Agenda Packets - 2012/05/29 - Laserfiche WebLink

Home Browse Search

Item No. 11.B.2 Meeting Date: May 28, 2012 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, 2012 Attached are the March 31, 2012 Quarterly Revenue and Expenditure Summary Report, Cash Balances Report, and investment statements. 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 5.15% of its budgeted revenues and has spent 21.15% of budgeted expenditures. Property tax revenues comprise 71% 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 expenditures and transfers for cashflow purposes. The General Fund ended 2011 with unassigned fund balance that is equal to 58.6% of the 2012 budgeted expenditures and transfers. Other Funds: Community Center Banquet operations show revenues for the quarter of $17,056 and expenditures of $8,575. The winter quarter is the slowest quarter for revenues. This year has started off better than the past couple of years. The Chamber of Commerce space continues to be vacant in spite of our efforts to lease the space. The space has been rented on an hourly basis so it is getting some use. Overall the Community Center fund shows revenues of $49,202 and expenditures of $34,666, a surplus of $14,536. The YMCA had not submitted an invoice for their management fees for the 1st quarter thus expenditures are understated by $58,650. The General Fund has a transfer of $170,000 budgeted for 2012 to the Community Center Fund. The Street Improvement Capital Projects Fund ended 2011 with a fund balance of $7,143,574. This fund is integral in our 9 year Street and Utility Improvement Program. TIF District Funds 1, 2, & 3 ended 2011 with combined fund balances of $2,482,579. These funds will also have a significant role in street improvement activities over the next several years. The major projects for 2012 will be the Area E street project and the water tower rehabilitation and painting. Planning for Area F is underway and is scheduled for 2013. The Cable Television fund has a fund balance of $302,301 for 2011. Significant equipment replacements will be needed within the next 5 years and cable staff is preparing a plan for Council’s consideration.