VII.1. 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: September 20, 2022
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
September 20, 2022
Prepared by Finance Department
General Fund Overview
At the end of the 2nd quarter
Revenues are at 51.74%
2021 Q2 Revenues were at 49.60%
2020 Q2 Revenues were at 45.91%
Expenditures are at 45.55%
2021 Q2 Expenditures were at 45.12%
2020 Q2 Expenditures were at 46.46%
General Fund Revenues
% of
Budget Actual Budget
Property Taxes 13,305,239$ 6,700,000$ 50.36%
Franchise Fees 296,200 152,999 51.65%
Intergovernmental 1,502,066 169,513 11.29%
Fees, Licenses & Permits 593,215 888,745 149.82%
Charges for Services 253,550 404,977 159.72%
Fines 191,300 26,486 13.85%
Other Miscellaneous Revenues 32,050 25,357 79.12%
Total Revenues 16,173,620$ 8,368,078$ 51.74%
General Fund Expenditures
% of
Budget Actual Budget
General Government 2,844,160$ 1,456,469$ 51.21%
Public Safety 8,730,558 3,959,456 45.35%
Health & Welfare 208,769 61,251 29.34%
Highways & Streets 2,115,275 929,838 43.96%
Urban Redevelopment 118,711 52,012 43.81%
Culture & Recreation 2,156,147 908,124 42.12%
Total Expenditures 16,173,620$ 7,367,149$ 45.55%
General Fund Summary
GENERAL
GOVERNMENT
18%
PUBLIC
SAFETY
55%
PUBLIC
WORKS
13%
RECREATION
9%
COMMUNITY
SERVICES
3%
URBAN
DEVELOPMENT
2%
Expense by Department
Property
Taxes
81%
Franchise Fees
1%
Intergovernmental
2%
Fees, Licenses &
Permits
11%
Charges for
Services
5%
Revenue by Source
Special Revenue Funds Revenues
% of
Budget Actual Budget
Chemical Assessment 65,000$ 21,793$ 33.53%
Economic Development 506,302 311,681 61.56%
Parking 130,500 72,896 55.86%
Communications 243,000 103,549 42.61%
Depot Coffee House 254,169 115,725 45.53%
Art Center 1,087,458 452,717 41.63%
Special Revenue Funds
Expenditures
% of
Budget Actual Budget
Chemical Assessment 65,000$ 29,111$ 44.79%
Economic Development 502,072 279,027 55.58%
Parking 162,030 81,828 50.50%
Communications 271,945 103,505 38.06%
Depot Coffee House 254,169 127,945 50.34%
Art Center 1,027,458 483,125 47.02%
Special Revenue Funds Financial Position
Change Ending
ARPA In Fund Fund
Revenues Expenses Allocations Balance Balance
Chemical Assessment 21,793$ 29,111$ -$ (7,318)$ (33,373)$
Economic Development 311,681 279,027 - 32,654 4,544,143
Parking 72,896 81,828 15,000 6,068 (2,632)
Communications 103,549 103,505 - 44 281,173
Depot Coffee House 115,725 127,945 - (12,220) (147,134)
Art Center 452,717 483,125 318,224 287,816 (469,395)
Enterprise Funds Revenues
% of
Budget Actual Budget
Water 2,366,750$ 1,034,889$ 43.73%
Sewer 3,213,750 1,557,403 48.46%
Refuse 1,243,270 579,144 46.58%
Storm Sewer 792,332 402,665 50.82%
Pavilion 836,500 426,903 51.03%
Enterprise Funds Expenses
% of
Budget Actual Budget
Water 2,364,599$ 1,243,083$ 52.57%
Sewer 3,152,338 1,450,714 46.02%
Refuse 1,329,059 583,822 43.93%
Storm Sewer 679,722 345,923 50.89%
Pavilion 1,086,448 530,529 48.83%
Enterprise Funds Financial Position
All funds include depreciation expense
Net
Income
Revenues Expenses (Loss)
Water 1,034,889$ 1,243,083$ (208,194)$
Sewer 1,557,403$ 1,450,714$ 106,689$
Refuse 579,144$ 583,822$ (4,678)$
Storm Sewer 402,665$ 345,923$ 56,742$
Pavilion 426,903$ 530,529$ (103,626)$
Next Steps –2023 Budget
Meeting Date Meeting
Type
Subject Details
October 11 Work
Session
Review Special Revenue
Fund Budgets, Enterprise
Fund Budgets, Activity
Center Budget and Utility
Rates
-Chemical Assessment
-Economic
Development
-Parking
-Communications
-Depot Coffee House
-Art Center
-Water
-Sewer
-Storm
-Sewer
-Refuse
-Pavilion
October 11 Work
Session
American Rescue Plan
Update
November 1 Regular
Meeting
Approve CIP, ERP and
Utility Rates
Next Steps –2023 Budget
Meeting Date Meeting
Type
Subject Details
November 30
(Wednesday)
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
-Final Levy must be approved by
December 28