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Memo 2002 third quarter rprt . October 11, 2002 2002 THIRD QUARTER FINACIAL REPORT PRESENTATION Overview The following is a brief presentation of the City of Hopkins 2002 Third Quarter Financial Position. . . -- . Merrx:rnndum Date: 10/1 1102 To: Steve Mielke Cc: Mayor and Councilmembers From: Lori K Yager RE: September 2002 financial RepOli Attached are financial reports for the period ending September 30, 2002 along with some comparative infonllation. After brief analysis, some general comments can be made in regards to the quarterly reports for the City. GENERAL FUND REVENUES . General fund revenues are up only 1 % over last year at this time. Property tax revenues in . the general fund increased 27% over 2001. At the same time intergovernmental revenues decreased 53% over last year. This reflects the impact of the loss of I-IACA for the City of Hopkins. The other revenue sources are about the same as last year at this time. General fund revenues are slightly below target at 71 % of budget. GENERAL FUND EXPENDITURES . City Council expenditures reflect a pattem of decreasing costs over four years. Administrative Services expenditures have gone up do to absorbing 50% of the communication position. Finance and legal costs are each up $10,000 over last year. Higher employee wages and benefits are attributed to the increase in finance and increased attorney fees cause increased legal costs. Municipal Building expenditures flucruate every year based on equipment breakdowns, remodeling, heating and maintenance flucruations. Activity Center costs are up slightly do to the purchase of basketball equipment and a computer. Community Services expenditures are up $15,000 this year primarily from increased salaries and benefits. Police expenditures increased $222,000 over 200 I. This is related to purchasing eight mobile data units at $61,000, purchasing and installing the Visionair software and a fully staffed police force. The mobile data units have an offsetting federal grant of$58,000. Fire expendihlres are down this year primarily from fewer medical and fire suppression calls. Public Works has experienced lower expendirures in 2002. The lower expenditures include building heat, street cleaning, snow removal and park maintenance. Recreation expenditures are up do to the final payment for the Shady Oak Beach renovation. Community Planning's expenditures are down from last year because the transit study is . complete and the community development program is now funded in the Economic Development fund. General fund expenditures are slightly below target at 72% of budget. . SPECIAL REVENUE FUNDS The Chemical Assessment fund has a $6,000 fund balance. . . The Economic Development fund has expensed $265,000 more than it has earned in revenue in 2002. The expenditures are associated with the Market Place Loft development. . The real estate fund has a $60,000 fund balance. . TIF 1-1 (downtown district) has a $1,400,000 fund balance prim- to transfening funds for debt payments . The Art Facility constmction fund is CUll'ently (16,782). This should be resolved after all donations and pledges have been received. . TIF 1-2 (entel1ainment center district) has a $178,000 fund balance. . The Paratransit fund is currently a (17,450). This fund usually sits with a negative fund balance during the year because receipts lag two months behind expenditures. . The Housing Rehab fund has a $1,082,000 fund balance, which is slightly lower than the beginning of the year. Expenditures are $40,000 more than revenues. . The Parking fund has a $338,000 fund balance, which is $14,000 less than the beginning of . the year. Revenues are slightly lower than expenditures. The ramp is cunently under construction with platmed improvements of $41 ,000. . The Section 8 fund has a $58,000 fund balance. The revenues in this fund continue to exceed the expenditures incurred. . The Cable TV fund has a $360,000 fund balance, which is higher than the beginning of the year. Tbis is due to a shifting of 50% of the communications position salary to the general fund, under Adminisrt-ation. This fund will incur costs for the Art Center fund at year end. . The Depot Coffee House fund is ($45,000). There are grants pending which may facilitate this fund. . TIF 2-1 (R.L. Johnson) has a $441,000 fund balance. . TlF 2-6 has a (451,000) fund balance. This is the Sonoma Apartment project and was expected to run a negative fund balance until the end of the district tenn. . TIF 2~ 7 (Thelll1otech) has a $149,000 fund balance. . TIF 2-8 (Diamond Labs) has a $33,000 fund balance. . TIF 2-9 (Oaks of Mainstreet/Pines) has a $207,000 fund balance. . . Tl F 2~ 1 0 (Hopkins Business district) has a $.22,800 fund balance. . . TIP 2-11 (SuperValu) has $535,000 fund balance with plalU1ed construction begilming on the County Road 3 intersection. . The Art Center fund has a ($1,120,000) fund balance. The majOlity of the negative fund balance is an intra fund loan outstanding of $834,783. Annually, the Economic Development fund is transfening $61,000 to assist with the payment of this loan. In addition, the Cable TV fund is sUPPOlting the communications efforts of the Art Center by reimbursing the Art Center for promotions activity. The Art Center fund balance is projected to improve alU1uaIly into the future. . The Park Improvement fund has a fund balance of $124,000. The downtown park improvements and a stage are to be funded from this source. . The State Aid Construction fund has a fund balance of $2,600,000. This will be used to help fund the County Rd 3 construction project. . The Capital Improvements fund bas a $80,000 fund balance. This fund is being used to temporarily fund the initial costs of the facility projects. We will reimburse this fund with bond proceeds. . The PIR fund has a ($385,000) fund balance. We will be issuing bonds in November 2002, to replenish this fund for future street projects. . . The Insurance Risk fund has a $42,000 fund balance. This will be used to pay the deductible amounts of the general and liability insurance claims. . The Equipment Replacement fund has retained eamings of$3,290,000. This includes the cun'ent value of the majority of our vehicles and equipment. . The Water Utility fund has retained eamings of $4, 160,000. This includes the cunent value of the wells, water distribution system, meters and other water equipment . The Sewer Utility fund has retained eamings of $4,280,000. This includes the current value of the sewer pumps and lifts and other sewer equipment . The Refuse Utility fund has retained eamings of $1,040,000. This includes the current value of the refuse equipment. . The Stoml Sewer fund has retained earnings of $9,900,000. This includes the cunent value of the stann system and the pumps and lifts. . The Pavilion/Ice Arena fund has retained earnings of $1,880,000. This includes the current value of the building and equipment. . The Skate Park has retained earnings of $14,000, This includes the current value of the equipment. . . GENERAL COMMENTS Total cash and investments are down about $2,000,000 compared to 2001. This is attributed . to the spending in the PIR fund, early debt extinguishment in TIF 1-] and the Market Place Lofts development spending. . Govenunental fund type reserves are down approximately $2,070,000 compared to September 2001. The decreased reserves are primmily in the PIR fund. These funds are used to pay for major street projects. The other significant decreases occur in the Economic Development fund and the TIF funds. The city purchased propelty in preparation of the Market Place Loft redevelopment project. . Most proplietary funds show operating profits. On .the bottom of the proprietary fund rep0I1 is a brief explanation of the changes in cash for these funds. Included is a spreadsheet showing current and historical operations for the enterprise funds. . The graphs illustrate where revenues and expenditures are derived and spent. It compares those figures for years 1999 thm 2002. . . CITY OF HOPKINS 2002 FINANCIAL REPORT - SEPTEMBER . GENERAL FUND Year To Date 9 Months 75% of Year Percentage Percentage Receivedl Receivedl Expended Expended 2002 Budget Year to Date 2002 2001 Revenues Property Taxes $ 6,171,140 $ 4,444,868 72.03% 74.77% Intergovernmental Revenue 1,080,609 750,813 69.48% 75.65% Licenses and Permits 426,105 324,689 76.20% 84.27% Fines and Forfeitures 140,000 79,603 56.86% 75.59% Interest Earnings 163,000 61,596 37.79% 35.36% Charges for Services 182,740 138,134 75.59% 77.81% Other Miscellaneous 60,178 54,819 91.09% 65.74% Total $ 8,223,772 $ 5,854,522 71 . 19% 74.18% Expenditures Mayor/Council $ 113,522 $ 64,082 56.45% 67.65% . Administrative Services 388,733 273,404 70.33% 73.43% Finance 148,903 107,447 72.16% 67.59% Legal 122,950 74,257 60.40% 53.63% Municipal Building 112,615 62,211 55.24% 100.28% Activity Center 303,538 194,198 63,98% 64.71% Community Services 771,473 551,862 71.53% 74.02% Police 3,404,887 2,602,470 76.43% 76.06% Fire 577,908 358,722 62.07% 65.45% Emergency Preparedness 25,110 1,822 7.26% 44.58% Public Works 1,861,457 1.297,015 69.68% 75.93% Recreation 343,639 290,905 84.65% 101.28% Planning & Economic Dev. 105,826 74,600 70.49% 97.52% Unallocated 102,527 110,561 107.84% -9.84% Transfers 24,500 0 0.00% 0.00% Total $ 8,407,588 $ 6,063,556 72.12% 73.97% Sources (Uses) of Fund Balance ($183,816) ($209,034) . CITY OF HOPKINS . FOUR YEAR COMPARATIVE FINANCIAL REPORT FOR THE PERIOD ENDING SEPTEMBER 30, 200X & 1999 GENERAL FUND 2002 2001 2000 1999 Revenues Property Taxes 4,444,868 3,508,464 3,289,174 3,060,578 Intergovernmental Revenue 750,813 1,591,541 1,432,837 1,393,606 licenses and Permits 324,689 306,531 347,656 370,324 Fines and Forfeitures 79,603 83,149 74,400 77,918 Interest Earnings 61,596 88,400 101,626 69,918 Charges for Services 138,134 122,519 158,210 108,361 Other Miscellaneous 54,819 41,216 40,346 50,387 Total $5,854,522 $5,741,820 $5,444,249 $5,131,092 Expenditures Mayor/Coucnil 64,082 74,693 72,981 $69,941 Administrative Services 273,404 221,426 237,260 211,036 Finance 107,447 96,645 96, 134 95,036 Legal 74,257 66,742 74,939 75,968 . Municipal Building 62,211 99,202 49,988 50,952 Activity Center 194,198 191,082 174,982 156,552 Community Servo - Admin 551,862 537,942 519,876 493,277 Police 2,602,470 2,380,218 2,181,714 2,081,038 Fire 358,722 390,319 359,850 352,753 Emergency Preparedness 1,822 13,628 1,118 3,439 Public Works 1,297,015 1,334,637 1,185,739 1,232,388 Recreation 290,905 237,740 226,130 229,893 Planning & Economic Dev. 74,600 137,038 97,193 127,082 Unallocated 110,561 (10,021 ) 765 99,494 Transfers 0 0 0 0 Total $6,063,556 $5,771,291 $5,278,669 $5,278,849 Sources (Uses) of Fund Balance ($209,034) ($29,471 ) $165,580 ($147,757) . '" "" '. '" "'-. "'- a " 6UIUU.,J '.1\90 tt>IWOUOtt> "- /' UOllI19.1tt>91lJ '-. // " S*,oNt tt>lIqnJ '" "'- , " 6] ~~ /",-" ,~ 9JIJ ~ ' < '-. a ~<>' ../ L ~<> // '-. ~ ".,/ "'. '" ca. <? /, '" 811>1I0d ~<> ,/ ' //". ...... , ',,-. "" Jf.UunWWO~ / s8ll>!A-I11S " , , '" "'- ~1Jtt>V "11 6PIS i~ '-, "" '.4~ '" '" '-. , "- "'- '-. '. '" 111691 ", " '. 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CITY OF HOPKINS . 2002 FINANCIAL REPORT - SEPTEMBER STATUS OF RESERVES Beginning Balance Balance Balance (Deficit) (Deficit) Dollar (Deficit) Fund 1/1/2002 9/30/2002 Difference 9/30/2001 General Fund $ 3,198,705 $ 2,967,168 $ (231,537) $ 2,973,861 Economic Development Fund 3,450,759 3,185,197 (265,562) 3,751,727 Housing Rehab Fund 1,006,664 1,082,358 75,694 1,143,369 Parking Fund 352,854 338,965 (13,889) 360,341 Cable TV Fund 327,984 360,325 32,341 317,378 Depot Coffee House Fund 1,127 (45,304 ) (46,431) (25,674) Tax Increment 1.1 Fund 1,298,941 1,424,874 125,933 1,647,252 Tax Increment 1.2 Fund 210,877 178,443 (32,434) 197,293 . Tax Increment 2.1 Fund 496,470 441,081 (55,389) 518,815 Tax Increment 2.7 Fund 100,195 148,994 48,799 118,549 Tax Increment2.8 Fund 13,338 33,015 19,677 69,738 Tax Increment 2.9 Fund 194,191 206,921 12,730 185,504 Tax Increment 2.10 Fund 7,367 22,791 15,424 0 Tax Increment 2.11 Fund 267,356 535,720 268,364 247,279 Park Improvement Fund 131,337 124,705 (6,632) 72,950 Municipal State Aid Construction Fund 2,626,982 2,601,824 (25,158) 2,780,168 Capital Improvement Fund 96,505 80,759 (15,746) 96,312 P.I.K Construction Fund 581,986 (384,664) (966,650) 791,827 Debt Service 4,727,313 1,140,394 (3,586,919) 1,267,153 CASH AND INVESTMENTS - ALL FUNDS 9/30/2002 9/30/2001 . Total City Investments $ 14,382,981 $ 16,330,854 ~ '" ~,... d)~'" 0 w, ~ '& ~.. ... '" '" '" '" - .... ~ ~~ ~ ';;;_ ~_ ~ ~ ~ ';: ;~ 0\ <<1'& r-: \0 ~ '-' ~ ~\)... .:- ('") !:- ~ ~ ~ {/t ~ '!l !E .--. d)~<i' '" '!i ~ il> ...~;; _ ~~ ~ 9>~~ 1, ~_ <:<_ ';;::-.;; ~ t ~ fi. 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CURRENT AND HISTORIC QUARTERLY REPORT FOR ENTERPRISE FUND OPERATIONS (no capital, construction or depreciation) For the Quarter Ending September 30, 2002 2001 2000 1999 1998 WA TER OPERATING REVENUE 654,331 643,348 607,905 589,525 604,286 OPERATING EXPENSE 522,831 538,814 493,077 488,681 473,975 OPERATING INCOME (LOSS) 131,500 104,534 114,828 100,844 130,311 SEWER OPERATING REVENUE 1,040,196 1,035,487 1,043,846 1,085,460 1,135,842 OPERATING EXPENSE 955,687 903,813 845,543 892,328 935,466 OPERATING INCOME (LOSS) 84,509 131,674 198,303 193,132 200,376 REFUSE OPERATING REVENUE 475,839 417,656 414,574 448,031 457,245 . OPERATING EXPENSE 432,104 437,657 409,194 375,125 400,270 OPERATING INCOME (LOSS) 43,735 (20,001 ) 5,380 72,906 56,975 STORM SEWER REVENUE 517,711 499,592 496,158 467,524 396,934 OPERATING EXPENSE 77,070 83,429 87,345 32,740 47,724 OPERATING INCOME (LOSS) 440,641 416,163 408.813 434,784 349,210 PAVllLlONIICE ARENA OPERATING REVENUE 130,614 150,039 141 ,766 144,165 165,954 OPERATING EXPENSE 181,230 187.151 164,010 168,331 167,647 OPERA TING INCOME (LOSS) (50,616) (37,712) (22,244 ) (24,166) (1,693) . Page 1 . Q) Q) r .::J enl c c : Q) Q) i a; 0- x: ,0:: WI Q) + ! In C -_.,,--~_._"----" --..------..------------,--r----.--.-- -- Q) I I I N Q. ! ' 0 >< I I 0 N , W I I -c , c i ~ ns 0 I 0 Q) N ~ I c: I I 0 D:: Q) j . I 0 c( > ; 0 w Q) N > ~ en Q") c Q") .- (j) ...., ~ ca I- Q) ; Q. "\ CO 0 Q") I (j) ~ ~ l- i i I Q) j .... ns 0 0 0 0 0 0 0 ~ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - ~ - - - - - 0 0 0 0 0 0 0 0 l!) 0 L() 0 L{) 0 ,..... CD CD L!) LO -q- ~ . w- f::FT w- Y7 Y7 f:F!J- Y7 SHV110a . . 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