VII.5. First Quarter Financial Report; Bishop
CITY OF HOPKINS
Memorandum
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: May 15, 2018
Subject: First Quarter Financial Report
_____________________________________________________________________
Attached is the presentation for the 4th quarter financial report. If you have any
questions in advance please contact me. A full presentation will be given at the council
meeting.
Finance
2018 1st Quarter
Financial Report
Prepared by Finance Department
General Fund Overview
At the end of the 1st quarter
Revenues are at 22.52%
Expenditures are at 22.19%
General Fund Revenues
% of
Budget Actual Budget
Taxes 10,832,857$ 2,686,915$ 24.80%
Intergovernmental 1,173,933 93,226 7.94%
Licenses, Permits & Fines 779,065 116,005 14.89%
Charges for Services 225,650 118,187 52.38%
Miscellaneous 423,850 11,863 2.80%
Total Revenues 13,435,355$ 3,026,196$ 22.52%
Includes estimate for Tax Revenue
General Fund Expenditures
% of
Budget Actual Budget
General Government 2,050,121$ 480,589$ 23.44%
Community Services 757,749 151,516 20.00%
Public Safety 6,569,582 1,575,665 23.98%
Public Works 3,016,035 616,518 20.44%
Recreation 706,671 98,167 13.89%
Urban Development 335,197 59,409 17.72%
Total Expenditures 13,435,355$ 2,981,864$ 22.19%
Special Revenue Funds Revenues
Economic Development, Depot & Art Center
include estimated tax revenue and/or transfers
% of
Budget Actual Budget
Chemical Assessment 60,000$ -$ 0.00%
Economic Development 402,037 82,834 20.60%
Parking 150,500 92,036 61.15%
Communications 269,200 65,471 24.32%
Depot Coffee House 352,000 69,657 19.79%
Art Center 975,626 220,994 22.65%
Special Revenue Funds
Expenditures
% of
Budget Actual Budget
Chemical Assessment 60,000$ 12,187$ 20.31%
Economic Development 245,700 88,947 36.20%
Parking 113,529 29,355 25.86%
Communications 285,566 50,351 17.63%
Depot Coffee House 367,753 76,143 20.70%
Art Center 992,908 196,456 19.79%
Special Revenue Funds Change in Fund
Balance
Chemical –have not received reimbursements
Art Center –will complete capital projects in
later quarters
Change
In Fund
Revenues Expenses Balance
Chemical Assessment -$ 12,187$ (12,187)$
Economic Development 82,834 88,947 (6,113)
Parking 92,036 29,355 62,681
Communications 65,471 50,351 15,120
Depot Coffee House 69,657 76,143 (6,486)
Art Center 220,994 196,456 24,538
Enterprise Funds Revenues
% of
Budget Actual Budget
Water 2,147,085$ 409,085$ 19.05%
Sewer 3,088,299 578,467 18.73%
Refuse 1,010,500 239,920 23.74%
Storm Sewer 810,200 202,334 24.97%
Pavilion 445,000 145,933 32.79%
Enterprise Funds Expenses
% of
Budget Actual Budget
Water 1,885,915$ 431,681$ 22.89%
Sewer 2,607,444 586,276 22.48%
Refuse 948,876 174,928 18.44%
Storm Sewer 497,049 100,991 20.32%
Pavilion 460,817 111,353 24.16%
Enterprise Funds Financial Position
Net
Income
Revenues Expenses (Loss)
Water 409,085$ 431,681$ (22,596)$
Sewer 578,467$ 586,276$ (7,809)$
Refuse 239,920$ 174,928$ 64,992$
Storm Sewer 202,334$ 100,991$ 101,343$
Pavilion 145,933$ 111,353$ 34,580$
Financial Management Plan
Updates Since March 20th
Issued 2018 Bonds at 2.9% Interest
City Hall and Central Park Remain Unfunded
Not anticipated either will be funded with tax levy
Financial Management Plan
5 year average = $103
2018 2019 2020 2021 2022 2023
Budget
General Fund 1,093 1,178 1,228 1,272 1,328 1,428
Capital Improvements 8 10 10 10 10 10
Arts Center 25 26 41 72 72 72
Pavilion - 4 4 35 35 50
Debt Service 320 375 417 443 441 377
Equipment Fund - 26 26 26 26 26
Total City Levy per Home 1,446 1,619 1,726 1,858 1,911 1,963
$ Increase 150 174 106 132 53 52
Taxes for Median Value Home Projected
Next Steps
Update background information & other
assumptions
Tax Capacity
Tax Increment Districts
Fiscal Disparities
New Construction
Changes in Market Value
Median Home Value
Other Updates
Franchise Fee Ordinances Expire on 12/31/18
Staff will be proposing an increase to Franchise
Fees beginning on 1/1/2019
Staff is also proposing a City Hall Renovation
Project
Estimated costs are between $3,500,000 and
$4,270,000