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Memo- 2005 Comprehensive Annual Financial Rpt & Audit IU CITY OF HOPKINS I FINANCEDEP ARTMENT I MEMORANDUM From: July 13, 2006 Mayor & City Council ^ \t Christine Harkess, Finance Director l)'l Date: To: Subject: 2005 Comprehensive Annual Financial Report and Audit Staff has prepared a presentation of a consolidated version of the 2005 Comprehensive Annual Financial Report (CAFR). Our auditors, KPMG will also be present to review the results of the 2005 audit to the City Council and public. Supportin!! Information 2005 Comprehensive Annual Financial Report Power point presentation Financial Report City of Hopkins An Overview of the 2005 Comprehensive Annual Financial Report 1 ":.~ City of Hopkins The City of Hopkins presents its Comprehensive Annual Financial Report This presentation provides a broad overview of our financial performance and position. All information is public. . Economic Condition Major Initiatives . Revenues by fund types . Expenditures by fund types . Statement of Net Assets . Statement of Activities 2 Economic Condition . New construction valued at $10.2 million in 2005. . Strong economic development and redevelopment market within the City of Hopkins. . An additional $100 million of construction is projected for 2006/2007. 3 Significant Projects in 2005 . Excelsior Tech Center . 1010 Mainstreet . Super Valu . Hopkins Honda . Oakridge Place . Oakridge County Club . Summit Condo's $ 1.1 million $ 1.1 million $ 3.0 million $ 8.5 million $ 9.0 million $12.1 million $15.7 million Proj ects that were either started or completed in 2005 that have an economic impact on the city. 4 Future Projects . Excelsior Blvd Reconstruction and Streetscape Improvement . NE Corner 5th & Hopkins Crossroads redevelopment . Oakridge Place II . Marketplace & Main Lofts : . 6th & Main Condo & Lofts , . Excelsior Crossing phase I . Parker Office Condominiums $ 3.8 million $ 4.6 million $ 9.0 million $15.0 million $20.0 million $40.0 million not available Future projects either started or planned that will have a future economic impact on the city. . 5 Major Municipal Initiatives . Street repair and improvements - $3,627,000. . Completion of police remodeling. . Conversion of large commercial water meters to radio read system. . Storm Sewer reconstruction projects - $224,000. . Burns Park playground equipment - $50,000 Street Repair and Improvements include - CSAH 735 Parking Lot 800 Residential Street Improvements 6 . . . Fund Type Definitions . General Fund - accounts for basic services including administration, public safety, public works, planning, and parks and recreation. . Special Revenue Funds - account for specific activity including Economic Development, TIF, Housing Rehab., Cable, Parking and Depot Coffee House. . Capital Funds - account for assets of a permanent nature including Park improvements and Street improvements. . Debt Service Funds - account for payment of interest and principal on general obligation debt. . Enterprise funds - account for self supporting activities of government including Water, Sewer, Refuse, Storm Sewer, Pavilion, Art Center, Skate Park and Housing Authority. . Internal Service funds - account for financing of goods or services provided by one department to other departments. 7 . Revenues and Other Financing Sources by Fund Type $490,421 EW General $9,183,460 . Special bill Capital ffi) Debt I;J Enterprise lillllntemal $859,694 . . 8 Revenue Comparisons c. Operating revenues in all governmental fund types are down slightly -.830/0 in 2005. . Operating revenues in enterprise fund types are up 5.90/0 or $238,269. Charges for services in all enterprise funds with the exception of the Pavilion were up in 2005. 9 . Expenditures and Other Fil1ancing Uses by Fund Type $320,348 $3,874,644 $2,434,646 $2,917,032 Gill General rni Special lit Capital Wi Debt ~ Enterprise . Internal . . 10 Expenditure Comparisons . Operating expenditures in all governmental fund types are down 16.1 0/0. The majority of the decrease is completion of capital and tax increment projects started in previous years. . Operating expenditures in enterprise fund types were up 4.90Jb in 2005. 11 Statement of Net Assets (in thousands) 2004 2004 Assets -Cash and short-term investments $24,270 $23,512 -Taxes & special assessments receivable 9,765 11 ,422 -Other receivables 3,499 4,227 -Other assets and debits 57,413 55,546 Total Assets $94,947 $94,707 Liabilities -Accounts payable $1,504 $1,754 -Accrued compensation 838 808 -Other liabilities 1,282 1,235 -Long term debt 33,991 33,352 Total Liabilities $37,615 $37,149 Total Net Assets $57,332 $57,558 12 Statement of Activities Governmental Fund Types, (in thousands) 2004 2004 Revenues -Property taxes and special assessments $8,817 $9,467 -Charges for service 1,102 842 -Operating grants & contributions 1,471 2,110 -Capital grants & contributions 59 1 ,467 -Grants & contributions not restricted 603 566 -Other revenues 541 468 Total Revenues $12,593 $14,920 Expenditures -General government $1,381 $1,150 -Public safety 4,883 4,750 -Highways & streets 2,335 2,115 -Culture & recreation 1,277 1,194 -Other expenditures 1,090 1,119 -Interest on long term debt 1,480 1,605 Total Expenditures $12,446 $ 11,933 Change in Net Assets $ 147 $ 2,987 13 Statement of Activities Proprietary Fund Types, (in thousands) 2004 2004 Revenues -Charges for services $4,256 $4,017 -Operating grants & contributions 158 233 -Capital grants & contributions 16 1 -Other revenues 45 78 Total Revenues and Other Sources $4,475 $4,329 ., Expenditures -Water $1,080 $1,054 -Sewer 1,476 1,410 -Storm sewer 457 430 -Refuse 739 687 -Pavilion/Ice Arena 396 367 -Skate Park 90 44 -Housing & Redevelopment Authority 502 425 -Transfers 108 126 Total Expenditures and Other Uses $4,848 $4,543 Excess Revenues over Expenditures ($ 373) ($ 213) 14 Fund Equity Fund Type . General Fund . Special Revenue Funds . Capital Project Funds . Debt Service funds . Enterprise Funds . Internal Service Funds Fund Balance $ 4,311 ,195 $ 6,980,786 $ 3,945,500 $ 6,303,112 $16,036,079 $ 4,209,155 Incr/(Decr) $ 239,899 ($ 247,426) ($1,574,952) $ 2,513,790 ($ 372,734) $ 170,073 Capital Project Funds - Completion of major capital projects resulted in a decrease of fund equity Debt Service Funds - Bond refunding in November 2005 for bonds called in February 2006 resulted in a temporary increase in fund equity Enterprise Funds - Water - ($127,036) Sewer - ($235,062) Storm Sewer - $200,314 Refuse - ($14,390) Pavilion - ($48,379) Skate Park - ($52,776) this fund was moved to the general fund and the capital assets transferred to the general asset account group . 15 I- I . I. . . " I MEMORANDUM I.FINANCE DEPARTMENT I Date: July 13, 2006 To: Mayor & City Council ,\k From: Christine Harkess, Finance Director r/' Subject: Second Quarter 2006 Financial Report Attached is the second quarter financial report power point presentation along with specific notes. If you have any questions in advance please contact me. A full presentation will be given at the council meeting.