03-10-2021 Council Packet - Laserfiche WebLink

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CARES Act Funds $782,484 in Federal CARES Act funds were received in 2020. These funds were recorded in the General Fund during the 4th quarter since the expenditures requirements for these funds were met in the 4th quarter. Monthly reports were approved by Council and submitted to the Minnesota Management and Budget Office (MMB), the agency that was in charge of administrating the funds in Minnesota. The final report was approved by Council on November 18th. Description Reported to MMB Expenses Over funding allocation Total 2020 Expenses Expenditures recorded in the COVID-19 expenditure category Small business assistance $60,000 $60,000 Telework capabilities 4,462 2,016 6,478 Personal protective equipment 24,808 24,808 Public health expenses 19,521 630 20,151 Subtotal $111,437 Expenditures accounted for in other expenditure categories Payroll for public health and safety employees 662,363 43,170 705,533 Personnel to a different use $11,330 22,069 33,399 Administrative expenses 3,870 3,870 Subtotal $742,808 Total 782,484 71,755 $854,239 General Fund Summary It is estimated that the General Fund Balance will increase $937,612 at December 31, 2020. Certain items will need to assigned at year-end for projects that were not completed in 2020, unknown COVID-19 expenses, and known 2021 revenue shortfalls. These items are as follows: Description Amount Building department efficiencies not completed in 2020 $38,500 Rental housing inspections from 2020 licenses 20,000 COVID-19 unknown expenses 670,000 Sheriff’s policing revenue reimbursement shortfall for 2021 90,983 Total $819,483 $819,483 fund balance will be designated for these items at 12/31/2020. A budget adjustment for the building department, rental housing, and sheriff’s revenue will be presented at a future meeting, when the 12/31/2020 Fund Balance has been finalized. A budget adjustment for the COVID-19 expenses will be presented when the expenses have been identified. Per the Financial Policies dated 06/24/2019, the City will strive to maintain an unassigned minimum fund balance in the General Fund in the range 42.5% to 65% of the subsequent year’s budget expenditures. It is estimated that the unassigned fund balance at 12/31/2020 will be 63.58%. Special Revenue and Enterprise Funds The Quarterly Financial Report for the special revenue and enterprise funds is attached to this report. All funds fell within expected budget amounts. Other Funds The closing on the two cell towers occurred during the 4th Quarter. The closing was approved by the Council in 2018 but it took time to close due to the easement agreements. $324,873 was received as part of the closing in November and recorded in the Owasso/Woodlyn Redevelopment Fund (474). This is the fund that had recorded all the purchase and sale transactions for the Owasso Boulevard land. In addition, the City will receive $72,774 per year for the next nine years as part of the sale. 4