Memo - 2004 Annual Financial Report and Audit
CITY OF HOPKINS
I FINANCE DEPARTMENT I
MEMORANDUM
Date: July 27,2005
To: Mayor & City Council
From: Christine Harkess, Finance Director
Subject: 2004 Comprehensive Annual Financial Report and Audit
Staff has prepared a presentation of a consolidated version ofthe 2004 Comprehensive Annual
Financial Report (CAFR). Our auditors will also be present to review the results of the 2004
audit to the City Council and public.
SUJ>J>ortinl! Information
. 2004 Comprehensive Annual Financial Report
. Power point presentation
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~.J C
Financial
Report
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City of Hopkins
@ Economic Conditio n
(lI Major Initiatives
e Revenues by fund
types
~ Expenditures by fund
types
e Statement of Net
Assets
(j Statement of Activities
Economic Condition Significant Projects in 2004
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. Excelsior Tech Center $ 1.1 million
.... . New construction valued at $8.87 . Walser Addition 5 1.4 million
million in 2004. -
- . Excelsior Blvd Reconstr. S 4.5 million
. . Strong economic development and . Nine Mile Cove 5 6.0 million
. redevelopment market within the City of . . DQ Chill & Grill 5 8.0 million
LJ Hopkins. ...J . Hopkins Honda $ 8.5 million
. An additional $125 million of . Oakridge Place S 9.0 million
construction is projected for 2005/2006. . Regency Residential $11.4 million
n .., . Oakridge County Club $12.0 million
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City of Hopkins
An Overview of the
2004 Comprehensive
Annual Financial Report
...
The City of Hopkins
presents its
Comprehensive Annual
Financial Report
This presentation
provides a broad
overview of our financial
performance and
position.
All information is public.
. Future Projects ,- Major Municipal Initiatives
. Excelsior Blvd Reconstruction
... and Streetscape Improvement S 3.8 million -
~ . Super Value Facility $ 7.0 million -
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. . Hopkins House redevelopment 515.0 million .
. Marketplace Lofts II 515.0 million
U . Oakridge Place I & II $19.0 million 1.1
. 6- & Main Condo & Lofts 520.0 million
. North Annex redevelopment 540.0 million
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Fund Type Definitions
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Revenues and Other Financing Sources
by Fund Type
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. General Fund - accounts for basiC services including
adminiSltation, publiC safety, publiC works. plaMing. and parks
and recrealion.
Special Revenue Funds - account for specifIC activity inCluding
Economk: Development, TIF, Housing Rehab.. Cable, Parking
and Depot Coffee House.
Capital funds - account fO( assets of a permanent nature
including Park irT'fJ/"ovements and Street irT'fJ/"ovemenls.
Debt SefVice Funds - aceount lor payment 0( interest and
prioCipaloo general obligatiOn debt.
EnlefJ)flse funds - account fOf self supporting activitIeS of
government including Waler. Sewer. Refuse, StOfTn Sewer,
Pavilion, Art Center, Skate Par'K and Housing Authonly.
Internal Service funds - account for financing of goods or
services prOVided by one department 10 olhef departments.
$700.911
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S8.~l').llJJ _Spec I.'
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Expenditures and Other Financing
. Revenue Comparisons ,m Uses by Fund Type
. Operating revenues in all governmental
..... fund types are up slightly - 1.2% from ....
. - 2003.
. _Gen....
. . Operating revenues in proprietary fund .Sp..,lal
types are down 5.1% or $221,000. aeepltat
Charges for services with the exception OO.bl
U of the storm sewer, refuse and pavilion .E..t..prt..
....too.....
were down from 2003.
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Statement of Net Assets
III Expenditure Comparisons g (In thousands) 2004 2003
A5sots
. Operating expenditures in all -cash aoll shor1.lemlloveslml!nls S23,512 $30.429
-T3lIes&specialassessmenlsreeeivable 11,422 12,143
.... governmental fund types are down - -Other receivables 4227 3>5'
11.5%. The majority of the decrease is ..()therasselsanddebilS 55.546 48,470
. completion of capital and tax increment . Total Assets $94,707 $94,596
projects started in previous years. L1abllltlos
. Operating expenditures in proprietary -AccountspayabJe Sl,754 $2.383
U W -~ruedcompensabOn "" 758
fund types remained stable in 2004. -Othertiabilibes 1,235 1.097
-Longlermdebl 33,352 35,573
r"" I"\'l TotalllablllUes $37,149 $39,&11
Total NelAssets SS7,55a SS4,71SS
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Statement of Activities Statement of Activities
Governmental Fund Types, (In thousands) 2004 2003 Proprietary Fund Types, (lnthousands) 2004 2003
Revenues Rrianu..
-PropeltylaxesandspedalassessmenlS $9,467 $9,092 -Cllargesforservlces $4,017 $4,158
-Charges for service 842 784 -Operating grants & contnbu\lons 233 3"
-Operabnggrants&contnbubOns 2,110 2,495 -Capltalgrants&allllnbutlons , "
-CapltalgranlS&<<mb1butions 1,467 1,764 -OIherrevenues " "
.-Grants&cont~bulionsnolrestncted '" '"
~ -QlherlllYenues 46. 326 Total Revenues and Other Sources $4,329 $4,650
Total Revenues $14,920 $15,134 Expenditures
I _Water $1.054 $1,075
expenditure. "'_. 1,410 1,460
-Generalgovemment $1,150 $1.411 -Storm sewer '" '"
.. -Publlcsa'ety 4,750 4.477 "'''= '" 65'
-Highways & Slfeels 2.115 2,230 -PaVlllOrIIlceArena 367 3"
-euhure& recreatlon 1,194 1.220 -SkatePal1i: .. "
-OIherexpendltures 1,119 1.782 -Housing & RedevelopmentAuIhority .26 .46
~ntereSlonlongtermdebt '.605 1.651 -Transfers ". ,
TolalExpendltures $11,933 $12,771 Total ExpendUures and other Uses ".543 $4,405
Change In Nel Assets $2,987 $2,363 Excess Revenues over Expenditures ($213) $245
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Fund Equity
Fund Tvoe
. General Fund
. Special Revenue Funds
. Capital Project Funds
. Debt Service funds
. Enterprise Funds
. Internal Service Funds
Fund Balance
$ 4,071 ,296
$ 7,228.212
$ 5.520,452
$ 3,789,322
$16,408,813
$ 4,039,082
Incr/(Oecr)
$ 283,385
($ 179,210)
($5,084,978)
$ 743,976
($ 213.674)
$ 364.512
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