Memo- Second Quarter 2011 Financial and Investment Report•
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MEMORANDUM
Date: July 19, 2011
To: Mayor & City Council
From: Christine Harkess, Finance Director
FINANCE DEPARTMENT
Subject: Second Quarter 2011 Financial and Investment Report
Attached is the second 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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2011
2nd QUARTER
FINANCIAL & INVESTMENT
REPORT
CITY OF HOPKINS
General Fund Revenues
o Taxes support 84% of general fund
activities.
o Intergovernmental revenues support 4%
o Licenses, Permits & Fines support 5%
:> Charges for Services support 2%
o Miscellaneous revenues including Franchise
fees support 3%
o Interest income supports less than 1%
o Use of budgeted reserves — 1%
GENERAL FUND REVENUES
% age of
Budget
Actual
Budget
Taxes
$ 8,630,564
$ 4,369,279
50.63%
Intergovernmental
$ 442,070
$ 136,542
30.89%
Licenses, Permits &
Fines
$ 515,290
$ 310,568
60.27%
Charges for Services
$ 185,700
$ 108,066
58.19%
Miscellaneous
$ 319,900
$ 87,239
27.27%
Interest Income
$ 75,000
$ 6,004
8.01%
Use of Reserves
$ 130,803
$
0.00%
Total Revenues
$ 10,299,327
$ 5,017,698
48.72%
General Fund — Overview
At the end of 2n6 Quarter -
o Revenues are at 49% of total budget
o Expenditures are at 46% of budget
General Fund Revenue Comparison
2nd Quarter (inthwsands)
Tac, UIP -F— ('harges Interest Other
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
2nd Quarter - (in thousands)
Salaries Matl/Spls Capital
General Fund Expenditures
% age of
Budget
Actual
Budget
General Government
$ 1,200,450
$ 485,060
40.41%
Community Services
$ 1,008,440
$ 405,525
40.21%
Public Safety
$ 5,322,645
$ 2,459,918
46.22%
Public Works
$ 2,174,400
$ 1,051,847
48.37%
Recreation
$ 533,192
$ 311,670
58.45%
Other
$ 60.200
$ 57.752
95.93%
Total Expenditures
$ 10,299,327
$ 4,771,772
46.33%
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
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General Fund Expenditures
General Fund Expenditure Comparison
2nd Quarter - (in thousands)
2011 2010 2009 zoos
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
% age of
Budget Actual Budget
Chemical Assessment
$ 45,000
$ 36,974
82.16%
Economic Development
$ 148,600
$ 11,587
7.80%
Housing Rehab
$ 3,500
$ 1,655
47.29%
Parking
$ 82,000
$ 75,673
92.28%
Communications
$ 204,000
$ 51,928
25.45%
Depot Coffee House •
$ 112,900
$ 33,583
29.75%
Art Center
$ 795,212
$ 283,535
35.66%
Special Revenue Funds
Financial Position
Enterprise Funds
Change
Budget
In Fund Cash
Budget
Revenues Expenses
Balance Balance
Chemical Assessment
$ 36,974 $ 63,475
$ (26,501) $ (81,937)
Economic Development
$ 11,587 $ 95,491
$ (83,904) $ 28,237
Housing Rehab
$ 1,655 $ 44,143
$ (42,488) $ 540,890
Parking
$ 75,673 $ 40,330
$ 35,343 $ 230,394
Communications
$ 51,928 $ 98,512
$ (46,584) $ 354,413
Depot Coffee House
$ 33,583 $ 44,925
$ (11,342) $ 5,952
Art Center
$ 283,535 $ 391,333
$(107,798) $(776,935)
Special Revenue Fund Expenditures
Enterprise Funds
Expenditures
Budget
% age of
Budget
Budget
Actual
Budget
Water
$ 1,256,711
$ 586,094
46.64%
Sewer
$ 2,044,304
$ 876,387
42.87%
Refuse
$ 929,994
$ 352,319
37.88%
Storm Sewer
$ 425,727
$ 187,060
43.94%
Pavilion
$ 417,695
$ 191,506
45.85%
Special Revenue Fund Expenditures
Enterprise Funds
Enterprise Funds
% age of
Budget
Actual
Budget
Chemical Assessment
$ 45,000
$ 63,475
141.06%
Economic Development
$ 300,709
$ 95,491
31.76%
Housing Rehab
$ 94,834
$ 44,143
46.55%
Parking
$ 118,293
$ 40,330
34.09%
Communications
$ 226,074
$ 98,512
43.58%
Depot Coffee House
$ 122,867
$ 44,925
36.56%
Art Center
$ 794,943
$ 391,333
49.23%
Enterprise Funds
Enterprise Funds
Revenues
% age of
Budget
Actual
Budget
Water
$ 1,511,464
$ 596,465
39.46%
Sewer
$ 2,072,000
$ 891,006
43.00%
Refuse
$ 952,370
$ 499,586
52.46%
Storm Sewer
$ 815,140
$ 402,070
49.33%
Pavilion
$ 371,850
$ 216,187
58.14%
Enterprise Funds
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Net
Income
Cash
Revenues
Expenses
JL2Rsj
Balance
Water
$ 596,465
$ 586,094
$ 10,371
$ (461,646)
Sewer
$ 891,006
$ 876,387
$ 14,619
$ (39,396)
Refuse
$ 499,586
$ 352,319
$ 147,267
$ 418,827
Storm Sewer
$ 402,070
$ 187,060
$ 215,010
$ 383,589
Pavilion
$ 216,187
$ 191,506
$ 24,681
$ (78,692)
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Cash & Investments
June 30, 2011
o Bank Sweep Account $ 5,831,279
o Certificates of Deposit 4,603,000
o Government Securities 1,538.323
Total $11,801,602
Interest Earnings
2011 2010 2009 2008 2007
Cash & Investments
Breakdown by Fund Ownership
o General Fund
$ 2,956,974
o Special Revenue Funds
1,348,068
o Debt Funds
1,016,473
o Capital Funds
4,241,201
o Internal Service Funds
2,016,203
o Enterprise Funds
222,683
Total
$ 11,801,602
2011
2nd QUARTER
FINANCIAL AND INVESTMENT
REPORT
Questions?
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