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Memo- Fourth Quarter 2011 Financial and Investment Report• MEMORANDUM FINANCE DEPARTMENT Date: February 6, 2012 To: Mayor & City Council From: Christine Harkess, Finance Director Subject: Fourth Quarter 2011 Financial and Investment Report Attached is the fourth quarter financial and investment report power point presentation. This is a pre -audit report and is subject to change as we complete our year end work. If you have any questions in advance please contact me. A full presentation will be given at the council meeting. • 0 2011 41h QUARTER FINANCIAL & INVESTMENT REPORT CITY OF HOPKINS General Fund — Overview Revenues are at 101.62% of total budget Expenditures are at 99.78% of budget • General Fund Revenues 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% Interest income supports less than 1% Use of budgeted reserves - 1% • General Fund Revenue Comparison 4th Quarter (in thousands) 9,000 .2011 8,000 ©2010 7,000 ❑ 2009 6,000 ■ 2008 5,000 4,000 3,000 2,000 1,000 0 - Taxes Inlcrgrn't Lic/Per/Fines Charges Interest Other 0 7 GENERAL FUND REVENUES % age of Budget Actual Budget Taxes $ 8,630,564 $ 8,613,469 99.80% Intergovernmental $ 442,070 $ 447,859 101.31% Licenses, Permits & Fines $ 515,290 $ 634,315 123.10% Charges for Services $ 185,700 $ 285,853 153.93% Miscellaneous $ 319,900 $ 336,311 105.13% Interest Income $ 75,000 $ 15,827 21.10% Total Revenues $ 10,168,524 $10,333,634 101.62% Use of Reserves $ 130,803 Total Revenues $10,299,327 General Fund Expenditures Salaries and benefits make up 79% of GF expenditures Materials, supplies and services make up 21% Transfers and Contingency make up 0% Capital is 0% • • C Total General Fund Expenditures 4th Quarter - (in thousands) ■ 2011 $9,000 ■2010 $8,000 02009 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Salaries Matl/Spls Capital General Fund Expenditures ■ Recreation • Other ❑ General Gvrn't Public Works ❑ Public Safety 13 Community Services • 4 General Fund Expenditures % age of Budget Actual Budget General Government $ 1,200,450 $ 1,143,091 95.22% Community Services $ 1,008,440 $ 999,592 99.12% Public Safety $ 5,322,645 $ 5,284,406 99.28% Public Works $ 2,174,400 $ 2,304,918 106.00% Recreation $ 533,192 $ 524,928 98.45% Other $ 60,200 $ 19,836 32.95% Total Expenditures $ 10,299,327 $10,276,771 99.78% General Fund Expenditure Comparison 4th Quarter - (in thousands) $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $o __ 1 16;1 2010 2009 2008 CJ • 5 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 Decline in property values • City's Response Revenues Eliminated Capital Levy Expenditures Delayed hiring of vacant positions Eliminated non-critical capital items Use of budget reserves from 2009 0 6 Special Revenue Fund Revenues % age of Budget Actual Budget Chemical Assessment $ 45,000 $102,181 227.07% Economic Development $ 148,600 $161,054 108.38% Housing Rehab $ 3,500 $ 1,698 48.51% Parking $ 82,000 $137,218 167.34% Communications $ 204,000 $ 211,480 103.67% Depot Coffee House $ 112,900 $ 97,741 86.57% Art Center $ 795,212 $ 686,387 86.31% Special Revenue Fund Expenditures % age of Budget Actual Budget Chemical Assessment $ 45,000 $110,693 245.98% Economic Development $ 300,709 $ 259,350 86.25% Housing Rehab $ 94,834 $ 99,583 105.01% Parking $ 118,293 $ 113,986 96.36% Communications $ 226,074 $ 212,878 94.16% Depot Coffee House $ 122,867 $ 101,028 82.23% Art Center $ 794,943 $ 811,748 102.11% • • • 7 0 • LJ Special Revenue Funds Financial Position Chemical Assessment Economic Development Housing Rehab Parking Communications Depot Coffee House Art Center Revenues Expenses $ 102,181 $ 110,693 $ 161,054 $ 259,350 $ 1,698 $ 99,583 $137,218 $ 113,986 $ 211,480 $ 212,878 $ 97,741 $ 101,028 $ 686,387 $ 811,748 Change Enterprise Funds In Fund Cash Balance Balance $ (8,512) $ (83,777) $ (98,296) $ 220,801 $ (97,885) $ 495,645 $ 23,232 $ 216,720 $ (1,398) $ 353,343 $ (3,287) $ 23,437 $(125,361) $(779,815) 8 Enterprise Funds Revenues % age of Budget Actual Budget Water $1,511,464 $1,396,655 92.40% Sewer $2,072,000 $1,838,669 88.74% Refuse $ 952,370 $1,005,361 105.56% Storm Sewer $ 815,140 $ 803,591 98.58% Pavilion $ 371,850 $ 389,009 104.61% 8 • • M Enterprise Funds Expenditures Net % age of Budget Income Actual Budget Water $1,256,711 $1,277,487 101.65% Sewer $ 2,044,304 $1,803,326 88.21% Refuse $ 929,994 $ 790,930 85.05% Storm Sewer $ 425,727 $ 532,214 125.01% Pavilion $ 417,695 $ 413,814 99.07% • • M Enterprise Funds Net Income Cash Revenues Expenses Loss Balance Water $1,396,655 $1,277,487 $119,168 $(222,658) Sewer $1,838,669 $1,803,326 $ 35,343 $ 193,408 Refuse $1,005,361 $ 790,930 $ 214,431 $ 550,930 Storm Sewer $ 803,591 $ 532,214 $271,377 $ 533,655 Pavilion $ 389,009 $ 413,814 $ (24,805) $ (89,843) • • M • Cash & Investments December 31, 2011 I o Bank Sweep Account $ 6,058,141 o Certificates of Deposit 3,947,000 o Government Securities 3,720,000 Total $13,725,141 C] Cash & Investments Breakdown by Fund Ownership o General Fund o Special Revenue Funds o Debt Funds o Capital Funds o Internal Service Funds o Enterprise Funds Tota I • $ 4,227,056 1,779,243 2,493,084 2,211,205 2,049,062 965.491 $ 13,725,141 If 600,000 500,000 400,000 300,000 200,000 100,000 0 Interest Earnings i 2011 2010 2009 2008 2011 4th QUARTER FINANCIAL AND INVESTMEN7' REPORT Question.. 0 :7