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#5 Financial Statement for November 2010ACCOUNTING DIVISION MEMORANDUM December 17, 2010 TO: City Council FROM: Patty Lynch, Comptroller SUBJECT: Financial Statement for the Month of November 2010 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 to 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 November ExpendituresCompared to Three-Year Average Current YTD 3 Yr. Avg. 100% 90% Percent of Total Budget 80% 70% 60% 50% 40% 30% 20% 10% 0% General FundWater -Wastewater - OperatingOperatingSanitation REVENUE SUMMARY The graph below indicates revenue has been earned as anticipated for the General Fund and Wastewater Utility. The Water Utility sales revenue is under the budgeted level and the Sanitation fund continues to lag compared to the budget trends. November 2010 Financial Statement December 17, 2010 Page 2 Year-To-Date November RevenuesCompared to Three-Year Average Current YTD 3 Yr. Avg. 120% 100% Percent of Total Budget 80% 60% 40% 20% 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 $533,883 at November 30, 2010. This is because revenue is billed on a quarterly basis (approximately $518,000) after expenditures have been made.  Transit reports a negative cash balance of $131,465 due to the timing of grant reimbursements after expenditure are made. Special Revenue Fund Balance (page 5)  TIF 3 has a positive balance of $236,984. The positive balance will be used to repay the general fund advance plus accrued interest.  At November 30, 2010, the TIF districts have a combined fund balance of $53,327. TIF projections indicate each district will reach a positive fund balance before it expires.  Landfill long-term care of site #3023 ($183,875) will be reimbursed by an insurance policy we have in place for post closure care. Capital Projects Fund (page 6)  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.  Note Proceeds of $4,145,000 have been recorded in November in the Capital Projects fund. General Fund (page 7)  State Shared Revenue of $4,259,667 was received in November. November 2010 Financial Statement December 17, 2010 Page 3 A representative of the Administrative Services Department will be available at the Council Meeting on December 27, 2010 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/Assistant City Manager Eric J. Levitt, City Manager