Agenda Packets - 2013/10/28 - Laserfiche WebLink

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_ Item No. 11.6.1. MOUND = VIEw Meeting Date: October 28, 2013 1J- - --- Type of Business: Reports Administrator Review: -,� City of Mounds View Staff Report To: Honorable Mayor and City Council From: Mark Beer, Finance Director Item Title/Subject: Financial Report for the Quarter Ended September 30, 2013 Attached is the September 30, 2013 Interim Financial Report. I have also attached our current investment inventory summary. FINANCIAL REPORTS General Fund: The City received Local Government Aid of $116,039 in July and should receive the 2nd half distribution in December. The second half tax settlement will be paid in 2 payments, one during the third week of November and the second during the I" week of December. This is about 48% of our tax revenues for the year. Interest revenue and transfers in and out are recorded at the end of the year. Franchise taxes will end the year below projections due to continued lower commodity prices and slow economic activity. Permit revenues are modestly higher than 2012 and Fines and Forfeitures should exceed budgeted amounts for the year. A larger percentage of the City's revenues are received in the second half of the year as taxes are collected in the fourth quarter and aids and credits are received in the 2nd half of the year. Most operating department expenditures are below budget expectations. The Fire department budget is paid over 8 months so the only expenditure remaining is dispatching charges from Anoka County for the year and SBM Fire charges for the fire marshal services. Recreation is above budget due to all contract payments having been made with no additional expenditures anticipated for the remainder of the year. Other Funds: Community Center operations show a year-to-date deficit of $140,530. A transfer of $170,000 from the General Fund is budgeted for 2013. Recreation profit from the YMCA will be received in the 0 quarter. All contract management payments to the YMCA have been made. Banquet Center revenues are $70,230 thru the 3`d quarter of 2013 compared with $71,500 for the same period in 2012. Expenditures are down for the banquet center due to fewer repairs. Community Center operations will be close to break-even when the General Fund transfer is included. The four utility funds are operating under budget. Water fund revenue is similar to 2012. The rate study in the five year financial plan indicates the need for a dime increase in water rates for 2014 or about $8 annually. The water line repair insurance will need to increase from $4.50 to $6 per quarter an increase of $6 annually. The Sanitary Sewer proposed increase for 2014 is 5% or about $13 annually. The Street Light fund will have a proposed $.25 per quarter increase or $1 annually. The Storm Water fund indicates no increase for 2013. Total utility increases for the average home are $28 annually or $7 per quarter for all utility charges. The need for rate increases will start to abate over the next few years as we catch up on deferred maintenance.