VII.3. 3rd Quarter Financial Report; Bishop
CITY OF HOPKINS
Memorandum
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: October 20, 2020
Subject: 3rd Quarter Financial Report
_____________________________________________________________________
The 3rd Quarter Financial Report will cover 3rd Quarter results and discuss CARES Act
Funding. A full presentation will be given at the city council meeting.
Finance
3rd Quarter Financial Report
October 20, 2020
Prepared by Finance Department
General Fund Revenues
At the end of the 3rd quarter
Revenues are at 80.57% of Budget
Includes $1,485,183 of CARES Act Funding
Projected Tax Collection Rate of 96%
2019 Q3 Revenues were at 74.58%
General Fund Revenues
% of
Budget Actual Budget
Taxes 12,567,105$ 9,048,316$ 72.00%
Intergovernmental 1,352,946 2,401,645 177.51%
Licenses, Permits & Fines 775,065 513,756 66.29%
Charges for Services 251,250 145,453 57.89%
Miscellaneous 415,350 268,434 64.63%
Total Revenues 15,361,716$ 12,377,603$ 80.57%
General Fund Expenditures
At the end of the 3rd quarter
Expenditures are at 73.72%
Includes $960,860 of unbudgeted CARES
expenditures (projected)
Includes $524,323 of budgeted CARES
expenditures which are being used for a
substantially different use as a result of COVID-19
2019 Q3 Expenditures were at 70.99%
General Fund Expenditures
% of
Budget Actual Budget
General Government 2,481,743$ 2,692,953$ 108.51%
Community Services 863,252 543,218 62.93%
Public Safety 7,460,272 5,234,022 70.16%
Public Works 3,442,841 2,208,602 64.15%
Recreation 783,082 434,134 55.44%
Urban Development 330,525 212,226 64.21%
Total Expenditures 15,361,715$ 11,325,156$ 73.72%
Special Revenue Funds Revenues
% of
Budget Actual Budget
Chemical Assessment 65,000$ 46,873$ 72.11%
Economic Development 467,951 391,783 83.72%
Parking 154,524 94,619 61.23%
Communications 238,014 169,581 71.25%
Depot Coffee House 307,412 160,107 52.08%
Art Center 1,185,836 541,753 45.69%
Special Revenue Funds
Expenditures
% of
Budget Actual Budget
Chemical Assessment 65,000$ 47,269$ 72.72%
Economic Development 430,345 305,298 70.94%
Parking 150,690 117,547 78.01%
Communications 238,656 176,306 73.87%
Depot Coffee House 307,412 161,447 52.52%
Art Center 1,125,836 492,987 43.79%
Special Revenue Funds Financial Position
Change Ending
In Fund Fund
Revenues Expenses Balance Balance
Chemical Assessment 46,873$ 47,269$ (396)$ (20,526)$
Economic Development 391,783 305,298 86,485 3,283,407
Parking 94,619 117,547 (22,928) 113,450
Communications 169,581 176,306 (6,725) 536,643
Depot Coffee House 160,107 161,447 (1,340) (65,878)
Art Center 541,753 492,987 48,766 (1,182,325)
Enterprise Funds Revenues
% of
Budget Actual Budget
Water 2,256,004$ 1,532,707$ 67.94%
Sewer 3,052,340 1,922,902 63.00%
Refuse 1,006,206 750,370 74.57%
Storm Sewer 793,532 604,437 76.17%
Pavilion 781,500 525,476 67.24%
Enterprise Funds Expenses
% of
Budget Actual Budget
Water 2,235,099$ 1,491,282$ 66.72%
Sewer 3,025,741 2,002,234 66.17%
Refuse 1,008,049 744,672 73.87%
Storm Sewer 621,945 478,732 76.97%
Pavilion 702,256 720,416 102.59%
Enterprise Funds Financial Position
All funds include depreciation expense
Net
Income
Revenues Expenses (Loss)
Water 1,532,707$ 1,491,282$ 41,425$
Sewer 1,922,902 2,002,234 (79,332)
Refuse 750,370 744,672 5,697
Storm Sewer 604,437 478,732 125,705
Pavilion 445,749 720,416 (274,667)
Enterprise Funds Cash Flow
Revenues
Cash
Disbursements
Increase
(Decrease) in
Working
Capital
Water 1,532,707$ 1,463,308$ 69,399$
Sewer 1,922,902 1,869,710 53,192
Refuse 750,370 699,290 51,080
Storm Sewer 604,437 405,392 199,045
Pavilion 525,476 595,777 (70,301)
*Adjusted for depreciation and bond principal payments
Next Steps
Meeting Date Meeting
Type
Subject Details
October 6
(Prior)
Regular
Meeting
Financial Management
Plan (FMP) Update
-Overview of the FMP, prior tax
increases and debt
October 13
(Prior)
Work
Session
Review Capital
Improvement Plan (CIP)
and Equipment
Replacement Plan (ERP)
-Equipment Replacement Levy
-Park Dedication Fund
-Capital Improvement Levy (City
Buildings)
-Permanent Improvement Revolving
Fund (Street Projects)
October 20
(Tonight)
Regular
Meeting
Quarterly Financial Report
Next Steps
Meeting Date Meeting
Type
Subject Details
November 4
(Wednesday)
Regular
Meeting
Budget Review -TBD
November 10 Work
Session
Review Special Revenue
Budgets,Activity Center
Budget, Enterprise Fund
Budgets and Utility Rates
-Chemical
Assessment
-Economic
Development
-Parking
-Communications
-Depot
-Arts Center
-Activity
Center
-Water
-Sewer
-Storm Sewer
-Refuse
-Pavilion
November 17 Regular
Meeting
Approve CIP, ERP & Utility
Rates
November 30
(Monday)
Regular
Meeting
Truth in Taxation Hearing -Overview of 2021 Budget & Tax Levy
-Public Comment
Next Steps
Meeting Date Meeting
Type
Subject Details
December 1 Regular
Meeting
Budget Review -Final Comments from Council on
Budget
December 15 Regular
Meeting
Approve Final Budget &
Tax Levy
-Last scheduled meeting to approve