Memo - 2nd Quarter 2005 Financial Report
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MEMORANDUM
I FINANCE DEPARTMENT I
Date:
To:
July 15, 2005
Mayor & City Council
Christine Harkess, Finance Director
From:
Subject: Second Quarter 2005 Financial Report
Attached is the second quarter financial report power point presentation along with specific
notes. If you have any questions in advance please contact me. A full presentation will be given
at the council meeting.
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2005
2nd QUARTER
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FINANCIAL REPORT
CITY OF HOPKINS
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. At the end of 2nd quarter the year is 50%
expired.
. Revenues are at 49% of total budget
. Expenditures are at 45% of budget
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As a comparison - in 2004 Revenues were at 34% and Expenditures were are
44% of budget
Actual revenues are ahead oflast year
Actual expenditures approximately the same as last year.
Both revenues and expenditures are in line with the budget.
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. Taxes support 82% of general fund activities.
. Intergovernmental revenues support 4%
. Licenses, Permits & Fines support 7%
. Charges for Services support 2%
. Miscellaneous revenues including Franchise
fees support 3%
. Interest income supports 1%
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Property taxes now support 82% of the general fund programs.
Intergovernmental revenues support 4% of the general fund programs. These
two revenue sources make up 86% of the general fund sources. This total has
not changed, however the split between taxes and IGR has. Several years ago
IGR made up as much as 14% of total revenues.
General fund revenues are up approximately 15% over last year at this time.
This is primarily due to increased tax levy collections and grants received
General fund revenues to date total $4,343,323.
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D2005
0200~
El200J
S2002
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14.
500
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Tans
Inltf1,.n'l LicIPrrlf1nts Cbarges
Interest
Other
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This graph shows second quarter revenues by source for the years 2002-2005.
You will notice a decreased dependence on intergovernmental revenues (LGA)
in the years 2002 & 2003 and increased dependence on tax revenues. As
stated previously tax revenues now consist of82% of the general fund
revenues.
The large increase in tax revenue for 2005 is due to the levy swap which
increased the general fund levy.
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G EN ERAI.:-Fl:JNO-REVEN UES
, t. ...~~, ..;;;;.-;.: '" .......: . ".. ' :'. "".:,.:,'.:.~~:,<;; .;..'~. .:''''
% age of
Budqet Actual Budqet
Taxes $7,273,078 53,660,300 50.1%
Intergovernmental 5 383,010 $ 95,623 25.0%
Licenses, Permits &
Fines $ 627,975 5 350,410 55.8%
Charges for Services $ 228,551 $ 77,412 33.8%
Miscellaneous $ 299,150 5 96,465 32.2%
Interest Income 5 110.000 5 63.013 57.3%
Total Revenues 58,921,764 54,343,323 49%
Miscellaneous includes franchise fees budgeted at $290,000. First quarter franchise fees have now been
received.
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. Salaries and benefits make up 72% of
GF expenditures
. Materials, supplies and services make up
18%
. Transfers and Contingency make up 6%
. Capital make up 4%
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$3,500
$3,000
52,500
52,000
51,500
$1,000
5500
50
Sa la ries
02005
02004
02003
Ea 2002
MatUSpls Capital
Due to the cost of benefits, personnel costs are on the rise although the total
for 2005 is only $189,900 than 2002 and 564,200 more than 2004.
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Materials and supplies are approximately 5282,000 higher than at this point
last year. Significant increases are as follows:
Other supplies - up $18,000 primarily due to salt supplies.
Maint - Other Improvements are up $20,000 due to work done in the PW
department
Expert & Professional Services are up 510,000 due to planned projects
Contractual services are up 5101,000 due to the cleaning contract for the
police facility ($11,000); 544,112 for 1st half assessing contract which was a y,
yr contract for 2004; contribution to Sjoumer project being expenses ($9,000);
repair of street lighting due to damage (520,000); maintenance costs in the
park and tree service dept ($11,000); several other departments are up slightly
with contribute to the total increase in this line item.
Telephone - local is up $16,000 due increased lines in the new facilities
(512,000) and overall inflation
Heating fuel is up $19,000 due to new facilities pricing
Electricity is up $10,000 due to new facilities and pricing
General liability and fleet insurance is up a total of $9,000 due to rising costs
in the insurance industry
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Community Services includes the departments of Assessing, Inspections, City
Clerk, Elections, Zoning & Planning
Other is the unallocated department that includes transfers and the contingency
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% age of
Budqet Actual Budqet
General Government 5 906,535 $ 361,762 39.9%
Community Services $ 885,178 $ 415,706 47.0%
Public Safety $4,205,945 $2,056,398 48.9%
Public Works $1,875,702 $ 825,874 44.0%
Recreation $ 481 ,404 $ 289,812 60.2%
Other $ 567.000 $ 53.644 0.9%
Total Expenditures 58,921,764 $4,003,196 44.8%
Year is 50% expired. All departments appear to be monitoring their budgets. Some budgets have more
cyclical expenditures such as recreation and some PW departments.
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Items of Note -
Recreation is at 60% as our payment to the joint recreation program has been paid in full.
Other - This includes the 5400,000 lc\y swap for the the Facilities Projects, the contingency and the
transfer to the Paratransit Fund.
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$5,000
$4,000 \..,,>~i,
$3,000
$2,000
$1.000
$0 't ~
2005 2004 2003 2002
Compares general fund expenditures from the last four years.
2005 $4,003,196
2004 $3,608,016
2003 $3,683,061
2002 $3,693,719
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Chemical Assessment
Economic Development
Paratransit
Housing Rehab
Parking
Section 8
Cable TV
Depot Coffee House
Art Center
Budqet
$ 45,000
$247,170
$ 133,601
$ 89,101
$ 141,991
$ 123,008
$ 183,009
$198,767
$ 408,238
Actual
$ 49,747
$ 133,456
$ 57,767
$ 37,946
$ 50,864
$ 53,534
$ 27,654
$ 89,796
$ 192,546
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% age of
Budqet
111%
54%
39%
43%
30%
44%
15%
45%
47%
Chemical Assessment - This program is funded entirely by state grants. An additional grant in the
amount of$50,000 was awarded. Funds are paid out on a reimbursement basis.
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Economic Development - Operating transfer of $61 ,000 to the HCA has been made at 100%.
Para Transit - Contractual services are expended at 39 of budget.
Housing Rehab - Grant dependant program.
Parking - Parking enforcement is at 45% of budget, parking operations arc at 53% of budget and parking
ramp is at 13% of budget. Maintenance expenses for the ramp have not yet been incurred.
Cable TV - Budgeted transfers have not yet been made. Newsletter costs are at 35%, Web & messaging
is at 20% of budget.
Depot Coffee House - The management of this operation has been transferred to the school. The Coffee
House is at 44% of budget and the Teen Center is at 47% of budge I.
Art Center - Expenditures are on target with the budget.
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Enterprise_Eunds
Incr/(Decr)
Revenues Expenses Fund Balance
Water $ 370,911 $ 524,731 $ (153,820)
Sewer $ 534,673 $ 740,633 $ (205,960)
Refuse $ 346,883 $ 326,268 $ 20,615
Storm Sewer $ 351,092 $ 219,579 $ 131,513
Pavilion $ 145,253 $ 188,445 $ (43,192)
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Water - Revenues are approximately $56,800 more than 2004 due to the rate increase and new
commercial water meters being installed. Expense5 include $132,500 9f depreciation expense,
a non cash expenditure.
Sewer - Revenues are approximately at 2004 levels. Expenses include $73,200 of
depreciation. The largest line item is for Metropolitan Waste Control Commission fees at
$459,960
Refu5e Fund - Revenues are $44,800 over 2004 primarily due to the rate increase.
Expenditures are $29,000 over 2004 levels.
Storm Sewer Fund - Revenues are $23,700 less than 2004 primarily due to an unbudgeted
receipt of funds from Westbrook Patio on a loan repayment. Expenses are 517,500 less than
2004 levels primarily due to lower bond interest C05t5.
Pavilion - Revenues are $22,000 over 2004 levels due primarily to the income from the ice
rentals and the soccer program. Expenses are only slightly higher than 2004.
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OVERALL REPORT
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iHE CITY OF
HOPKINS
REMAINS IN GOOD
FINANCIAL HEALTH
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