III.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 18, 2020
Subject: Fourth Quarter Financial Report
_____________________________________________________________________
We are still in the process of closing year end. A four quarter financial update will be
given based on preliminary and unaudited results.
Finance
2019 4thQuarterFinancial Report Prepared by Finance Department
General Fund OverviewPreliminary results at the end of the 4thquarterRevenues are at 102.16%Expenditures are at 99.00%
General Fund Revenues% of Budget Actual Budget Taxes 11,782,524$ 11,714,684$ 99.42%Intergovernmental 1,167,129 1,267,771 108.62%Licenses, Permits & Fines 741,915 980,866 132.21%Charges for Services 293,560 375,993 128.08%Miscellaneous 425,350 382,280 89.87%Total Revenues 14,410,478$ 14,721,594$ 102.16%
General Fund Expenditures% of Budget ActualBudget General Government 2,310,906$ 2,402,191$ 103.95%Community Services 818,588 805,314 98.38%Public Safety 7,008,282 7,005,373 99.96%Public Works 3,221,137 3,095,756 96.11%Recreation 732,695 707,073 96.50%Urban Development 318,870 250,300 78.50%Total Expenditures 14,410,478$ 14,266,006$ 99.00%
Special Revenue Funds Revenues% of BudgetActual Budget Chemical Assessment 60,000$ 74,586$ 124.31%Economic Development 395,154 602,710 152.53%Parking 152,650 134,585 88.17%Communications 255,235 246,104 96.42%Depot Coffee House 362,600 308,020 84.95%Art Center 988,582 1,031,618 104.35%
Special Revenue Funds Expenditures% of BudgetActual Budget Chemical Assessment 60,000$ 78,479$ 130.80%Economic Development 390,519 305,951 78.34%Parking 141,783 162,527 114.63%Communications 482,459 239,749 49.69%Depot Coffee House 347,925 305,051 87.68%Art Center 1,005,600 935,201 93.00%
Special Revenue Funds Financial PositionChange Ending In Fund Fund RevenuesExpensesBalanceBalanceChemical Assessment 74,586$ 78,479$ (3,893)$ (24,023)$ Economic Development 602,710 305,951 296,760 3,493,682 Parking 134,585 162,527 (27,942) 108,436 Communications 246,104 239,749 6,355 549,723 Depot Coffee House 308,020 305,051 2,969 (61,569) Art Center 1,031,618 935,201 96,417 (1,134,674)
Enterprise Funds Revenues% of BudgetActual Budget Water 2,168,557$ 2,002,226$ 92.33%Sewer 3,119,032 3,093,422 99.18%Refuse 1,009,267 1,010,252 100.10%Storm Sewer 793,532 815,805 102.81%Pavilion 519,383 508,614 97.93%
Enterprise Funds Expenses% of BudgetActual Budget Water 2,168,556$ 1,859,087$ 85.73%Sewer 3,067,143 2,439,863 79.55%Refuse 965,113 945,675 97.99%Storm Sewer 605,940 448,706 74.05%Pavilion 635,517 1,083,692 170.52%
Enterprise Funds Financial PositionAll funds include depreciation expenseNetIncomeRevenuesExpenses(Loss)Water 2,002,226$ 1,859,087$ 143,139$ Sewer 3,093,422$ 2,439,863$ 653,558$ Refuse 1,010,252$ 945,675$ 64,577$ Storm Sewer 815,805$ 448,706$ 367,100$ Pavilion 508,614$ 1,083,692$ (575,079)$
Next Steps – Financial ReportingAudit fieldwork is scheduled for April Financial Statements issued before 06/30/2020
Next Steps – Budget EngagementBudget Survey will be available in March/AprilAdvertised in Hopkins Highlights, Hopkins Connections, City’s Social Media and at polling locationsTuesday May 19, from 6 to 7 p.m. at City HallFirst of two public engagement meetings about the 2021 Budget and Tax Levy