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Memo - Third Quarter 2009 Financial and Investment ReportMEMORANDUM Date: October 15, 2009 To: Mayor & City Council From: Christine Harkess, Finance Director FINANCE DEPARTMENT Subject: Third Quarter 2009 Financial and Investment Report Attached is the third quarter financial and investment report power point presentation. If you have any questions in advance please contact me. A full presentation will be given at the council meeting. 2009 3rd QUARTER FINANCIAL & INVESTMENT REPORT CITY OF HOPKINS General Fund Revenues • Taxes support 82% of general fund activities. • Intergovernmental revenues support 4% • Licenses, Permits & Fines support 7% • Charges for Services support 2% • Miscellaneous revenues including Franchise fees support 3% • Interest income supports 1% GENERAL FUND REVENUES Total Revenues $10,075,492 $6,858,959 68.1% General Fund — Overview • Revenues are at 68.1% of total budget • Expenditures are at 69.1% of budget General Fund Revenue Comparison 3rd Quarter (in thousands) General Fund Expenditures • Salaries and benefits make up 78% of GF expenditures • Materials, supplies and services make up 32% • Transfers and Contingency make up 0.1% • Capital is 0% 1 Taan Inlelyvn'l Lk/PellFlnn CM1aI=ea Inlerenl OIM1er age of Buda et Actual Budget Taxes $7,979,114 $5,618,315 70.4% Intergovernmental $ 698,010 $ 193,248 27.7% Licenses, Permits & Fines $ 761,035 $ 573,913 75.4% Charges for Services $ 220,550 $ 277,828 125.9% Miscellaneous $ 311,000 $ 171,455 55.1% Interest Income $ 105,783 $ 24.20 22.9% Total Revenues $10,075,492 $6,858,959 68.1% General Fund — Overview • Revenues are at 68.1% of total budget • Expenditures are at 69.1% of budget General Fund Revenue Comparison 3rd Quarter (in thousands) General Fund Expenditures • Salaries and benefits make up 78% of GF expenditures • Materials, supplies and services make up 32% • Transfers and Contingency make up 0.1% • Capital is 0% 1 Taan Inlelyvn'l Lk/PellFlnn CM1aI=ea Inlerenl OIM1er Total General Fund Expenditures 3rd Quarter - ( in thousands) General Fund Expenditures age of General Government $1,159,454 $ 721,715 62.2% Community Services $1,005,823 $ 649,937 64.6% Public Safety $5,138,366 $3,655,406 71.1% Public Works $2,139,947 $1,484,211 69.4% Recreation $ 543,382 $ 404,267 74.4% Other $ 88.520 $ 46.677 52.7% Total Expenditures $10,075,492 $6,962,214 69.1% 2009 Budget Issues • State Budget Deficit • Impact on city's budget • Loss of MVHC • $245,520 is Impacts General Fund • Loss of LGA • $50,000 • Impacts Arts Center Fund General Fund Expenditures City's Response • Revenues • Redirect a portion Capital Levy • Expenditures • Savings from staffing retirements /changes • Reduce PT /Seasonal Payroll • Reduce professional services • Reduce training budgets • Reduce materials /supplies & maintenance • Eliminate capital items • Use of contingency 2 Salaries Matl /Spls Capital Special Revenue Fund Expenditures EXPENDITURES Actu age of Chemical Assessment $ 445 000 $ 1338,9 308.7 .7% Economic Development $ 277,063 $ 894,956 323.0% Paratransit $ 126,949 $ 85,683 67.5% Housing Rehab $ 92,273 $ 66,265 71.8% Parking $ 104,898 $ 63,316 60.4% Communications $ 209,909 $ 121,871 58.1% Depot Coffee House $ 151,464 $ 89,436 59.1% Art Center $ 659,557 $ 471,062 71.9% Enterprise Funds Cash & Investments September 30, 2009 • Bank Sweep Account $ 717,292 • Certificates of Deposit 5,579,000 • Government Securities 1,520,000 Total $ 7,816,292 Enterprise Funds EXPENDITURES 2009 2009 % of Budget YTD budget Water $1,157,369 $ 868,326 75.03% Sewer 1,965,132 1,318,521 67.10% Refuse 905,707 542,346 59.88% Storm Sewer 443,573 331,137 74.65% Pavilion 404,488 274,024 67.75% Cash & Investments September 30, 2009 • Bank Sweep Account $ 717,292 • Certificates of Deposit 5,579,000 • Government Securities 1,520,000 Total $ 7,816,292 Enterprise Funds Enterprise Funds REVENUES 2009 2009 % of Budget YTD budget Water $1,430,800 $1,024,073 71.57% Sewer 1,797,000 1,206,308 67.13% Refuse 879,030 644,997 73.38% Storm Sewer 832,140 602,244 72.37% Pavilion 362,100 214,130 59.14% Enterprise Funds 3 Net Income Revenues Expenditures Loss Water $1,024,073 $ 868,326 $ 155,746 Sewer $1,206,308 $ 1,318,521 $(112,213) Refuse $ 644,997 $ 542,346 $ 102,651 Storm Sew $ 602,244 $ 331,137 $ 271,107 Pavilion $ 214,130 $ 274,024 $ (59,894) 3