VII.4. 2018 2nd Quarter Financial Report; Bishop
CITY OF HOPKINS
Memorandum
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: August 21, 2018
Subject: 2018 2nd Quarter Financial Report
_____________________________________________________________________
PURPOSE
To review 2nd Quarter Operating Results.
INFORMATION
The presentation for the 2018 2nd Quarter Financial Report is attached. A full
presentation will be given at the council meeting. Please feel free to contact me with
any questions.
FUTURE ACTION
None. This is an informational report.
Finance Department
2018 2nd Quarter
Financial Report
Prepared by Finance Department
General Fund Overview
At the end of the 2nd quarter
Revenues are at 47.07%
Expenditures are at 50.04%
General Fund Revenues
Includes estimate for Tax Revenue
General Fund Expenditures
% of
Budget Actual Budget
General Government 2,050,121$ 1,038,148$ 50.64%
Community Services 757,749 350,240 46.22%
Public Safety 6,569,582 3,419,962 52.06%
Public Works 3,016,035 1,439,508 47.73%
Recreation 706,671 347,330 49.15%
Urban Development 335,197 127,792 38.12%
Total Expenditures 13,435,355$ 6,722,979$ 50.04%
Special Revenue Funds Revenues
Economic Development, Depot & Art Center
include estimated tax revenue and/or transfers
% of
Budget Actual Budget
Chemical Assessment 60,000$ 31,823$ 53.04%
Economic Development 402,037 219,292 54.55%
Parking 150,500 109,399 72.69%
Communications 269,200 122,479 45.50%
Depot Coffee House 352,000 159,726 45.38%
Art Center 975,626 501,675 51.42%
Special Revenue Funds
Expenditures
% of
Budget Actual Budget
Chemical Assessment 60,000$ 29,953$ 49.92%
Economic Development 245,700 181,713 73.96%
Parking 113,529 66,698 58.75%
Communications 285,566 134,461 47.09%
Depot Coffee House 367,753 174,167 47.36%
Art Center 992,908 429,666 43.27%
Special Revenue Funds Change in Fund
Balance
Arts Center –Planned improvements to be completed later part of 2018.
Change
In Fund
Revenues Expenses Balance
Chemical Assessment 31,823$ 29,953$ 1,871$
Economic Development 219,292 181,713 37,579
Parking 109,399 66,698 42,701
Communications 122,479 134,461 (11,982)
Depot Coffee House 159,726 174,167 (14,441)
Art Center 501,675 429,666 72,009
Enterprise Funds Revenues
Enterprise Funds Expenses
Enterprise Funds Financial Position
Other Updates
Franchise Fee Ordinances
1st and 2nd Readings Scheduled on September 18th
and October 2nd
Proposed Utility Rate Increases for 2019
Water –Increase Rates by 6.8%
Sewer –Increase Rates by 5.6%
Based on Utility Rate Study