Memo - Third Quarter 2011 Financial and Investment Report. MEMORANDUM I FINANCE DEPARTMENT
Date: October 18, 2011
To: Mayor & City Council
From: Christine Harkess, Finance Director
Subject: Third Quarter 2011 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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L.J
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2011
3rd QUARTER
FINANCIAL & INVESTMENT
REPORT
CITY OF HOPKINS
General Fund Revenues
o Taxes support 84% of general fund
activities.
c Intergovernmental revenues support 4%
o Licenses, Permits & Fines support 5%
o Charges for Services support 2%
c Miscellaneous revenues including
Franchise fees support 3%
c Interest income supports less than 1%
c Use of budgeted reserves - 1%
GENERAL FUND REVENUES
General Fund - Overview
o Revenues are at 76.13% of total
budget
o Expenditures are at 71.56% of
budget
General Fund Revenue Comparison
3rd Quarter (.,,—ands)
$7,000 •2u11
$6,000 1$010
$5,000— °E009
$4,000
$3,000
$2,000
$1,000
$010
Teaex Ivrergvv'1 IJc/Per/i'Ivea C�vrges 1-0 0—
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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% age of
Budget
Actual
Budget
Taxes
$ 8,630,564
$ 6,550,724
75.90%
Intergovernmental
$ 442,070
$ 388,640
87.91%
Licenses, Permits &
Fines
$ 515,290
$ 424,515
82.38%
Charges for Services
$ 185,700
$ 199,221
107.28%
Miscellaneous
$ 319,900
$ 170,434
53.28%
Interest Income
$ 75,000
$ 7,445
9.93%
Use of Reserves
$ 130,803
$ -
0.00%
Total Revenues
$10,299,327
$ 7,740,979
75.16%
General Fund - Overview
o Revenues are at 76.13% of total
budget
o Expenditures are at 71.56% of
budget
General Fund Revenue Comparison
3rd Quarter (.,,—ands)
$7,000 •2u11
$6,000 1$010
$5,000— °E009
$4,000
$3,000
$2,000
$1,000
$010
Teaex Ivrergvv'1 IJc/Per/i'Ivea C�vrges 1-0 0—
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)
$6,000 ■2010
$5,000 02009
■2008
$4,000
$3,000 '
$2,000
$1,000
Salaries MatitSpls Capital
General Fund Expenditures
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 Expenditure Comparison
3rd Quarter - (In thousands)
$8,000
$7,000
$6,000 _
e
$5,000
$4,000
$3,000
$2,000
$1,000
$0
2011 2010 2009 2008
City's Response
o Revenues
Eliminated Capital Levy
o Expenditures
Delayed hiring of vacant positions
Eliminated non-critical capital items
Use of budget reserves from 2009
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% age of
Budget
Actual
Budget
General Government
$ 1,200,450
$ 758,137
63.15%
Community Services
$ 1,008,440
$ 714,128
70.82%
Public Safety
$ 5,322,645
$ 3,766,850
70.77%
Public Works
$ 2,174,400
$ 1,640,049
75.43%
Recreation
$ 533,192
$ 435,082
81.60%
Other
$ 60,200
$ 57,245
95.09%
Total Expenditures
$10,299,327
$ 7,371,491
71.57%
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 Expenditure Comparison
3rd Quarter - (In thousands)
$8,000
$7,000
$6,000 _
e
$5,000
$4,000
$3,000
$2,000
$1,000
$0
2011 2010 2009 2008
City's Response
o Revenues
Eliminated Capital Levy
o Expenditures
Delayed hiring of vacant positions
Eliminated non-critical capital items
Use of budget reserves from 2009
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Special Revenue Fund Revenues
Enterprise Funds
Change
% age of
Budaet
Budget
Actual
Budget
Chemical Assessment
$ 45,000
$ 38,634
85.85%
Economic Development
$148,600
$ 92,010
61.92%
Housing Rehab
$ 3,500
$ 2,312
66.06%
Parking
$ 82,000
$ 79,749
97.25%
Communications
$204,000
$105,865
51.89%
Depot Coffee House
$112,900
$ 58,509
51.82%
Art Center
$795,212
$396,365
49.84%
Special Revenue Funds
Financial Position
Special Revenue Fund Expenditures
Enterprise Funds
Change
Budaet
%age of
In Fund Cash
Budget
Revenues
Expenses
Balance Balance
Chemical Assessment
$ 38,634
$ 78,984
$ (40,350) $ (94,039)
Economic Development
$ 92,010
$151,395
$ (59,385) $ 259,324
Housing Rehab
$ 2,312
$ 68,592
$ (66,280) $ 518,455
Parking
$ 79,749
$ 86,698
$ (6,949) $ 188,943
Communications
$105,865
$124,283
$ (18,418) $ 383,142
Depot Coffee House
$ 58,509
$ 67,116
$ (8,607) $ 9,419
Art Center
$396,365
$576,090
$(179,725) $(873,744)
Special Revenue Fund Expenditures
Enterprise Funds
Expenditures
Budaet
%age of
Budget
Budget
Actual
Budget
Water
$1,256,711
$ 941,278
74.90%
Sewer
$2,044,304
$1,346,686
65.88%
Refuse
$ 929,994
$ 556,118
59.80%
Storm Sewer
$ 425,727
$ 356,538
83.75%
Pavilion
$ 417,695
$ 288,840
69.15%
Special Revenue Fund Expenditures
Enterprise Funds
Enterprise Funds
% age of
Budaet
Actual
Budget
Chemical Assessment
$ 45,000
$ 78,984
175.52%
Economic Development
$300,709
$151,395
50.35%
Housing Rehab
$ 94,834
$ 68,592
72.33%
Parking
$118,293
$ 86,698
73.29%
Communications
$226,074
$124,283
54.97%
Depot Coffee House
$122,867
$ 67,116
54.62%
Art Center
$794,943
$576,090
72.47%
Enterprise Funds
Enterprise Funds
Revenues
% age of
Budget
Actual
Budget
Water
$1,511,464
$1,037,432
68.64%
Sewer
$2,072,000
$1,378,692
66.54%
Refuse
$ 952,370
$ 761,645
79.97%
Storm Sewer
$ 815,140
$ 603,606
74.05%
Pavilion
$ 371,850
$ 233,485
62.79%
Enterprise Funds
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Net
Income
Cash
Revenues
Expenses
JLEEE1
Balance
Water
$1,037,432
$ 941,278
$ 96,154
$(329,672)
Sewer
$1,378,692
$1,346,686
$ 32,006
$ 41,057
Refuse
$ 761,645
$ 556,118
$205,527
$ 519,811
Storm Sewer $ 603,606
$ 356,538
$247,068
$ 471,000
Pavilion
$ 233,485
$ 288,840
$ (55,355)
$(138,886)
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Cash & Investments
September 30, 2011
o Bank Sweep Account $ 3,140,896
o Certificates of Deposit 3,953,000
o Government Securities 3,560,000
Tota 1 $10,653,896
Interest Earnings
$500,000
$400,000 — --
$300,000
$200,000
$,00,000
$0
2011 2010 2009 2008
Cash & Investments
Breakdown by Fund Ownership
o General Fund
$ 2,225,324
o Special Revenue Funds
1,555,159
o Debt Funds
1,262,972
o Capital Funds
2,983,328
o Internal Service Funds
2,063,803
o Enterprise Funds
563,310
Total
$ 10,653,896
2011
3rd QUARTER
FINANCIAL AND INVESTMENT
REPORT
Questions?
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