VII.3. First Quarter Financial Report; Bishop
CITY OF HOPKINS
Memorandum
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: May 18, 2021
Subject: First Quarter Financial Report
_____________________________________________________________________
Attached is the presentation for the 1st quarter financial report. If you have any questions
in advance please contact me. A full presentation will be given at the council meeting.
Finance
2021 1st Quarter
Financial Report
Prepared by Finance Department
General Fund Overview
At the end of the 1st quarter
Revenues are at 22.72%
Expenditures are at 19.32%
General Fund Revenues
% of
Budget Actual Budget
Taxes 12,896,352$ 3,202,138$ 24.83%
Intergovernmental 1,474,671 92,610 6.28%
Licenses, Permits & Fines 784,515 149,072 19.00%
Charges for Services 229,550 52,600 22.91%
Miscellaneous 365,750 82,532 22.57%
Total Revenues 15,750,838$ 3,578,953$ 22.72%
General Fund Expenditures
% of
Budget Actual Budget
General Government 2,488,599$ 601,560$ 24.17%
Community Services 465,218 79,086 17.00%
Public Safety 8,223,352 1,564,047 19.02%
Public Works 3,469,191 585,689 16.88%
Recreation 756,557 153,630 20.31%
Urban Development 347,921 59,525 17.11%
Total Expenditures 15,750,838$ 3,043,537$ 19.32%
General Fund Performance Dashboard
YTD TOTAL
REVENUES 3,578,953$
EXPENDITURES 3,043,537$
% of Budget
183,040$
77,084$
OVER/(UNDER)
YEAR/YEAR
VARIANCE
20%
54%
19%
2%3%2%
Expense by Department
GENERAL GOVERNMENT
PUBLIC SAFETY
PUBLIC WORKS
RECREATION
COMMUNITY SERVICES
URBAN DEVELOPMENT
90%
3%
4%
1%
2%
Revenue by Source
Taxes
Intergovernmental
Licenses, Permits & Fines
Charges for Services
Miscellaneous
22.72%
19.32%
Special Revenue Funds Revenues
% of
Budget Actual Budget
Chemical Assessment 65,000$ 16,250$ 25.00%
Economic Development 503,070 120,452 23.94%
Parking 121,500 38,269 31.50%
Communications 243,000 60,080 24.72%
Depot Coffee House 233,000 38,292 16.43%
Art Center 1,084,159 189,821 17.51%
Special Revenue Funds
Expenditures
% of
Budget Actual Budget
Chemical Assessment 65,000$ 8,821$ 13.57%
Economic Development 498,900 51,150 10.25%
Parking 154,875 32,193 20.79%
Communications 251,224 35,059 13.96%
Depot Coffee House 247,266 38,195 15.45%
Art Center 1,024,159 101,723 9.93%
Special Revenue Funds Financial Position
Change Ending
In Fund Fund
Revenues Expenses Balance Balance
Chemical Assessment 16,250$ 8,821$ 7,429$ (19,727)$
Economic Development 120,452 51,150 69,302 4,531,406
Parking 38,269 32,193 6,076 66,179
Communications 60,080 35,059 25,021 355,641
Depot Coffee House 38,292 38,195 97 (90,583)
Art Center 189,821 101,723 88,098 (931,923)
Enterprise Funds Revenues
% of
Budget Actual Budget
Water 2,292,074$ 489,616$ 21.36%
Sewer 3,105,587 739,947 23.83%
Refuse 1,001,941 237,163 23.67%
Storm Sewer 789,332 200,046 25.34%
Pavilion 823,500 232,088 28.18%
Enterprise Funds Expenses
% of
Budget Actual Budget
Water 2,198,674$ 458,944$ 20.87%
Sewer 2,963,236 653,940 22.07%
Refuse 1,029,220 186,027 18.07%
Storm Sewer 596,969 174,189 29.18%
Pavilion 1,098,359 257,158 23.41%
Enterprise Funds Financial Position
All funds include depreciation expense
Net
Income
Revenues Expenses (Loss)
Water 489,616$ 458,944$ 30,672$
Sewer 739,947$ 653,940$ 86,007$
Refuse 237,163$ 186,027$ 51,136$
Storm Sewer 200,046$ 174,189$ 25,857$
Pavilion 232,088$ 257,158$ (25,070)$
Next Steps –2022 Budget
Meeting Date Meeting
Type
Subject Details
April-July N/A Internal Preparations -2020 Audit Ongoing
-Departments Prepare Budgets,
Equipment Replacement and Capital
Improvement Plans
-American Rescue Plan Act
July 13 Work
Session
Review 2022 Tax Levy and
General Fund Budget
-First Draft
Next Steps –2022 Budget
Meeting Date Meeting
Type
Subject Details
August 10 Work
Session
Review Capital
Improvement Plan and
Equipment Replacement
Plans
-Park Dedication Fund
-Permanent Improvement Revolving
Fund (Street Projects)
-Equipment Replacement Levy
August 16 Community
Event
Review 2022 Tax Levy and
General Fund Budget
-Presentation
-Question and Answer Session
September 7 Regular
Meeting
Review 2022 Tax Levy and
General Fund Budget
-Preliminary for approval on
September 21
September 21 Regular
Meeting
Approve Preliminary Tax
Levy and General Fund
Budget
-Must be approved by September 30
Next Steps –2022 Budget
Meeting Date Meeting
Type
Subject Details
October 12 Work
Session
Review Enterprise Fund
Budgets and Utility Rates
-Water
-Sewer
-Storm Sewer
-Refuse
-Pavilion
November 3 Regular
Meeting
Approve CIP, ERP and
Utility Rates
November 9 Work
Session
Review Special Revenue
Budgets and Activity
Center Budget
-Chemical Assessment
-Economic Development
-Communications
-Parking
-Depot
-Arts Center
-Activity Center
Next Steps –2022 Budget
Meeting Date Meeting
Type
Subject Details
December 6
(Monday)
Regular
Meeting
Truth in Taxation Hearing -Overview of 2022 Budget and Tax
Levy
-Public Comment
December 7 Regular
Meeting
Approve Final Budget and
Tax Levy
December 14 Regular
Meeting
Approve Final Budget and
Tax Levy
-Last scheduled meeting to approve