Agenda Packets - 2009/04/27 - Laserfiche WebLink

Home Browse Search

Item No. 11.B.1 Meeting Date: April 27, 2009 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, 2009 Attached are the March 31, 2009 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 2.58% of its budgeted revenues and has spent 19.5% of budgeted expenditures. Property tax revenues comprise 60% 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 2008 with unreserved fund balance that is equal to 44% of the 2009 budgeted expenditures and transfers. Other Funds: Community Center Banquet operations show revenues for the quarter of $21,319 and expenditures of $29,342. The winter quarter is the slowest quarter for revenues and the highest for expenditures due to heating costs. We should see improvements in the next two quarters as there are only two open dates for weddings for the remainder of the year. The Banquet Center staff is working to infill during the week and a number of events have been scheduled. Overall the Community Center fund shows revenues of $56,360 and expenditures of $80,889, a deficit of $24,529. The General Fund has a transfer of $185,000 budgeted for 2009 to the Community Center Fund. The Street Improvement Capital Projects Fund and the Community Capital Projects Fund ended 2008 with fund balances of $2,686,365 and $2,628,616 respectively. Both funds are integral in our 9 year Street and Utility Improvement Program. TIF District Funds 1,2 &3 ended 2008 with combined fund balances of $3,872,802. These funds will also have a significant role in street improvement activities over the next several years. The two major projects for 2009 will be the Area A street project and trail segments 1 thru 5. Planning for the combined Area B & C is underway and is scheduled for 2010.