Agenda Packets - 2011/10/24 - Laserfiche WebLink

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Item No. 11.B.1. Meeting Date: October 24, 2011 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, 2011 Attached is the September 30, 2011 Summary Revenue and Expense Report (pp. 1 – 25). I have also attached our current investment inventory (pp. 26 – 75) and pooled cash report (p. 76). FINANCIAL REPORTS General Fund: The City received Local Government Aid of $116,039, Market Value Homestead Credit was reduced by $150,477, and Police State Aid was $11,412 less than anticipated for the year. 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 but slightly higher than 2010. Permit revenues are down but slightly ahead of last year and Fines and Forfeitures are up slightly over 2010. 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. Other Funds: Community Center operations show a year-to-date deficit of $127,449. A transfer of $175,000 from the General Fund is budgeted for 2010. 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 $61,938 thru the 3rd quarter of 2011 compared with $56,677 for the same period in 2010. Expenditures are up for the banquet center due to HVAC repairs and carpet cleaning. Community Center operations may need to use fund balance even when the General Fund transfer is included.