#5 Financial statement for March, 2009ACCOUNTING DIVISION MEMORANDUM
April 17, 2009
TO: City Council
FROM: Patty Lynch, Comptroller
SUBJECT: Financial Statement for the Months of March 2009
The City prepares its Financial Statements in accordance with generally accepted
accounting principals using the modified accrual method of accounting and is audited
annually by Virchow, Krause & Company, LLP. We prepare interim financial statements
for the Council’s review on a monthly basis. Division and Department Heads are
responsible for monetary expenditures to ensure budget compliance. Revenues and
expenditures are projected to year-end in June and September.
Key operating funds include the General Fund, Water and Wastewater Utilities, and
Sanitation. A summary of their performance to budget, as compared a three-year average,
is presented in the following graphs.
EXPENDITURE SUMMARY
The graph below indicates expenditures are being made according to budget.
Year-To-Date March ExpendituresCompared to Three-Year Average
Current YTD3 Yr. Avg.
35%
30%
Percent of Total Budget
25%
20%
15%
10%
5%
0%
Water -Wastewater -
General OperatingOperatingSanitation
Fund
March 2009 Financial Statement
April 17, 2009 Page 2
REVENUE SUMMARY
The graph below indicates General Fund, Water, and Wastewater revenue has been
earned as anticipated. Sanitation fund is below trend due to decreased tonnage of waste
received at the landfill.
Year-To-Date March RevenuesCompared to Three-Year Average
Current YTD3 Yr. Avg.
45%
40%
Percent of Total Budget
35%
30%
25%
20%
15%
10%
5%
0%
General WaterWastewaterSanitation
Fund
Other items of interest in the Financial Statement are as follows:
Proprietary Funds (pages 4)
?
Stormwater Utility—The Stormwater Utility has a deficit operating cash balance of
$512,782 at March 31, 2009. This is because revenue is billed on a quarterly basis
(Approximately $483,450) after expenditures have been made. There is also an
outstanding operating grant from FEMA related to the June 2008 flood event of
$229,910.
?
Transit System—Transit reports a negative cash balance of $645,448 due to the timing
of grant reimbursements.
Special Revenue Fund Balance (page 5)
?
The Golf Courses fund has a negative fund balance of $105,950. This is due to the
January transfer of its debt service payment ($96,764) to the debt service fund.
?
TIF 3 has a positive balance of $283,908. The positive balance will be used to repay
the general fund advance (plus accrued interest.)
?
At March 31, 2009, the TIF districts have a combined deficit fund balance of $569,447.
March 2009 Financial Statement
April 17, 2009 Page 3
However, TIF projections indicate the districts will reach a positive fund balance before
they expire.
?
Landfill long-term care of site #3023 ($101,284) will be reimbursed by an insurance
policy we have in place for post closure care.
?
Economic Development Retention ($100,000) will be funded by the State of Wisconsin
via a grant to the Forward Foundation.
Capital Projects Fund (page 6)
?
The Riverfront Property Acquisition account has a deficit balance of $161,939 primarily
due to the purchase of the Westphal and Energetics properties. Funding will be
provided via a Janesville Foundation Riverfront Reclamation Grant.
?
The Reuther Way Project has a deficit balance of $81,852 at 3/31/09. It is anticipated
funding will be provided with 2009 General Obligation note issue.
?
The City incurred expenditures in conjunction with road projects on Highway 11 from
Wright Road to Highway 14 ($185,685). These costs will be funded with future special
assessments or General Obligation note issue.
?
Landfill Construction- Phase 2 has a negative balance of $290,319. This project will be
funded with the 2009 General Obligation note issue.
?
Funding for Borrowed Street Maintenance account will be provided with the Randall
Avenue State LRIP funding ($156,261).
?
Flood Capital repairs will be funded by 2009 General Obligation note issue.
General Fund Unreserved Balance (pages 7-8)
?
Snow removal has a remaining balance of $191,662 at March 31, 2009.
A representative of the Administrative Services Division will be available at the Council
th
Meeting on April 27 to respond to any questions Council may have relative to these
reports. Once Council is satisfied, approval of the Financial Statement by consent and
placing them on file would be in order.
/Attachments
Cc: Jacob J, Winzenz, Director of Administrative Services
Eric J. Levitt, City Manager