Memo- 1st Qtr 2006 Financial Rpt
MEMORANDUM
I FINANCE DEPARTMENT I
Date: April 14, 2006
To: Mayor & City Council
From: Christine Harkess, Finance Director
Subject: First Quarter 2006 Financial Report
Attached is the first quarter financial report power point presentation along with specific notes.
If you have any questions in advance please contact me, A full presentation will be given at the
council meeting.
2006
1st QUART R
FINANCIAL R PORT
CITY OF HOPKINS
1
. At the end of 151 quarter the year is 25%
expired.
. Revenues are at 23% of total budget
. Expenditures are at 19% of budget
As a comparison - in 2005 Revenues were at 24% and Expenditures were are
19% of budget
Actual revenues and expenditures are slightly under 1 st quarter 2005.
2006 2005
Revenues $2,084,310 $2,153,963
Expenditures $1,644,140 $1,687,485
2
evenues
. Taxes support 82% of general fund activities.
. Intergovernmental revenues support 4%
. Licenses, Permits & Fines support 7%
. Charges for Services support 2%
. Miscellaneous revenues including Franchise
fees support 3%
. Interest income supports 1 %
Property taxes now support 82% of the general fund programs.
Intergovernmental revenues support 4% ofthe general fund programs, These
two revenue sources make up 86% of the general fund sources. This total has
not changed, however the split between taxes and IGR has, Several years ago
IGR made up as much as 14% of total revenues.
General fund revenues are up approximately 11 % over last year at this time.
This is primarily due to increased tax levy and grants received
General fund revenues to date total $1,687,485,
3
.
I2l 2006
1.3 2005
1.3 2004
82003
-200
Taxes
Intergvn't Lie/Per/Fines Charges
Interest
Other
.
This graph shows first quarter revenues by source for the years 2003-2006.
You will notice a decreased dependence on intergovernmental revenues (LGA)
in the years 2002 & 2003 and increased dependence on tax revenues. As
stated previously tax revenues now consist of 82% of the general fund
revenues. Taxes are down in 2006 due to a slight decrease in the General Fund
levy.
.
4
% age of
Budqet Actual Budqet
Taxes $7,210,998 $1,794,019 24.9%
Intergovernmental $ 413,910 $ 61,928 14.9%
Licenses, Permits &
Fines $ 634,400 $ 135,863 21.4%
Charges for Services $ 213,750 $ 39,695 18.5%
Miscellaneous $ 305,150 $ 3,534 1.2%
Interest Income $ 110.000 $ 49,269 44.8%
Total Revenues $8,888,208 $2,084,308 23.5%
Miscellaneous includes franchise rees budgeted at $290,000. First quarter franchise rees have not yet
been received.
5
enditures
. Salaries and benefits make up 72% of
GF expenditures
. Materials, supplies and services make up
18%
. Transfers and Contingency make up 6%
. Capital make up 4%
6
.
$1,600
$1 ,400
$1,200
$1,000
$800
$600
$400
$200
$0
IlliJ 2006
1lliJ2005
1lliJ2004
Ii 2003
.
Changes in staffing from 1 st quarter 2005 to 2006 has resulted in lower
personnel costs. Salaries are approximately $17,000 lower in first quarter
2006.
Salaries
Matl/Spls
Capital
Factors impacting 2006 materials & supplies category are increased fuel costs
for vehicles (330/0) , heating costs, electrical costs, sand and gravel for snow
removal, and an increase in insurance premiums for liability and property
Insurance.
.
7
.
.
Community Services includes the departments of Assessing, Inspections, City
Clerk, and Elections. For illustration purposes the Zoning & Planning
Department is shown as part of community services.
Other is the unallocated department that includes transfers and the contingency
.
8
% age of
BudQet Actual BudQet
General Government $ 941 ,468 $ 167,490 17.8%
Community Services $ 921,218 $ 151,913 16.5%
Public Safety $4,456,201 $ 877,699 19.7%
Public Works $1,876,854 $ 330,827 17.6%
Recreation $ 509,276 $ 67,716 13.6%
Other $ 183.273 $ 48.495 26.5%
Total Expenditures $8,888,290 $1,644,140 18.5%
Year is 25% expired. All departments appear to be monitoring their budgets. Some budgets have more
cyclical expenditures such as recreation and some PW departments.
Items of Note -
PW - Snow & Ice Removal is at 41% of budget. Purchases of salt totaling $19,438.44 were made first
quarter which is 77% ofthe budgeted amount. Salaries & benefits were at 37% ofbudget.
The majority of the departments are at or under budget for first quarter.
9
'1
2111
2115
211"
2Dea
Compares general fund expenditures from the last four years.
2006 $1,644,140
2005 $1,687,485
2004 $1,535,657
2003 $1,743,165
10
Budaet
Chemical Assessment $ 45,000
Economic Development $ 257,008
Paratransit $ 129,017
Housing Rehab $ 89,176
Parking $ 130,450
Section 8 $ 118,966
Cable TV $ 147,607
Depot Coffee House $ 183,782
Art Center $ 422,950
xpenditures
Actual
$ 8,996
$ 37,517
$ 18,513
$ 17 ,450
$ 25,542
$ 22,137
$ 8,951
$ 22,831
$ 86,683
Chemical Assessment - This program is funded entirely by state grants.
% age of
Budaet
20%
15%
14%
20%
20%
19%
9%
12%
20%
Economic Development - Operating transfer of$61,000 to the ReA has not yet been made.
Para Transit - Nothing ofnate.
Housing Rehab - Grant dependant program.
Parking - Parking enforcement is at 20% of budget, parking operations are at 38% of budget and parking
ramp is at 8% of budget.
Cable TV - Budgeted transfers have not yet been made.
Depot Coffee House - The Coffee House is at 18% of budget and the Teen Center is at 1 % of budget.
We have not yet been billed for 1 st quarter teen coordinator expenses.
Art Center - Expenditures are on target with the budget.
11
nds
Revenues Expenses
Water $ 205,709 $ 265,539 $ (59,830)
Sewer $ 339,469 $ 391,941 $ (52,471)
Refuse $ 173,577 $ 122,636 $ 50,941
Storm Sewer $ 199,629 $ 134,770 $ 64,859
Pavilion $ 116,475 $ 87,116 $ 29,358
Water - Revenues approximate 2005. Expenditures are $18,000 less than this period 2005.
Sewer - Revenues are about $20,000 more than 2005. Expenditures are $13,000 over 2005
levels. We had a sewer rate increase for 2006.
Refuse Fund - Revenues approximate 2005. Expenditures approximate 2005 levels.
Storm Sewer Fund - Revenues are $35,000 more than 2005. Expenses are $20,000 less than
2005 levels due to lower bond interest costs. We had a rate increase in the storm sewer fund
for 2006.
Pavilion - Revenues are $39,000 over 2005 levels due primarily to the income from rents.
Expenses are $6,000 under 2005.
12
OVERALL REPO
HE CITY OF
HOPKINS
REMAINS IN GOOD
FINANCIAL HEALTH
13