Memo - 2001 4th Quarter Financial ReportQ Memo
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T : Terry Obermaier, Hopkins City Clerk
From: Thomas May, Hennepin County Assessor
Dat : December 7, 2001
Re: 2002 Local Board of Appeal and Equalization Dates
Tuesday April 16,2002
Day of the Week Date
&cy ddPeper
Minnesota Law requires that I, as County Assessor, set the date for your Local Board of Appeal and
Equalization Meeting. After reviewing previous meeting days and your suggestions of last year, the above
date was selected. I sincerely hope that it is agreeable with your council.
As there must be a quorum, I would suggest that an informal review of your members with a request that
they mark their calendars would be appropriate.
Please confirm the date set out or call Bill Effertz at 348 -3388 with your alternative date by January 18, so
that our printing order can be completed on time. We suggest starting times of 6:30, 7:00 or 7:30 p.m., but
will discuss it with you if you wish a different time.
Your early completion and return of the attached tear off strip will be appreciated and we will send your
official notice for posting as required by law.
Please return to JoDee Schinkel, A -2103 Government Center, Minneapolis, MN 55487
CONFIRMATION
Municipality:
Date:
Time:
Place:
For selecting meeting dates in future years, the following information will be helpful
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2001
4th QUARTER FINANCIAL
REPORTS
CITY OF HOPKINS
GENERAL FUND REVENUE COMPARISON
(in dlcusardo.
3,000
4,500
4.1/0.1
7,500
1000
:,
2.000 r
1,900
1000
99
Tate.
1 0l-pelf( Lir,rereo0 rna.gro
_001
. 21100
. 1099
is 19981
GENERAL FUND EXPENDITURES
The Municipal building costs increased $40,000
over last year. This is attributed to higher
heating costs, boiler repair and some office
remodeling.
. There was a $40,000 increase in planning for a
transit study.
. The remaining $120,000 increase in spending
is attributed to normal wage and benefit
increases over last year.
. Overall, general fund expenditures are still
under budget this year.
GENERAL FUND REVENUES
• General fund revenues are up $360,000 or 4.8%
over last year at this time.
. Property tax revenues represent the majority of
the increase in revenues over 2000.
. The economy overall has slowed down in 2001.
This slowdown affects permit and licensing
revenues and interest earnings.
GENERAL FUND EXPENDITURES
General fund expenditures are up $499,000 or 7%
over last year at this time.
. Forty percent of the increased spending is associated
with police department cost increases of $170,000 or
5.8% over last year. The police have experienced
normal increases in salary & benefits but in addition b
that they have incurred overtime costs to cover unfilled
positions.
. Thirty percent of the increased spending is in Public
Works with increases of $130,000 or 7.8% over last
year. The increased spending is associated with higher
snowplowing and seal coating costs than in previous
years.
GENERAL FUND EXPENDITURE COMPARISON
in thousands)
2111
1100
110
_ esensesl
1
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CASH AND INVESTMENTS
▪ Total cash and
investments are up
$2,100,000 due to a
bond refunding issue
of $3,700,000.
. Average return on
investments has
dropped to 2.5% in
2001, from a high in
2000 of 6.9 %.
INTERNAL SERVICE AND ENTERPRISE
▪ The equipment replacement plan is very
healthy with a cash balance of $1,200,000.
This balance will be used to purchase
equipment in the future.
• The utility funds are also very healthy with a
combined cash balance of $5,200,000. The
cash balance is used to fund operations, pay
current and refunded debt and pay for current
and future capital and construction projects in
the utility funds.
C1TY OF HOPKINS RESERVES
• Governmental fund types are general fund,
special revenue funds, debt service funds and
capital project funds.
. Governmental fund type reserves are up
approximately $500,000 compared to December
2001. The increased reserves are in the debt
service funds for preparation of early retirement
of some refunded bonds and TIF district bonds.
BROKERAGE INVESTMENT HOLDINGS
e Dain Bosworth . $ 4,783,000
e US Piper Jafray , $ 2,250,000
. Smith Barney e $ 7,210,000
e Wells Fargo e $ 5,968,000
e Morgan Keegan . $ 2,010.000
• TOTAL e $22,221,000
1.400
1.204
1.000
800
ata
400
200
0
UTILITY FUNDS (In thousands)
Water Sewer R.1 ■se Sturm
Utility fund
working
capital
balances as
of
December
31, 2001.
GOVERNMENTAL FUND RESERVES
On ThIDusandS)
2201
1515
e Cerersl lud
❑ Elleelli1e1e.sr
e erpltel
L l ell
2
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OVERALL REPORT
THE CITY OF HOPKINS'
CONTINUES TO BE IN
EXCELLENT FINANCIAL
HEALTH
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