VII.2. Fourth Quarter Financial Report; Bishop
CITY OF HOPKINS
Memorandum
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: February 19, 2019
Subject: Fourth Quarter Financial Report
_____________________________________________________________________
We are still in the process of closing year end. The attached presentation is based on
unaudited numbers. If you have any questions in advance please contact me. A full
presentation will be given at the council meeting.
Finance
2018 4th Quarter
Financial Report
Prepared by Finance Department
General Fund Overview
At the end of the 4th quarter
Revenues are at 99.86%
Expenditures are at 100.70%
General Fund Revenues
% of
Budget Actual Budget
Taxes 10,832,857$ 10,543,110$ 97.33%
Intergovernmental 1,173,933 1,165,640 99.29%
Licenses, Permits & Fines 779,065 871,112 111.82%
Charges for Services 225,650 443,350 196.48%
Miscellaneous 423,850 392,685 92.65%
Total Revenues 13,435,355$ 13,415,897$ 99.86%
General Fund Expenditures
% of
Budget Actual Budget
General Government 2,087,278$ 2,228,824$ 106.78%
Community Services 746,631 735,636 98.53%
Public Safety 6,535,880 6,677,367 102.16%
Public Works 3,060,337 2,875,555 93.96%
Recreation 692,750 690,779 99.72%
Urban Development 312,481 321,024 102.73%
Total Expenditures 13,435,356$ 13,529,185$ 100.70%
General Fund Overview
Reduction in Fund Balance of $113,288
2018 Ending Fund Balance of $5,738,999
Fund Balance is $56,742 over fund balance
policy requirement
Special Revenue Funds Revenues
% of
Budget Actual Budget
Chemical Assessment 60,000$ 64,514$ 107.52%
Economic Development 402,037 547,185 136.10%
Parking 150,500 136,707 90.84%
Communications 269,200 259,517 96.40%
Depot Coffee House 352,000 335,256 95.24%
Art Center 975,626 974,513 99.89%
Special Revenue Funds
Expenditures
% of
Budget Actual Budget
Chemical Assessment 60,000$ 59,174$ 98.62%
Economic Development 245,700 527,603 214.73%
Parking 113,529 134,737 118.68%
Communications 285,566 277,234 97.08%
Depot Coffee House 367,753 364,838 99.21%
Art Center 992,908 989,152 99.62%
Special Revenue Funds Financial Position
Communications, Depot Coffee House and Arts Center Fund have budgeted
decreases in fund balance for 2018
Change Ending
In Fund Fund
Revenues Expenses Balance Balance
Chemical Assessment 64,514$ 59,174$ 5,340$ (17,658)$
Economic Development 547,185 527,603 19,582 4,478,256
Parking 136,707 134,737 1,970 139,189
Communications 259,517 277,234 (17,717) 544,221
Depot Coffee House 335,256 364,838 (29,582) (60,870)
Art Center 974,513 989,152 (14,639) (1,195,051)
Depot Coffee House
Coffee Operations
Budget Deficit of $6,238
Actual Deficit of $15,427
Youth Project
Budget Deficit of $9,515
Actual Deficit of $14,425
Depot Coffee House in 2019
Coffee Operations
Eliminated position, goal is to be profitable
Youth Project
Added Funding Support of $15,000
Hopkins -$5,000
Minnetonka -$5,000
Three Rivers Park District -$5,000
Arts Center
Projected fund balance reduction of $17,282
Actual reduction of $14,639
Year ends with a deficit fund balance of
$1.195M
Most recent FMP projects to see a Positive
Fund Balance in 2023
Enterprise Funds Revenues
% of
Budget Actual Budget
Water 2,147,085$ 1,945,566$ 90.61%
Sewer 3,088,299 2,775,005 89.86%
Refuse 1,010,500 1,016,613 100.60%
Storm Sewer 810,200 814,299 100.51%
Pavilion 445,000 427,711 96.11%
Enterprise Funds Expenses
% of
Budget Actual Budget
Water 1,980,810$ 1,944,724$ 98.18%
Sewer 2,746,202 2,762,090 100.58%
Refuse 987,379 914,202 92.59%
Storm Sewer 526,942 458,372 86.99%
Pavilion 476,548 542,861 113.92%
Enterprise Funds Financial Position
All funds include depreciation expense
Net
Income
Revenues Expenses (Loss)Net Position
Water 1,945,566$ 1,944,724$ 843$ 4,048,363$
Sewer 2,775,005 2,762,090 12,915 3,869,645
Refuse 1,016,613 914,202 102,410 1,378,510
Storm Sewer 814,299 458,372 355,927 8,331,002
Pavilion 427,711 542,861 (115,149) 1,723,240
Next Steps
Issue 2019 Bonds for par value of $12,185,000
City Hall –$4,655,000
Blake Road –$1,830,000
Cambridge/Oxford Street Recon. –$5,175,000
SWLRT –$525,000
Next Steps
Review Utility Rates and Expenses
Audit fieldwork is scheduled for April
Financial Statements issued before 6/30/2019