Agenda Packets - 2015/02/23 - Laserfiche WebLink

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Item No. 11.B.1 Meeting Date: February 24, 2014 Type of Business: 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 December 31, 2014 General Fund: Revenues & transfers-in are $6,532,137 (budget $5,410,041) and expenditures & transfers-out are $6,517,973 (budget $6,768,985) at this point most transactions are complete for the year. The City received LGA of $597,024 in 2014. 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, Licenses & Permits, Franchise Fees and Investment market adjustments. The Council “assigned” fund balance to reflect that portion that represents the former Levy Reduction fund balance. Fund balance will be approximately $9,574,593 of which $5,928,819 is assigned for future levy reduction/stabilization, $250,000 is for balancing the subsequent budget leaving $3,395,774 unassigned compared to the 2013 unassigned fund balance of $3,097,666. Other Funds: Community Center operations will have a surplus of $7,808 after the general fund transfer. The banquet facility had revenues of $93,190 and expenses of $124,163 for a net decrease of $30,973, repairs to the facility continue to be the primary cause of the decrease. The childcare and senior housing leases at the Community Center had revenues of $85,135 and expenditures of 41,781. The YMCA had revenues of $68,962 and expenditures of $213,213. Tax Increment Financing (TIF) District 2 will be drawn down over the next year as the district decertifies at the end of 2015 projects include Area H, Mustang Drive and Sidewalk Segments 11, and 6. Other considerations would be gateway improvements. Districts 1 and 3 have already been decertified and will not receive any new tax increment. Budgeted transfers to the Economic Development Authority (EDA) were reduced as funding for some EDA projects were not concluded. The Water and Sewer funds will have deficits as we continue to catch up on deferred maintenance, the council will need to consider rate increases in 2016. There have been some major capital improvements for the utility systems and this will start to abate in the next couple of years. The proposed rate increases will be modest. The Street Light fund will be close to breakeven and a modest rate increase for 2016 will be need to be considered. The Storm Water fund will have positive operating results and we should not have to increase rates in the near future.