Agenda Packets - 2012/11/13 - Laserfiche WebLink

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Item No. 11.B.1. Meeting Date: November 13, 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 September 30, 2012 Attached is the September 30, 2012 Summary Revenue and Expense Report. I have also attached our current investment inventory and pooled cash report. 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 1st week of December. This will amount to 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 lower commodity prices and lower economic activity. Permit revenues are similar to 2011 and Fines and Forfeitures are up by $10,386 over 2011. 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 Council made a number of choices early in the year that deferred spending to adjust for the expected lower revenues and staff has been very mindful of the difficult revenue shortfalls. The Fire department budget is paid over 8 months so the only expenditure remaining is dispatching charges from Anoka County for the year and personnel costs for the fire marshal. Park Maintenance and Vehicle and Equipment maintenance are slightly above budget due to unplanned repairs and supply costs. Other Funds: Community Center operations show a year-to-date deficit of $160,950. A transfer of $175,000 from the General Fund is budgeted for 2012. Recreation profit from the YMCA will be received in the 4th quarter and a contract management payment to the YMCA will be made in the 4th quarter. Banquet Center revenues are $71,500 thru the 3rd quarter of 2012 compared with $61,938 for the same period in 2011. Expenditures are up for the banquet center due to continued repairs and carpet cleaning. Community Center operations may need to use fund balance even when the General Fund transfer is included.