
5 year average = $104
5 year average = $109