Memo - 1st Quarter Financial Report
.
MEMORANDUM
I FINANCE DEPARTMENT I
Date: April 29, 2005
To: Mayor & City Council
From: Christine Harkess, Finance Director
Subject: First Quarter 2005 Financial Report
Attached is the first 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.
2005 ~
1 st QUART R
FINANCIAL R PORT
/
CITY OF HOPKINS
1
. At the end of 1 sl quarter the year is 25%
expired.
. Revenues are at 24% of total budget
. Expenditures are at 19% of budget
As a comparison - in 2004 Revenues were at 23% and Expenditures were are
18% of budget
Actual revenues and expenditures are slightly ahead of last year but still under
budget if you assume revenues and expenses are received and expended evenly
throughout the year.
2
evenues
. 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%
Property taxes now support 82% of the general fund programs.
Intergovernmental revenues support 4% ofthe 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 11 % over last year at this time.
This is primarily due to increased tax levy and grants received
General fund revenues to date total $1,687,485.
3
12J200S
02004
82003
112002
Taxes
Intergvn't LiclPerlFtnes Charges
Interest
Other
This graph shows first 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 of 82% of the general fund
revenues.
4
% age of
Budaet Actual Budaet
Taxes $7,273,078 $1,818,267 25%
Intergovernmental $ 383,010 $ 85,913 22.4%
Licenses, Permits &
Fines $ 627,975 $ 155,989 24.8%
Charges for Services $ 228,551 $ 42,259 19.8%
Miscellaneous $ 299,150 $ 1,919 .6%
Interest Income $ 110.000 $ 46.627 42.4%
Total Revenues $8,921,764 $2,153,974 24.1%
Miscellaneous includes franchise fees budgeted at $290,000. First quarter franchise fees have not yet
been received.
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enditures
. 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%
6
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
1!12005
02004
1!12003
III 2002
Salaries
MatuSpls
Capital
Salaries for 2005 are approximately at the 2002 level.
In the materials & supplies category the difference between 2004 & 2005 is
the timing of the General Liability Insurance payments. It appears that we did
not get billed until May 2004 and then we paid two quarters. In 2005 the
premium was paid on schedule. Other factors impacting 2005 materials &
supplies category are increased gas for the municipal building, police patrol
departmental costs in hiring new patrol officers, increased supplies for fire
suppression and fuel costs for city vehicles.
7
Jnditures
Community
Seovlces
Community Services includes the departments of Assessing, Inspections, City
Clerk, Elections, Zoning & Planning
Other is the unallocated department that includes transfers and the contingency
8
% age of
Budllet Actual Budllet
General Government $ 906,535 $ 142,239 15.7%
Community Services $ 885,178 $ 169,871 19.2%
Public Safety $4,205,945 $ 926,204 22.0%
Public Works $1,875,702 $ 334,113 17,8%
Recreation $ 481,404 $ 69,990 14.5%
Other $ 567.000 $ 000 0.0%
Total Expenditures $8,921,764 $1642,417 18.4%
Year is 25% expired. All departments appear to be monitoring their budgets. Some budgets have more
cyclical expenditures such as recreation and some PW departments.
Items of Nate -
Community Service - Records Management - Computer and scanner purchased for
$5,796 causing this dept to be at 59% of budget for first quarter.
Public Works - Snow & Ice Removal is at 53% of budget with 50% of the snow
season expended.
Glher - This includes the $400,000 levy swap for the the Facilities Projects, the
contingency and the transfer to the Paratransit Fund.
The majority of the departments are at or under budget for first quarter. Some of our departments have
cyclical expenditures dependant on seasons so those expenses will be picking up in 2nd & 3rd quarters.
9
$0
2115
2104
2113
2002
Compares general fund expenditures from the last four years. 2005
expenditures at the end of first quarter are less than expenditures at this
point in 2002.
2005
2004
2003
2002
$1,687,485
$1,535,657
$1,743,165
$1,772,042
10
BudClet
Chemical Assessment $ 45,000
Economic Development $ 247,170
Paratransit $ 133,601
Housing Rehab $ 89,101
Parking $ 141,991
Section 8 $ 123,008
Cable TV $ 183,009
Depot Coffee House $ 198,767
Art Center $ 408,238
Actual
$ 11,184
$ 90,732
$ 20,938
$ 17,186
$ 22,039
$ 24,012
$ 9,979
$ 34,673
$ 100,985
Chemical Assessment - This program is funded entirely by state grants.
% age of
BudClet
25%
37%
16%
19%
16%
20%
5%
17%
25%
Economic Development - Operating transfer of$61,000 to the ReA has been made at 100%,
Para Transit - Contractual services are expended at 15% ofhudget.
Housing Rehab - Grant dependant program.
Parking - Parking enforcement is at 20% of budget, parking operations are at 24% ofhudget and parking
ramp is at 7% ofhudget. Maintenance expenses for the ramp have not yet been incurred.
Cable TV - Budgeted transfers have not yet been made. Newsletter costs are at 14%, Web & messaging
is at 4% of budget.
Depot Coffee House - The management of this operation has been transferred to the school. Not all first
quarter costs have been received from the school- in particular all first quarter salary and benefit costs.
The Coffee House is at 18% of budget and the Teen Center is at 17% of budget.
Art Center - Expenditures are on target with the budget.
II
erprise EJnds
Revenues Expenses
Water $ 159,938 $ 283,659 $ (123,721)
Sewer $ 239,012 $ 378,853 $ (139,841)
Refuse $ 173,161 $ 122,726 $ 50,435
Storm Sewer $ 177,703 $ 142,684 $ 35,019
Pavilion $ 77,590 $ 99,299 $ (21,709)
Water - Revenues are $38,000 a head of 2004 due to more accurate meters aud increased
rates. Expenditures are $15,000 more than this period 2004 due to construction expenses
incurred first quarter.
Sewer - Revenues are $15,000 over 2004. Expenditures are $5,000 over 2004 levels.
Refuse Fund - Revenues are $24,000 over 2004 primarily due to the rate increase,
Expenditures are $5,000 over 2004 levels.
Storm Sewer Fund - Revenues are at 2004 levels. Expenses are $15,000 less than 2004 levels
due to lower bond interest costs.
Pavilion - Revenues are $5,000 over 2004 levels due primarily to the income from the soccer
program. Expenses are $33,000 under 2004 due to fmal construction costs on the mezzanine
level.
12
"
OVERALL REPO~T
AHE CITY OF
HOPKINS
REMAINS IN GOOD
FINANCIAL HEALTH
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