VII.2. Second Quarter Financial Report; Bishop
CITY OF HOPKINS
Memorandum
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: August 17, 2021
Subject: Second Quarter Financial Report
_____________________________________________________________________
Attached is the presentation for the 2nd quarter financial report. If you have any questions
in advance please contact me. A full presentation will be given at the council meeting.
Finance Department
2nd Quarter Financial Report
August 17, 2021
Prepared by Finance Department
General Fund Overview
At the end of the 2nd quarter
Revenues are at 49.60%
2020 Q2 Revenues were at 45.91%
2019 Q2 Revenues were at 48.70%
Expenditures are at 45.12%
2020 Q2 Expenditures were at 46.46%
2019 Q2 Expenditures were at 48.11%
General Fund Revenues
% of
Budget Actual Budget
Taxes 12,896,352$ 6,314,616$ 48.96%
Intergovernmental 1,474,671 545,581 37.00%
Licenses, Permits & Fines 784,515 445,988 56.85%
Charges for Services 229,550 341,312 148.69%
Miscellaneous 69,550 13,824 19.88%
Franchise Fees 296,200 151,837 51.26%
Total Revenues 15,750,838$ 7,813,157$ 49.60%
General Fund Expenditures
% of
Budget Actual Budget
General Government 2,488,599$ 1,264,059$ 50.79%
Community Services 465,218 171,927 36.96%
Public Safety 8,223,352 3,796,425 46.17%
Public Works 3,469,191 1,446,750 41.70%
Recreation 756,557 288,024 38.07%
Urban Development 347,921 139,497 40.09%
Total Expenditures 15,750,838$ 7,106,681$ 45.12%
General Funds Performance Dashboard
GENERAL
GOVERNMENT
18%
PUBLIC
SAFETY
54%
PUBLIC
WORKS
20%
RECREATION
4%
COMMUNITY
SERVICES
2%
URBAN
DEVELOPMENT
2%
Expense by Department
Taxes
82%
Intergovernmental
7%
Licenses, Permits & Fines
6%
Charges for Services
5%
Miscellaneous
0%
Revenue by Source
Special Revenue Funds Revenues
% of
Budget Actual Budget
Chemical Assessment 65,000$ 26,370$ 40.57%
Economic Development 503,070 270,439 53.76%
Parking 121,500 57,892 47.65%
Communications 243,000 115,127 47.38%
Depot Coffee House 233,000 75,311 32.32%
Art Center 1,084,159 431,391 39.79%
Special Revenue Funds
Expenditures
% of
Budget Actual Budget
Chemical Assessment 65,000$ 31,720$ 48.80%
Economic Development 498,900 198,255 39.74%
Parking 154,875 75,268 48.60%
Communications 251,224 85,386 33.99%
Depot Coffee House 247,266 92,801 37.53%
Art Center 1,024,159 242,439 23.67%
Special Revenue Funds Financial Position
Change Ending
In Fund Fund
Revenues Expenses Balance Balance
Chemical Assessment 26,370$ 31,720$ (5,350)$ (32,506)$
Economic Development 270,439 198,255 72,184 4,534,288
Parking 57,892 75,268 (17,376) 42,727
Communications 115,127 85,386 29,740 360,360
Depot Coffee House 75,311 92,801 (17,490) (108,170)
Art Center 431,391 242,439 188,952 (831,068)
Enterprise Funds Revenues
% of
Budget Actual Budget
Water 2,292,074$ 1,064,888$ 46.46%
Sewer 3,105,587 1,522,462 49.02%
Refuse 1,001,941 502,376 50.14%
Storm Sewer 789,332 400,293 50.71%
Pavilion 823,500 383,836 46.61%
Enterprise Funds Expenses
% of
Budget Actual Budget
Water 2,198,674$ 1,247,553$ 56.74%
Sewer 2,963,236 1,433,178 48.37%
Refuse 1,029,220 445,352 43.27%
Storm Sewer 596,969 374,770 62.78%
Pavilion 1,098,359 493,940 44.97%
Enterprise Funds Financial Position
All funds include depreciation expense
Net
Income
Revenues Expenses (Loss)
Water 1,064,888$ 1,247,553$ (182,666)$
Sewer 1,522,462$ 1,433,178$ 89,284$
Refuse 502,376$ 445,352$ 57,024$
Storm Sewer 400,293$ 374,770$ 25,523$
Pavilion 383,836$ 493,940$ (110,103)$
Next Steps –2022 Budget
Meeting Date Meeting
Type
Subject Details
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
October 12 Work
Session
Review Enterprise Fund
Budgets and Utility Rates
-Water
-Sewer
-Storm Sewer
-Refuse
-Pavilion
Next Steps –2022 Budget
Meeting Date Meeting
Type
Subject Details
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)
Special
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 21 Regular
Meeting
Approve Final Budget and
Tax Levy
-Last scheduled meeting to approve