Agenda Packets - 2015/04/27 - Laserfiche WebLink

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Item No. 11.B.2 Meeting Date: April 27, 2015 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 March 31, 2015 SUMMARY FINANCIAL REPORT The first quarter financial report is usually unremarkable, because so little has happened in the first three months. That is the case again this year. General Fund: The General Fund has collected 5.06% of its budgeted revenues and has spent 20.87% of budgeted expenditures. Property tax revenues comprise 72% of General Fund revenues, and property tax receipts are received in the June/July and November/December time period. Most of the General Fund revenues come in late in the second quarter and then again late in the fourth quarter so it is important to maintain a fund balance that approximates 50% of budgeted revenues and transfers for cashflow purposes. The General Fund ended 2014 with unassigned fund balance that is equal to 52.4% of the 2015 budgeted expenditures and transfers compared with 52.1% in 2014. Other Funds: Community Center Banquet operations show revenues for the quarter of $16,293 and expenditures of $14,907. The winter quarter is the slowest quarter for revenues. The Chamber of Commerce space will be vacant at the end of April as the Bel Rae rental office moves into their new building. Overall the Community Center fund shows revenues of $51,578 and expenditures of $86,135, a deficit of $34,557. The General Fund has a transfer of $170,000 budgeted for 2015 to the Community Center Fund. The Street Improvement Capital Projects Fund ended 2014 with a fund balance of $7,189,175. This fund is integral in our 9 year Street and Utility Improvement Program . TIF District fund 2 ended 2014 with a fund balance of $937,725. This fund will decertify at the end of 2015. The major projects for 2015 will be the Area H street project, Mustang Drive, seal coating and Silver View pond trail. Planning for Area I is underway and is scheduled for 2016. This is the last of the 9 year street projects. The Cable Television fund has a fund balance of $338,243 for 2014. Significant equipment replacements will be needed within the next 5 years and cable staff is preparing a plan for Council’s consideration. There are no unusual expenses in the Utility funds.