Memo - Third Quarter 2010 Financial and Investment Report0
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MEMORANDUM
Date: October 19, 2010
To: Mayor & City Council
From: Christine Harkess, Finance Director
FINANCE DEPARTMENT
Subject: Third Quarter 2010 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.
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2010
3rd QUARTER
FINANCIAL & INVESTMENT
REPORT
CITY OF HOPKINS
General Fund Revenues
o Taxes support 84% of general fund
activities.
o Intergovernmental revenues support
4%
o Licenses, Permits & Fines support 6%
o Charges for Services support 2%
o Miscellaneous revenues including
Franchise fees support 3%
o Interest income supports less than 1%
GENERAL FUND REVENUES
% age of
Budget
Actual
Budget
Taxes
$
8,470,018
$ 6,054,004
71.48%
Intergovemmental
$
440,725
$ 175,776
39.88%
Licenses, Permits &
Fines
$
597,910
$ 373,502
62.47%
Charges for Services
$
183,650
$ 162,580
88.53%
Miscellaneous
$
305,900
$ 165,648
54.15%
Interest Income
$
75,000
$ 10,636
14.45%
Total Revenues
$
10,073,203
$ 6,942,346
68.92%
General Fund — Overview
o Revenues are at 68.92% of total
budget
o Expenditures are at 69.84% of
budget
General Fund Revenue Comparison
3rd Quarter (in thousands)
I— mmn " u-1— mann 1.1-1 owe.
General Fund Expenditures
o Salaries and benefits make up 79%
of GF expenditures
o Materials, supplies and services
make up 21%
o Transfers and Contingency make up
0%
o Capital is 0%
1
MOW 11
I— mmn " u-1— mann 1.1-1 owe.
General Fund Expenditures
o Salaries and benefits make up 79%
of GF expenditures
o Materials, supplies and services
make up 21%
o Transfers and Contingency make up
0%
o Capital is 0%
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Total General Fund Expenditures
3rd Quarter - (in thousands)
General Fund Expenditures
a�Nw oma,
wnraiwmt
E8,000 ■ 2010
2009
$5,000 Ep, 02008 p�ere wo,�a
■ 2007
$4,000
$3,000
,000
$1
51,000
Gomnm[y Swim pubic SNety
$O
Salaries Matl/SPIs Capital
General Fund Expenditures
2010 Budget Challenges
o State Budget Deficit
Impact on city's budget
o Loss of MVHC
o Loss of LGA
o Health insurance costs
o Decline in investment income
o Decline in building permit fees
General Fund Expenditure Comparison
3rd Quarter - (in thousands)
20t0 2009 2oo8 1007
City's Response
o Revenues
Eliminated Capital Levy
o Expenditures
0% wages - Freeze for most employees
Delayed hiring of vacant positions
Eliminated non-critical capital items
"Every little bit adds up" - small cuts
across all city departments
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% age of
Budget
Actual
Budget
Taxes
$
8,470,018
$ 6,054,004
71.48%
Intergovernmental
$
440,725
$ 175,776
39.88%
Licenses, Permits &
Fines
$
597,910
$ 373,502
62.47%
Charges for Services
$
183,650
$ 162,580
88.53%
Miscellaneous
$
305,900
$ 165,648
54.15%
Interest Income
$
75,000
$ 10,836
14.45%
Total Revenues
$
10,073,203
$ 6,942,346
68.92%
2010 Budget Challenges
o State Budget Deficit
Impact on city's budget
o Loss of MVHC
o Loss of LGA
o Health insurance costs
o Decline in investment income
o Decline in building permit fees
General Fund Expenditure Comparison
3rd Quarter - (in thousands)
20t0 2009 2oo8 1007
City's Response
o Revenues
Eliminated Capital Levy
o Expenditures
0% wages - Freeze for most employees
Delayed hiring of vacant positions
Eliminated non-critical capital items
"Every little bit adds up" - small cuts
across all city departments
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Savings & Efficiencies
o Police vehicle fuel monitoring program to save
on fuel costs
o Daytime rescue standby program - $10,000
savings
o In-house Pavement Management Inspections
o HC Sentencing to Service Work Force Program
- savings of $7/hr over PT seasonal staffing
o Donated for clerical service - $20,000 annual
savings
o Assessing contract with Hennepin Co saves
$74,000/yr
Enterprise Funds
Special Revenue Fund Expenditures
REVENUES
2010
2010
% _0 _f
Actual
Budget
YTD
budget
Water
$1,472,000
$1,026,556
69.74%
Sewer
1,964,000
1,371,670
69.84%
Refuse
873,030
671,680
76.94%
Storm Sewer
820,140
601,864
73.39%
Pavilion
366,650
206,482
56.32%
Special Revenue Fund Expenditures
Enterprise Funds
%age of
2010
Net
Actual
Total
Total
Income
$ 107,738
Revenues
Expenses
(Loss)
Water
$1,026,556
$ 888,052
$ 138,504
Sewer
$1,371,670
$1,363,029
$ 8,641
Refuse
$ 671,680
$ 549,381
$ 122,299
Storm Sewer
$ 601,864
$ 331,446
$ 270,418
Pavilion
$ 206,482
$ 281,014
$ (74,532)
Special Revenue Fund Expenditures
EXPENDITURES
%age of
2010
Budget
Actual
Budget
Chemical Assessment
$ 49,992
$ 107,738
215.51%
Economic Development
$ 258,013
$ 175,305
67.94%
Paratransit
$ 14,382
$ 17,210
119.66%
Housing Rehab
$ 98,858
$ 68,875
69.67%
Parking
$ 106,759
$ 72,952
68.33%
Communications
$ 200,432
$ 110,792
55.28%
Depot Coffee House
$ 131,495
$ 82,123
62.45%
Art Center
$ 776,376
$ 525,258
67.66%
Enterprise Funds
Cash & Investments
September 30, 2010
o Bank Sweep Account $ 4,110,486
o Certificates of Deposit 4,341,000
o Government Securities 1,385,000
Total $ 9,836,486
EXPENDITURES
2010
2010
% of
Budget
YTD
budget
Water
$1,137,035
$ 888,052
78.10%
Sewer
1,999,771
1,363,029
68.16%
Refuse
907,178
549,381
60.56%
Storm Sewer
426,236
331,446
77.76%
Pavilion
409,198
281,014
68.67%
Cash & Investments
September 30, 2010
o Bank Sweep Account $ 4,110,486
o Certificates of Deposit 4,341,000
o Government Securities 1,385,000
Total $ 9,836,486
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Interest Earnings
2010 2009 2008 2007
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2010
3rd QUARTER
FINANCIAL AND INVESTMENT
REPORT
Questions?