Memo - Fourth Qtr 2010 Financial and Investment Report• MEMORANDUM I FINANCE DEPARTMENT
Date: February 10, 2011
To: Mayor & City Council
From: Christine Harkess, Finance Director
Subject: Fourth Quarter 2010 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.
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U
0
2010
�-tWi QUARTER
FINANCIAL & INVESTMENT
REPORT
CITY OF HOPKINS
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0 0 0
General Fund — Overview
o Revenues are at 99.58% of total
budget
Expenditures are at 98.58% of
budget
•
.7
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%
0
•
General Fund Revenue Comparison
4t" Quarter (in thousands)
•
9,000--
,000■2010
8,000
7,000
02010
❑ 2009
❑ 2008
6,000
2007
5,000-,
4,000
3,000--
2,000
1,000
Taxes Intergvn't Lie/Per/Fines Charges Interest Other
•
•
GENERAL FUND REVENUES
Taxes
Intergovernmental
Licenses, Permits &
Fines
Charges for Services
Miscellaneous
Interest Income
Total Revenues
Budget Actual
$ 8,470, 018 $ 81498,409
$ 440,725 $ 435,125
$
597,910
$
183,650
$
305,900
$
75,000
$
101 073, 203
$
541,872
$
223,826
$
314,433
$
177574
$
10,0317237
L-]
% age of
Budget
100.34%
98.73%
90.63%
121.88%
102.79%
23.43%
99.58%
•
General Fund Expenditures
o Salaries and benefits make up 8z%
of GF expenditures
o Materials, supplies and services
make up 18%
n Transfers and Contingency make up
0%
o Capital is 0%
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• • •
$9,000
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
Total General Fund Expenditures
4th Quarter -
(in thousands)
Salaries Matl/Spls Capital
•
General Fund Expenditures
Public Works
Community
Services
Other
General Gvrn't
Public Safety
•
General Fund Expenditures
General Government
Community Services
Public Safety
Public Works
Recreation
Other
Total Expenditures
•
%age of
Bucket
93.66%
98.44%
102.92%
93.18%
96.24%
35.72%
98.580,/n
Budget
$
1,137, 784
$
17043,991
$
51160,695
$
211467475
$
5247058
$ 60,200
$
1070737203
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%age of
Bucket
93.66%
98.44%
102.92%
93.18%
96.24%
35.72%
98.580,/n
Actual
$
110651593
$
11027,707
$
51311,249
$
21000,036
$
504,350
$ 211506
$
91930,442
•
%age of
Bucket
93.66%
98.44%
102.92%
93.18%
96.24%
35.72%
98.580,/n
s
General Fund Expenditure Comparison
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
M
4th Quarter -(in thousands)
2010 zoog 20o8 zoo?
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•
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
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•
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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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•
Special Revenue Fund Expenditures
Chemical Assessment
Economic Development
Paratransit
Housing Rehab
Parking
Communications
Depot Coffee House
Art Center
Bucket
$
49,992
$
258,013
$
141382
$
98,858
$1061759
97, 549
$
200,432
$ 131,495
$7761376
$ 1071689
$ 737,139
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%age of
Budget
260.42%
113.50%
119.66%
98.68%
89.58%
100.44%
81.90%
94.95%
Actual
$
130,191
$
292,851
$
17,210
$
97, 549
$
95,637
$
201,321
$ 1071689
$ 737,139
•
%age of
Budget
260.42%
113.50%
119.66%
98.68%
89.58%
100.44%
81.90%
94.95%
L`
•
Enterprise Funds
REVENUES
e
2010
2010
%
Budget
YTD
of budget
Water
$ 174727000
$ 113401202
91.05%
Sewer
119641000
118147841
92.41%
Refuse
8737030
8877633
101.67%
Storm Sewer
8207140
8057250
98.18%
Pavilion
3661650
3651646
99.73%
e
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•
•
Enterprise Funds
EXPENDITURES
2010 2010
%
Budget YTD of
budget
Water
$1,137,035 $ 1,2231235
107.58%
Sewer
17999,771 11838723 723
91.95%
Refuse
9071178 761,891
83.98%
Storm Sewer
426,236 456,179
107.03%
Pavilion
4091198 3991635
97.66%
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Enterprise Funds
Net
Total Total Income
Revenues Expenses (Loss)
Water $ 113401202 $ 112231235 $ 1161967
Sewer $ 118141841 $ 118381723 $ (23,883)
Refuse $ 8871633 $ 7611891 $ 1251742
Storm Sewer $
8051250
$
456,179
$
3491071
Pavilion
$
3651646
$
3991635
$
(33,989)
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•
Cash & Investments
December 31, 2010
o Bank Sweep Account
a Certificates of Deposit
o Government Securities
Total
$ 8,899,589
6,325,000
1,385,000
$16, 609, 589
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0
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
Total
$ 41365,440
2,535,036
3,052, 503
21940,046
2,057,391
1,659,173
$ 16, 609, 589
Interest Earnings
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