HomeMy WebLinkAbout#3 cc 12 15 15 November Financials
MAYOR & COUNCIL COMMUNICATION
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DATE: December 15, 2015
CONSENT
ITEM #3 MOTION
AGENDA ITEM: November 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 November 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 November 2015 reflecting the monthly and year to date detail, comparing the actual results to the 2015 Budget.
City Council Meeting [Consent Agenda Item #3]
December 15, 2015
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GENERAL FUND:
Revenues:
Total revenue for the month was 25.7% above budget for the month bringing the year to date
total revenue to 4.1% above budget. The most significant budget to actual revenue variances are
as follows:
• Building Permit revenue was 17.5% below budget for the month bringing the year to date
to 21.9% below budget. In November there were 12 new home starts compared to the
budgeted 11 new home starts per month. The year to date new home starts is at 125, of
which 11 were open space new homes. The 2015 budget did not include any open space
new homes.
Expenses:
Total expenses for the month were 3.0% above budget bringing the year to date expenses to
3.2% less than budget. All departments continue to manage to the bottom line.
The following summarizes variances of note:
General:
• General Government expenses were 11.0% greater than budget for the month bringing
the year to date expenses to 6.1% greater than budget. This was primarily due to PTO
payouts which were not planned for in the budget.
• Total Public Safety expenses were 28.4% greater than budget for the month bringing the
year to date expenses to 7.8% better than budget. This was primarily due to the building
inspector truck purchase in November which was budgeted to happen earlier in the year.
The truck was financed through a vehicle loan through Lake Elmo bank at a rate of 1.99% which is below the current bonding rate.
• Public Works – The total Public Works expenses were 36.2% below budget for the
month and 15.6% below budget year to date. This is primarily due to the mild winter
we have had so far resulting in lower road maintenance costs than anticipated in the budget.
In summary, year to date actual expenses continue to be less than budgeted and the net income
through November is 38.8% better than budget.
LIBRARY FUND:
City Council Meeting [Consent Agenda Item #3]
December 15, 2015
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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 November were 5.3% below budget for the month. This
was primarily due to expenditures running very close to budget during the month. On a year to
date basis the actual expenses are 26.4% below budget.
On a net income basis, the year to date results are 77% better than budget primarily due to the previously mentioned collection of delinquent rent mentioned in prior months.
The ending November cash balance in the library fund is $178.7k.
RECOMMENDATION: Based on the aforementioned, the staff recommends the City Council
accept the attached November Financial Report.
ATTACHMENT:
1. November Financial Reports