VII.4. Third Quarter Financial Report and Public Safety Funding Update; Bishop
CITY OF HOPKINS
Memorandum
To: Honorable Mayor and Council Members
Mike Mornson, City Manager
From: Nick Bishop, Finance Director
Date: November 14, 2023
Subject: Third Quarter Financial Report & Public Safety Funding Update
_____________________________________________________________________
Attached is the presentation for the 3rd quarter financial report. It includes an overview of
one-time public safety aid and proposed uses. A full presentation will be given at the
council meeting.
Finance Department
2023 3rd Quarter Financial Report
&
Public Safety Funding Update
Agenda
3rd Quarter Financial Report
Public Safety Fund Budget
General Fund Revenues
% of
Budget Actual Budget
Taxes 14,020,781$ 7,519,278$ 53.63%
Intergovernmental 1,630,794 1,103,813 67.69%
Licenses, Permits & Fees 676,715 1,437,890 212.48%
Fines 192,500 69,895 36.31%
Charges for Services 329,900 688,913 208.82%
Miscellaneous 41,550 138,143 332.47%
Franchise Fees 296,200 152,960 51.64%
Total Revenues 17,188,440$ 11,110,891$ 64.64%
General Fund Expenditures
% of
Budget Actual Budget
General Government 2,982,102$ 2,277,068$ 76.36%
Public Safety 9,444,712 7,221,822 76.46%
Health & Welfare 209,565 54,385 25.95%
Highways & Streets 3,632,028 2,863,453 78.84%
Urban Redevelopment 126,848 60,773 47.91%
Culture & Recreation 793,185 602,251 75.93%
Total Expenditures 17,188,440$ 13,079,752$ 76.10%
Special Revenue Funds Revenues
% of
Budget Actual Budget
Chemical Assessment 65,000$ 43,009$ 66.17%
Economic Development 571,531 274,861 48.09%
Parking 143,250 72,036 50.29%
Communications 230,000 94,903 41.26%
Depot Coffee House 248,224 86,827 34.98%
Art Center 1,164,132 905,686 77.80%
Special Revenue Funds Expenditures
% of
Budget Actual Budget
Chemical Assessment 65,000$ 85,841$ 132.06%
Economic Development 519,236 260,363 50.14%
Parking 158,610 126,690 79.88%
Communications 304,325 239,263 78.62%
Depot Coffee House 263,224 106,745 40.55%
Art Center 1,104,132 736,753 66.73%
Special Revenue Funds Financial Position
Change Ending
ARPA In Fund Fund
Revenues Expenses Allocations Balance Balance
Chemical Assessment 43,009$ 85,841$ -$ (42,832)$ (94,517)$
Economic Development 274,861 260,363 - 14,498 4,540,275
Parking 72,036 126,690 - (54,654) (61,060)
Communications 94,903 239,263 - (144,360) 70,797
Depot Coffee House 86,827 106,745 - (19,918) (234,515)
Art Center 905,686 736,753 136,052 168,934 (188,270)
Enterprise Funds Revenue
% of
Budget Actual Budget
Water 2,513,000$ 1,773,222$ 70.56%
Sewer 3,460,000 2,327,167 67.26%
Refuse 1,271,200 924,233 72.71%
Storm Sewer 810,332 600,334 74.08%
Pavilion 819,000 742,558 90.67%
Enterprise Funds Expenditures
% of
Budget Actual Budget
Water 2,627,587$ 1,876,515$ 71.42%
Sewer 3,397,964 2,341,566 68.91%
Refuse 1,324,891 965,376 72.86%
Storm Sewer 793,522 484,130 61.01%
Pavilion 1,080,961 904,533 83.68%
Enterprise Funds Financial Position
Net Ending
Less:Add:Income Financial
Revenues Expenses Depreciation Principal (Loss)Position
Water 1,773,222$ 1,876,515$ (235,708)$ 485,450$ (353,036)$ 771,005$
Sewer 2,327,167 2,341,566 (246,284) 377,540 (145,655) 1,347,193$
Refuse 924,233 965,376 (34,289) - (6,854) 1,266,880$
Storm Sewer 600,334 484,130 (232,162) 312,010 36,356 2,610,605$
Pavilion 742,558 904,533 (358,479) 195,000 1,504 99,580$
Cash and Investments
U.S. Government Securities
Municipal Obligations 99,008$
Government Sponsored Entities
Federal Home Loan Bank 4,383,913
U.S. Treasury Notes 12,202,875
Certificates of Deposit 4,647,594
Money Market Funds 14,741,664
Total 36,075,054$
Public Safety Funding
City Council Meeting on August 15th
Overview of Funding & Requests
Presentations from Police and Fire Departments
Public Safety Funding
$210 million of one-time public safety aid for
Cities
Fire, Police, Emergency Medical or Other
Public Safety Needs
Hopkins will receive $828,185
Public Safety Funding
2024 2025 Total
Police Officer 1 (April 1st)87,423 121,135 208,558
Police Officer 2 (April 1st)87,423 121,135 208,558
Canine Start-Up costs 46,420 - 46,420
License Plate Readers 13,000 - 13,000
Fire Captain 139,829 146,820 286,649
Fire Hose 10,000 - 10,000
Fire MDC 40,000 - 40,000
Fire Records Management System 15,000 - 15,000
Total 439,095 389,090 828,185