VII.4. Third Quarter Financial Report; Bishop
CITY OF HOPKINS
Memorandum
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: November 3, 2021
Subject: Third Quarter Financial Report
_____________________________________________________________________
A full presentation of third quarter operating results will be given at the City Council
meeting.
Finance Department
3rd Quarter Financial Report
November 3, 2021
Prepared by Finance Department
General Fund Revenues
At the end of the 3rd quarter
Revenues are at 74.03% of Budget
Expenditures are at 69.49%
General Fund Revenues
% of
Budget Actual Budget
Taxes 12,896,352$ 9,672,264$ 75.00%
Intergovernmental 1,474,671 697,436 47.29%
Licenses, Permits & Fines 784,515 635,114 80.96%
Charges for Services 229,550 393,162 171.27%
Miscellaneous 69,550 32,819 47.19%
Franchise Fees 296,200 229,876 77.61%
Total Revenues 15,750,838$ 11,660,671$ 74.03%
General Fund Expenditures
% of
Budget Actual Budget
General Government 2,488,599$ 1,922,792$ 77.26%
Community Services 879,588$ 478,698$ 54.42%
Public Safety 7,808,982$ 5,371,268$ 68.78%
Public Works 3,469,191$ 2,352,378$ 67.81%
Recreation 756,557$ 601,660$ 79.53%
Urban Development 347,921$ 217,717$ 62.58%
Total Expenditures 15,750,838$ 10,944,513$ 69.49%
Special Revenue Funds Revenues
% of
Budget Actual Budget
Chemical Assessment 65,000$ 56,933$ 87.59%
Economic Development 503,070 242,320 48.17%
Parking 121,500 76,315 62.81%
Communications 243,000 164,845 67.84%
Depot Coffee House 233,000 119,183 51.15%
Art Center 1,084,159 596,100 54.98%
Special Revenue Funds
Expenditures
% of
Budget Actual Budget
Chemical Assessment 65,000$ 58,736$ 90.36%
Economic Development 498,900 306,601 61.46%
Parking 154,875 120,057 77.52%
Communications 251,224 192,146 76.48%
Depot Coffee House 247,266 157,483 63.69%
Art Center 1,024,159 447,371 43.68%
Special Revenue Funds Financial Position
Change Ending
In Fund Fund
Revenues Expenses Balance Balance
Chemical Assessment 56,933$ 58,736$ (1,803)$ (21,933)$
Economic Development 242,320 306,601 (64,280) 3,132,642
Parking 76,315 120,057 (43,742) 92,636
Communications 164,845 192,146 (27,301) 516,067
Depot Coffee House 119,183 157,483 (38,301) (102,839)
Art Center 596,100 447,371 148,729 (1,082,362)
Enterprise Funds Revenues
% of
Budget Actual Budget
Water 2,292,074$ 1,621,091$ 70.73%
Sewer 3,105,587 2,090,906 67.33%
Refuse 1,001,941 751,995 75.05%
Storm Sewer 789,332 601,528 76.21%
Pavilion 823,500 556,847 67.62%
Enterprise Funds Expenses
% of
Budget Actual Budget
Water 2,198,674$ 1,652,510$ 75.16%
Sewer 2,963,236 2,186,493 73.79%
Refuse 1,029,220 748,160 72.69%
Storm Sewer 596,969 513,443 86.01%
Pavilion 1,098,359 812,622 73.99%
Enterprise Funds Financial Position
All funds include depreciation expense
Net
Income
Revenues Expenses (Loss)
Water 1,621,091$ 1,652,510$ (31,419)$
Sewer 2,090,906 2,186,493 (95,587)
Refuse 751,995 748,160 3,835
Storm Sewer 601,528 513,443 88,085
Pavilion 556,847 812,622 (255,775)
Enterprise Funds Cash Flow
Increase/(Decrease)
Revenues Cash in Working Capital
Water 1,621,091$ 1,416,802$ 204,289$
Sewer 2,090,906 1,940,209 150,698
Refuse 751,995 713,871 38,124
Storm Sewer 601,528 281,280 320,248
Pavilion 556,847 454,143 102,704
*Adjusted for depreciation and bond principal payments
Next Steps
Meeting Date Meeting
Type
Subject Details
November 3
(Tonight)
Regular
Meeting
Approve Utility Rates
November 9 Work
Session
-Review Special Revenue
Budgets and Activity
Center Budget
-Review CIP and ERP
-Review Budget Options
-Chemical Assessment
-Economic Development
-Communications
-Parking
-Depot
-Arts Center
-Activity Center
November 16 Regular
Meeting
Approve CIP and ERP
Next Steps
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