HomeMy WebLinkAbout#3 cc 11 17 15 October Financials
MAYOR & COUNCIL COMMUNICATION
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DATE: November 17, 2015
CONSENT
ITEM #3 MOTION
AGENDA ITEM: October 2015 Financial Reporting
SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Cathy Bendel, Finance Director
REVIEWED BY: Finance Committee
SUGGESTED ORDER OF BUSINESS:
- Introduction of Item .............................................................. City Administrator
- Report/Presentation…………………………………………City Administrator
- Questions from Council to Staff ............................................. Mayor Facilitates
- Call for Motion ............................................................... Mayor & City Council
- Discussion ....................................................................... Mayor & City Council
- Action on Motion .................................................................... Mayor Facilitates POLICY RECOMMENDER: Finance
FISCAL IMPACT: NA SUMMARY AND ACTION REQUESTED: As part of its Consent Agenda, the City Council
is asked to accept the October 2015 Financial Reporting Packet. No specific motion is needed as
this is recommended to be part of the overall approval of the Consent Agenda.
BACKGROUND INFORMATION: The City of Lake Elmo has fiduciary authority and responsibility to conduct normal business operations and report the financial (unaudited)
statement to the City Council. City guidelines suggest the Council be updated on a regular basis.
STAFF REPORT: Attached please find the comparative financial statements for the month of October 2015 reflecting the monthly and year to date detail, comparing the actual results to the 2015 Budget.
City Council Meeting [Consent Agenda Item #3]
November 17, 2015
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GENERAL FUND:
Revenues:
Total revenue for the month was 124% above budget for the month bringing the year to date total
revenue to 3.6% above budget. The most significant budget to actual revenue variances are as
follows:
• Building Permit revenue was 32.3% below budget for the month bringing the year to date
to 22.4% below budget. In October there were 25 new home starts compared to the
budgeted 11 new home starts per month. 13 of the 25 new home starts were in the Hans
Hagen development. The year to date new home starts is at 113, of which 10 were open
space new homes. The 2015 budget did not include any open space new homes.
• The DNR trail grooming grant proceeds of $4.1k and the County 5 tree project grant
proceeds of $18k were received in October.
• Recycling grant proceeds were received in October.
Expenses:
Total expenses for the month were 13.9% below budget bringing the year to date expenses to
3.6% less than budget. This was primarily a result of the receipt of the supplemental State Fire
Aid received in September. Although a pass through expense, it is still reported within the
operating expenses. All departments continue to manage to the bottom line.
The following summarizes variances of note:
General:
• Planning & Zoning – The developer escrow offset expenses for August and September
were booked in October.
• Engineering services continue to be below budget due to their primary focus in 2015 being on development activity for which their fees are 100% recoverable from the
developer escrows.
• Building Inspection – The new building inspector has been hired and contract services
will no longer be utilized on a regular basis.
• Public Works – The total Public Works expenses were 38.4% below budget for the
month and 13.9% below budget year to date.
In summary, year to date actual expenses continue to be less than budgeted and the net income through October is 49.8% better than budget.
City Council Meeting [Consent Agenda Item #3]
November 17, 2015
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LIBRARY FUND:
Revenues: Revenues on a year to date basis far exceeded budget as a result of recovering the
delinquent rent from a prior tenant of $20.6k. The library will no longer be renting out space due to the continued collection expansion and the need for the space by the Library.
Expenses: Expenses for the month of October were 55% below budget for the month. This was
primarily due to spending less than anticipated on repairs and maintenance during the month. On
a year to date basis the actual expenses are 28% below budget.
On a net income basis, the year to date results are 90% better than budget primarily due to the
previously mentioned collection of delinquent rent mentioned in prior months.
The ending October cash balance in the library fund is $193.9k. RECOMMENDATION: Based on the aforementioned, the staff recommends the City Council
accept the attached October Financial Report.
ATTACHMENT: 1. October Financial Reports