#5 Monthly financial statement August 2009ACCOUNTING DIVISION MEMORANDUM
September 21, 2009
TO: City Council
FROM: Patty Lynch, Comptroller
SUBJECT: Financial Statement for the Month of August 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 Baker Tilly Virchow Krause, 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 Fund. 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. Sanitation is
under budget trends due to the reduced volume of refuse at the landfill.
Year-To-Date August ExpendituresCompared to Three-Year Average
Current YTD3 Yr. Avg.
80%
70%
Percent of Total Budget
60%
50%
40%
30%
20%
10%
0%
General FundWater -Wastewater -
OperatingOperatingSanitation
August 2009 Financial Statement
September 21, 2009 Page 2
REVENUE SUMMARY
The graph below indicates General Fund and Wastewater revenue has been earned as
anticipated. Water is under trend due to the delayed implementation of the rate increase.
Sanitation fund is below trend due to decreased tonnage of waste collected at the landfill.
Year-To-Date August RevenuesCompared to Three-Year Average
Current YTD3 Yr. Avg.
100%
90%
Percent of Total Budget
80%
70%
60%
50%
40%
30%
20%
10%
0%
General FundWaterWastewaterSanitation
Other items of interest in the Financial Statement are as follows:
Proprietary Funds (page 4)
?
The Stormwater Utility has a deficit operating cash balance of $425,005 at August 31,
2009. This is because revenue is billed on a quarterly basis (Approximately $483,450)
after expenditures have been made.
?
Transit reports a negative cash balance of $786,296 due to the timing of grant
reimbursements.
Special Revenue Fund Balance (page 5)
?
TIF 3 has a positive balance of $285,955. The positive balance will be used to repay
the general fund advance (plus accrued interest.)
?
At June 30, 2009, the TIF districts have a combined deficit fund balance of $1,890,552.
However, TIF projections indicate the districts will reach a positive fund balance before
they expire.
?
Landfill long-term care of site #3023 ($129,332) will be reimbursed by an insurance
policy we have in place for post closure care.
August 2009 Financial Statement
September 21, 2009 Page 3
Capital Projects Fund (page 6)
?
The Riverfront Property Acquisition account has a deficit balance of $249,673 primarily
due to the purchase of the Westphal and Energetics properties. Funding will be
provided by a Janesville Foundation Riverfront Reclamation Grant.
?
The Reuther Way Project has a deficit balance of $57,485 at July 31, 2009. 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 ($186,799). 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.
General Fund (pages 7-10)
?
The General Fund Tax Levy reflects the recognition of $10,316,563 in property tax
revenue for tax collections received through the August settlement with Rock County.
A representative of the Administrative Services Department will be available at the Council
Meeting on September 28 to respond to any questions Council may have relative to these
reports. Once Council is satisfied, acceptance 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