Memo- 2007 Comprehensive Annual Financial ReportCITY OF HOPKINS
MEMORANDUM
Date: July 31, 2008
To: Mayor & City Council
From: Christine Harkess, Finance Director
FINANCE DEPARTMENT
Subject: 2007 Comprehensive Annual Financial Report (CAFR)
Staff has prepared a presentation of a consolidated version of the 2007 Comprehensive Annual
Financial Report (CAFR). Brock Geyen of our audit firm LarsonAllen, LLC will be present to
review the results of the 2007 audit to the City Council and public.
Supporting Information
0 2007 Comprehensive Annual Financial Report
• 2007 Executive Audit Summary
• Power point presentation
Financial
Report
City of Hopkins
An Overview of the
2007 Comprehensive
Annual Financial Report
Economic Condition
■ Valuation of new non - residential
construction was $28 million in 2007.
Mb ■ Strong economic development and
redevelopment market within the City of
Hopkins.
■ An additional $211 million of
construction is projected over the next
several years.
Future Projects
■ Atlas Site Redevelopment $62 million
■ Excelsior Crossing Phase II & III $80 million
■ Marketplace & Main Lofts $20 million
■ 51h Avenue Flats $40 million
■ Oakridge Place II $ 9 million
■ Parker Office Condominiums not available
City of Hopkins
LL Major Municipal Initiatives
■ Street repair and improvements - $1,358,400.
■ Utility improvement projects - $527,000.
■ City Hall Upgrades - $232,000
K , ■ Pavilion Improvements - $66,000
■ Park Improvements — $33,000
■ Hopkins Center for the Arts — $39,000
■ Conversion of large commercial
water meters to radio read
system.
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The City of Hopkins
Economic Condition
presents its
Major Initiatives
■ L.A. Fitness
Comprehensive Annual
■ Excelsior Crossing 1
Financial Report
Revenues by fund
■ Oakridge Lofts
$ 4.6 million
types
■ 1010 Mainstreet
This presentation
Expenditures by fund
■ Walser Car Dealership
provides a broad
types
R
overview of our financial
performance and
Statement of Net
position.
Assets
Statement of Activities
All information is public.
LL Major Municipal Initiatives
■ Street repair and improvements - $1,358,400.
■ Utility improvement projects - $527,000.
■ City Hall Upgrades - $232,000
K , ■ Pavilion Improvements - $66,000
■ Park Improvements — $33,000
■ Hopkins Center for the Arts — $39,000
■ Conversion of large commercial
water meters to radio read
system.
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1
Significant Projects in 2007
■ L.A. Fitness
$ 5.0 million
■ Excelsior Crossing 1
$40.0 million
■ Oakridge Lofts
$ 4.6 million
■ 1010 Mainstreet
$ 1.1 million
■ Walser Car Dealership
Renovations
$ 1.0 million
LL Major Municipal Initiatives
■ Street repair and improvements - $1,358,400.
■ Utility improvement projects - $527,000.
■ City Hall Upgrades - $232,000
K , ■ Pavilion Improvements - $66,000
■ Park Improvements — $33,000
■ Hopkins Center for the Arts — $39,000
■ Conversion of large commercial
water meters to radio read
system.
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1
Financial Highlights
■ Assets exceeded liabilities by approximately
$61 million
- About 73% is capital assets ($44.5 m)
- $2.7 million can be used for ongoing obligations
■ Governmental funds fund balances totaled
$23.5 million, an increase of $7.4 million
■ Unreserved fund balance of the General
Fund totaled $3.3 million or 35% of
Y expenditures
■ Debt increased $10 million due to the sale of
two bond issues
S24,843,898
Statement of Net Assets
Financial Highlights - cont
■ Governmental Activities
- Property tax revenues increased due to
debt service levies and operations
- Program grants were received for specific
programs
■ Business Type Activities
- Charges for service decreased due to lower
consumption of water
- Program grants decreased
Statement of Activities
(in thousands)
2007
2006
Assets
- Property taxes and special assessments
-Cash and short-term investments
$29,011
$19,051
-Taxes & special assessments receivable
8,459
9,081
-Other receivables
6,038
3,622
1,422
-Other assets and debits
65,355
59,041
1,678
Total Assets
$108,863
$90,795
- Grants & contributions not restricted
Liabilities
579
- Accounts payable
$5,616
$1,028
- Accrued compensation
198
861
;13,484
-Other liabilities
1,344
1,408
-Long term debt
40,456
28,615
- General government
Total Liabilities
$47,6141
$31,912
Total Net Assets
$61,249
$58,883
Financial Highlights - cont
■ Governmental Activities
- Property tax revenues increased due to
debt service levies and operations
- Program grants were received for specific
programs
■ Business Type Activities
- Charges for service decreased due to lower
consumption of water
- Program grants decreased
Statement of Activities
Governmental Fund Types, (fn thousands) 2007 2006
Revenues
- Property taxes and special assessments
$9,783
$9,192
- Charges for service
760
659
- Operating grants &contributions
2,123
1,422
-Capital grants & contributions
1,678
687
- Grants & contributions not restricted
564
579
-Other revenues
910
945
Total Revenues
$75,818
;13,484
Expenditures
- General government
$1,679
$1,402
- Public safety
5,665
5,039
- Highways &streets
2,870
2,380
-Culture 3 recreation
1,278
1,123
-Other expenditures
2,093
1,200
- Interest on long term debt
1,070
1,282
Total Expenditures
$14,655
$12,426
Change In Net Assets
$ 1,163
$
2
1,058
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Statement of Activities
CAFR — Changes in Reporting
• Statistical Section had a total revision in
2006 resulting in additional disclosures
under five topics
— Financial trends, Revenue capacity, Debt
capacity, Demographic and Economic
information and Operating information
• In 2008 we will implement GASB No. 45
Other Post Employment Benefits
(OPEB) disclosure
Fund Equity
Proprietary Fund Types, (in thousands)
2007
2]210
Revenues
$ 4,461,871
$ 141,748
-Charges for services
$4,693
$5
-Operating grants & contributions
299
$ 467,974
- Capital grants & contributions
0
-Other revenues
88
102
Total Revenues and Other Sources
$5,080
$5,383
Expenditures
-Water
$1,241
$1,117
-Sewer
1,784
1,608
-Storm sewer
416
408
- Refuse
732
714
-Pavilion/Ice Arena
385
372
- Housing & Redevelopment Authority
484
526
- Transfers
145
145
Total Expenditures and Other Uses
$5,187
$4,890
Excess Revenues over Expenditures
($107)
$ 493
CAFR — Changes in Reporting
• Statistical Section had a total revision in
2006 resulting in additional disclosures
under five topics
— Financial trends, Revenue capacity, Debt
capacity, Demographic and Economic
information and Operating information
• In 2008 we will implement GASB No. 45
Other Post Employment Benefits
(OPEB) disclosure
Fund Equity
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Fund Tyne
Fund Balance
Incr /(Decr)
■ General Fund
$ 4,461,871
$ 141,748
■ Special Revenue Funds
$ 4,207,543
($2,957,216)
■ Capital Project Funds
$1,808,708
$ 467,974
■ Debt Service funds
$12,982,623
$10,129,968
■ Enterprise Funds
$16,421,712
($ 107,359)
■ Internal Service Funds
$ 4,257,454
($ 182,648)
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