Agenda Packets - 2013/02/25 - Laserfiche WebLink

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x MOVIvns ; VIEW City of Mounds View Staff Report Item No. 11.B.1 Meeting Date: February 25, 2013 Type of Bus" �fj��,,�� Administrator Review: /It� , To: Honorable Mayor and City Council From: Mark Beer, Finance Director Item Title/Subject: Financial Report for the Quarter Ended December 31, 2012 General Fund: Revenues & transfers -in are $5,536,765 (budget $5,242,936) and expenditures & transfers -out are $5,377,609 (budget $5,460,463) at this point most transactions are complete for the year. The City received LGA of $232,078 in 2012 and is projected to receive $596,158 under the Governor's proposal in 2013. The legislature had projected 2013 LGA at $642,802. Invoices for expenses should be substantially complete. Most departments in the General Fund came in at or below their budgets. Revenues were over budget in total due to LGA, Excess Rate TIF, and Fines & Forfeitures revenue. Licenses & Permits were slightly lower as was franchise revenue. The Council "assigned" fund balance to reflect that portion that represents the former Levy Reduction fund balance. Fund balance will be approximately $9,652,534 of which $6,103,255 is assigned for future levy reduction/stabilization leaving $3,549,279 unassigned compared to the 2011 unassigned fund balance of $3,200,472 Other Funds: Community Center operations will have a deficit of $121,845 after the general fund transfer. The banquet facility had revenues of $82,463 and expenses of $207,066 for a net decrease of $124,603, repairs to the facility and new chairs are the reason for the net decrease. The childcare lease at the Community Center had revenues of $79,900 and expenditures of 47,933. The YMCA had revenues of $54,458 and expenditures of $253,667. Tax Increment Financing (TIF) Districts 2 and 3 will continue to build balances and can support some redevelopment and continue to assist funding street improvements. TIF District 1 will decertify at the end of 2013. The TIF districts have benefited from reduced obligations against the various districts. The budgeted transfers to the Economic Development Authority (EDA) were reduced as funding for some EDA projects were not concluded. The Street Light fund is covering most operating costs and will have a small rate increase in 2013. The Water and Sanitary Sewer funds will each be close to breakeven. There were significant expenditures in 2012 for rehabilitation of the water tower. We will have to review the need for a rate increase in 2014. The Storm Water fund will have positive operating results and we should not have to increase rates in the near future.