VII.2. 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 3, 2022
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 Department
2022 1st Quarter
Financial Report
Prepared by Finance Department
General Fund Overview
YTD TOTAL
REVENUES 3,844,214$
EXPENDITURES 3,796,657$
% of Budget
(753,120)$
(265,262)$
OVER/(UNDER)
YEAR/YEAR
VARIANCE
24%
51%
20%
0%3%2%
Expense by Department
GENERAL GOVERNMENT
PUBLIC SAFETY
PUBLIC WORKS
RECREATION
COMMUNITY SERVICES
URBAN DEVELOPMENT
86%4%
5%
2%
2%
1%
Revenue by Source
Taxes
Intergovernmental
Licenses, Permits & Fines
Charges for Services
Franchise Fees
23.77%
23.47%
General Fund Revenues
% of
Budget Actual Budget
Taxes 13,305,239$ 3,304,935$ 24.84%
Intergovernmental 1,502,066 165,412 11.01%
Licenses, Permits & Fines 781,515 195,217 24.98%
Charges for Services 258,550 86,359 33.40%
Franchise Fees 296,200 74,050 25.00%
Miscellaneous 30,050 18,242 60.70%
Total Revenues 16,173,620$ 3,844,214$ 23.77%
General Fund Expenditures
% of
Budget Actual Budget
General Government 2,639,376$ 888,680$ 33.67%
Community Services 466,388 102,849 22.05%
Public Safety 8,472,939 1,815,891 21.43%
Public Works 3,509,559 740,685 21.10%
Recreation 761,863 176,545 23.17%
Total Expenditures 16,173,620$ 3,796,657$ 23.47%
Special Revenue Funds Revenues
% of
Budget Actual Budget
Chemical Assessment 65,000$ 16,250$ 25.00%
Economic Development 506,302 126,153 24.92%
Parking 130,500 52,033 39.87%
Communications 243,000 60,000 24.69%
Depot Coffee House 254,169 45,522 17.91%
Art Center 1,087,458 255,834 23.53%
Special Revenue Funds
Expenditures
% of
Budget Actual Budget
Chemical Assessment 65,000$ 7,316$ 11.26%
Economic Development 502,072 75,024 14.94%
Parking 162,030 41,341 25.51%
Communications 271,945 50,456 18.55%
Depot Coffee House 254,169 57,797 22.74%
Art Center 1,027,458 230,461 22.43%
Special Revenue Funds Financial Position
Change Ending
ARPA In Fund Fund
Revenues Expenses Allocations Balance Balance
Chemical Assessment 16,250$ 7,316$ -$ 8,934$ (17,121)$
Economic Development 126,153 75,024 - 51,129 4,562,618
Parking 52,033 41,341 15,000 25,693 16,993
Communications 60,000 50,456 - 9,544 290,673
Depot Coffee House 45,522 57,797 - (12,275) (147,189)
Art Center 255,834 230,461 318,224 343,597 (414,763)
Enterprise Funds Revenues
% of
Budget Actual Budget
Water 2,366,750$ 487,872$ 20.61%
Sewer 3,213,750 726,623 22.61%
Refuse 1,243,270 275,438 22.15%
Storm Sewer 792,332 200,936 25.36%
Pavilion 836,500 219,592 26.25%
Enterprise Funds Expenses
% of
Budget Actual Budget
Water 2,364,599$ 575,775$ 24.35%
Sewer 3,152,338 726,789 23.06%
Refuse 1,329,059 250,061 18.81%
Storm Sewer 679,722 159,083 23.40%
Pavilion 1,086,448 306,786 28.24%
Enterprise Funds Financial Position
All funds include depreciation expense
Net
Income
Revenues Expenses (Loss)
Water 487,872$ 575,775$ (87,903)$
Sewer 726,623$ 726,789$ (166)$
Refuse 275,438$ 250,061$ 25,377$
Storm Sewer 200,936$ 159,083$ 41,852$
Pavilion 219,592$ 306,786$ (87,194)$
Next Steps –2023 Budget
Meeting Date Meeting
Type
Subject Details
April-July N/A Internal Preparations -2021 Audit Ongoing
-Departments Prepare Budgets,
Equipment Replacement and Capital
Improvement Plans
June 14 Work
Session
-Financial Management
Plan (FMP)
-TIF Overview
-Review a preliminary version of FMP
July 12 Work
Session
-Review 2023 Tax Levy and
General Fund Budget
-Fund Balance Discussion
-First Draft
Next Steps –2023 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 2023 Tax Levy and
General Fund Budget
-Presentation
-Question and Answer Session
September 20 Regular
Meeting
Review 2023 Tax Levy and
General Fund Budget
-Preliminary for approval on
September 20
September 20 Regular
Meeting
Approve Preliminary Tax
Levy and General Fund
Budget
-Must be approved by September 30
Next Steps –2023 Budget
Meeting Date Meeting
Type
Subject Details
October 11 Work
Session
Review Enterprise Fund
Budgets and Utility Rates
-Water
-Sewer
-Storm Sewer
-Refuse
-Pavilion
November 1 Regular
Meeting
Approve CIP, ERP and
Utility Rates
November 14 Work
Session
Review Special Revenue
Budgets and Activity
Center Budget
-Chemical Assessment
-Economic Development
-Communications
-Parking
-Depot
-Arts Center
-Activity Center
Next Steps –2023 Budget
Meeting Date Meeting
Type
Subject Details
December 5
(Monday)
Regular
Meeting
Truth in Taxation Hearing -Overview of 2023 Budget and Tax
Levy
-Public Comment
December 6 Regular
Meeting
Approve Final Budget and
Tax Levy
December 13 Regular
Meeting
Approve Final Budget and
Tax Levy
-Last scheduled meeting to approve