Memo - First Quarter 2011 Financial and Investment Rpt• MEMORANDUM I FINANCE DEPARTMENT
Date: April 19, 2011
To: Mayor & City Council
From: Christine Harkess, Finance Director
Subject: First Quarter 2011 Financial and Investment Report
Attached is the first 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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2011
1st QUARTER
FINANCIAL AND 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 5%
o Charges for Services support 2%
o Miscellaneous revenues including Franchise
fees support 3%
o Interest income supports less than 1%
o Use of budgeted reserves - 1%
GENERAL FUND REVENUES
% age of
Budget Actual.
Budget
Taxes.
$ 8,630,584 $ 2,144,073
24.84%
Intergovernmental
$ 442,070 $ 71,660.
16.21%
Licenses, Permits &
Fines
$ 544,790 $ 99,356
18.24%
Charges for Services
Miscellaneous
$ 156,200 $ 49,838
$ 319 900 $ 12 134
31.91%
379%
Interest Income $ 75,000 $ 3,810 5.08%
Use of Reserves $ 130,803 $ 0.00%
Total Revenues $ 10,299,327 $ 2,380,871 23.12%
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General Fund — Overview
At the end of i't Quarter -
o Revenues are at 23% of total budget
o Expenditures are at 22% of budget
General Fund Revenue Comparison
1 a Quarter (In ttwusands)
'hea I�temfY tldpu . Ioteeet abet
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
1 st Quarter - (in thousands)
M
SaYrrs Matvspb Capktl
General Fund Expenditures
% age of
Buda et Actual Budaet
General Government $ 1,200,450 $ 237,353 19.77%
Community Services $ 1,008,440 $ 195,190 19.36%
PPublic Safety $ 5,322,645 $ 1,207,603 22.69%
Public Works $ 2,174,400 $ 478,652 22.01%
Recreation $ 533,192 $ 81,708 15.32%
Other $ 60.200 $ 49.192 81.71%
Total Expenditures $ 10,299,327 $ 2,249,698 21.84%
2011 Budget Challenges
o State Budget Deficit
Impact on city's budget
o Loss of MVHC
o Unallotment of LGA
o Health insurance costs
o Investment income opportunities
continue to present challenges
o Decline in property values
General Fund Expenditures
m..
nrexum
rra.s.F
General Fund Expenditure Comparison
st Quarter - (in thousands)
2011 nu no rile
City's Response
o Revenues
Eliminated Capital Levy
o Expenditures
. Delayed hiring of vacant positions
o Eliminated non-critical capital items
• Use of budget reserves from 2009
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Special Revenue Fund Expenditures
Enterprise Funds
Expenditures
Enterprise Funds
% age of
Net
Budget
Actual
% age of
Water
Bud et
Actual
Bu et
Chemical Assessment
$ 45,000
$ 25,942
57.65%
Economic Development
$ 300,709
$ 42,997
14.30%
Housing Rehab
$ 94,834
$ 21,471
22.64%
Parking
$ 118,293
$ 18,546
15.68%
Communications
$ 226,074
$ 19,067
8.43%
Depot Coffee House
$ 122,867
$ 23,613
19.22%
Art Center
$ 794,943
$ 173,688
21.85%
Enterprise Funds
Expenditures
Enterprise Funds
% age of
Net
Budget
Actual
Budget
Water
$ 1,256,711
$ 274,252
21.82%
Sewer
$ 2,044,304
$ 424,450
20.76%
Refuse
$ 929,994
$ 143,933
15.48%
Storm Sewer
$ 425,727
$ 84,034
19.74%
Pavilion
$ 417,695
$ 93,603
22.41%
Cash & Investments
March 31, 2011
o Bank Sweep Account $ 3,694,606
o Certificates of Deposit 4,604,000
o Government Securities 1.538.570
Total $ 9,837,176
Enterprise Funds
Enterprise Funds
o General Fund
Net
o Special Revenue Funds
Revenues
o Debt Funds
380,752
% age of
3,869,935
Budget
Actual
Bu et
Water
$ 1,511,464
$ 287,023
18.99%
Sewer
$ 2,072,000
$ 442,562
21.36%
Refuse
$ 952,370
$ 235,917
24.77%
Stone Sewer
$ 815,140
$ 200,031
24.54%
Pavilion
$ 371,850
$ 127,209
34.21%
Enterprise Funds
Cash & Investments
Breakdown by Fund Ownership
o General Fund
Net
o Special Revenue Funds
1,469,988
o Debt Funds
380,752
Income
3,869,935
Revenues
Expenses
(Loss)
Water
$
287,023
$ 274,252
$ 12,771
Sewer
$
442,562
$ 424,450
$ 18,112
Refuse
$
235,917
$ 143,933
$ 91,984
Storm Sewer
$
200,031
$ 84,034
$ 115,997
Pavilion
$
127,209
$ 93,603
$ 33,606
Cash & Investments
Breakdown by Fund Ownership
o General Fund
$ 2,078,116
o Special Revenue Funds
1,469,988
o Debt Funds
380,752
o Capital Funds
3,869,935
o Internal Service Funds
2,039,698
o Enterprise Funds
( 1.313)
Total
$ 9,837,176
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Interest Earnings
2011 2010 2009 2009 2007
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2011
1st QUARTER
FINANCIAL AND INVESTMENT
REPORT
Questions?