VII.2. Third Quarter Financial Report Update; Bishop
CITY OF HOPKINS
Memorandum
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: November 19th, 2024
Subject: Third Quarter Financial Report Update
_____________________________________________________________________
A full presentation of the third quarter operating results will be given at the City Council
meeting.
Finance Department
2024 3rd Quarter
Financial Report
General Fund Revenues
% of
Budget Actual Budget
Taxes 14,511,326$ 8,572,484$ 59.07%
Intergovernmental 1,878,012 761,160 40.53%
Licenses, Permits & Fees 689,865 817,761 118.54%
Fines 192,500 76,965 39.98%
Charges for Services 347,050 279,148 80.43%
Miscellaneous 56,850 111,550 196.22%
Franchise Fees 346,200 176,483 50.98%
Total Revenues 18,021,803$ 10,795,551$ 59.90%
General Fund Expenditures
% of
Budget Actual Budget
General Government 3,499,779$ 2,441,311$ 69.76%
Public Safety 9,905,284 7,888,413 79.64%
Health & Welfare 197,841 148,279 74.95%
Highways & Streets 2,125,956 1,504,713 70.78%
Urban Redevelopment 129,312 82,403 63.72%
Culture & Recreation 2,563,631 2,263,572 88.30%
Total Expenditures 18,421,803$ 14,328,691$ 77.78%
Special Revenue Funds Revenues
% of
Budget Actual Budget
Chemical Assessment 65,000$ 90,617$ 139.41%
Economic Development 557,706 812,923 145.76%
Parking 125,000 41,814 33.45%
Communications 230,000 106,664 46.38%
Depot Coffee House 203,832 105,062 51.54%
Art Center 1,172,650 991,871 84.58%
Sustainabiltiy 385,000 154,800 40.21%
Special Revenue Funds Expenditures
% of
Budget Actual Budget
Chemical Assessment 65,000$ 55,512$ 85.40%
Economic Development 520,278 963,731 185.23%
Parking 159,894 132,023 82.57%
Communications 281,487 193,140 68.61%
Depot Coffee House 183,832 89,869 48.89%
Art Center 1,144,097 870,229 76.06%
Sustainabiltiy 385,000 109,512 28.44%
Special Revenue Funds Financial Position
Change Ending
In Fund Fund
Revenues Expenses Balance Balance
Chemical Assessment 90,617$ 55,512$ 35,105$ (65,153)$
Economic Development 812,923 963,731 (150,808) 5,055,182$
Parking 41,814 132,023 (90,209) (183,751)$
Communications 106,664 193,140 (86,476) (13,455)$
Depot Coffee House 105,062 89,869 15,193 (175,520)$
Art Center 991,871 870,229 121,642 90,298$
Sustainability 154,800 109,512 45,288 45,288$
Enterprise Funds Revenue
% of
Budget Actual Budget
Water 2,892,400$ 1,921,624$ 66.44%
Sewer 3,635,000 2,363,578 65.02%
Refuse 1,340,085 995,197 74.26%
Storm Sewer 810,332 601,899 74.28%
Pavilion 913,700 704,883 77.15%
Enterprise Funds Expenditures
% of
Budget Actual Budget
Water 2,858,975$ 2,284,862$ 79.92%
Sewer 3,584,058 2,557,526 71.36%
Refuse 1,477,104 1,000,472 67.73%
Storm Sewer 826,094 598,733 72.48%
Pavilion 1,133,473 924,014 81.52%
Enterprise Funds Financial Position
Net Ending
Less:Add:Income Financial
Revenues Expenses Depreciation Principal (Loss)Position
Water 1,921,624$ 2,284,862$ (419,068)$ 485,450$ (429,620)$ 1,194,972$
Sewer 2,363,578 2,557,526 (272,617) 377,540 (298,870) 1,608,941
Refuse 995,197 1,000,472 (58,339) - 53,064 1,176,539
Storm Sewer 601,899 598,733 (290,998) 312,010 (17,846) 3,002,681
Pavilion 704,883 924,014 (363,495) 195,000 (50,636) (139,502)
Cash and Investments
U.S. Government Securities
Municipal Obligations 2,873,733$
Government Sponsored Entities
Federal Home Loan Bank 3,267,489
U.S. Treasury Notes 1,253,609
Certificates of Deposit 7,027,536
Money Market Funds 18,010,255
Total 32,432,622$