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INFORMATION 05-18-2020
Information Memorandum To: Mayor and City Council From: Lori Stich, Assistant Finance Director Date: May 18, 2020 Subject: April 2020 Monthly Financial Report This report is designed to provide summary information regarding the overall level of revenues and expenditures in the General Fund, the Ice Arena Special Revenue Fund, and the Enterprise Funds. These funds provide an important picture of the city’s financial health. For the month of April, actual revenues (excluding property taxes and transfers in) and expenditures should run 33% of the annual budget. It is natural for some of the items to vary from month to month, such as exceeding budget for Supplies but being below budget for Services. This is not considered serious as long as the total expenditure budget amount is not overspent. Significant variances from budget are highlighted below accompanied with a general discussion for the variance. GENERAL FUND Revenues: Property taxes, our largest revenue source, will be received in July and December. Overall, license & permit collections are about 20% of budget estimates, with building- related permit collections about $14,500 over last year’s collections at this time. Charges for services are about 9% of budget. Police and fire service contracts were billed in early April. Transfers in consists of ERMU’s 4% March electric revenues, the remaining transfers in from other funds will be recorded mid-year. Expenditures: Total departmental expenditures are about 27% of budget and most departments are within or below budget estimates. ICE ARENA Through the end of April, expenditures of $203,730 exceed revenues of $124,841 by $78,889. Due to the Stay at Home order, the ice arena was closed for the month of April. ATTACHMENTS General Fund Revenue & Expense Report Enterprise Funds – Budget to Actual Cash Report – All Funds 5-13-2020 03:33 PM CITY OF ELK RIVER PAGE: 1 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: APRIL 30TH, 2020 101-GENERAL FUND FINANCIAL SUMMARY 33.33% OF YEAR COMPLETED CURRENT CURRENT YEAR TO DATE % OF BUDGET PRIOR FY BUDGET PERIOD ACTUAL BUDGET BALANCE YTD BALANCE __________________________________________________________________________________________________________________________________ REVENUE SUMMARY General Fund 17,019,600.00 425,054.34 848,656.29 4.99 16,170,943.71 860,739.77 TOTAL REVENUES 17,019,600.00 425,054.34 848,656.29 4.99 16,170,943.71 860,739.77 ============= ============= ============= ======= ============= ============= EXPENDITURE SUMMARY General Government Mayor & Council 163,050.00 3,568.09 45,629.40 27.98 117,420.60 42,022.57 Communications 328,950.00 20,872.59 75,691.22 23.01 253,258.78 67,750.72 Administrative Services 568,850.00 41,610.64 159,556.11 28.05 409,293.89 147,287.89 Human Resources 305,800.00 16,408.32 79,589.81 26.03 226,210.19 77,148.86 Elections 83,200.00 ( 95.44) 32,361.52 38.90 50,838.48 6,300.00 Finance 648,700.00 100,246.85 226,139.92 34.86 422,560.08 185,248.60 Information Technology 556,300.00 28,862.36 124,230.91 22.33 432,069.09 127,112.08 Legal 240,000.00 24,556.27 68,444.83 28.52 171,555.17 73,308.68 Community Development 206,650.00 12,838.38 83,696.64 40.50 122,953.36 45,941.80 Planning 352,350.00 26,602.12 97,981.95 27.81 254,368.05 93,417.30 Building Maintenance 767,750.00 55,749.62 218,430.17 28.45 549,319.83 207,760.43 TOTAL General Government 4,221,600.00 331,219.80 1,211,752.48 28.70 3,009,847.52 1,073,298.93 Public Safety Police Administration 893,700.00 56,455.09 322,255.18 36.06 571,444.82 294,355.08 Patrol 3,076,800.00 198,907.63 769,794.22 25.02 2,307,005.78 757,485.67 Investigations 1,226,800.00 74,630.01 264,171.09 21.53 962,628.91 284,577.67 Police Support Services 801,800.00 54,487.39 194,486.06 24.26 607,313.94 206,467.36 Police Reserves 18,050.00 221.95 570.03 3.16 17,479.97 1,599.47 Public safety building 169,600.00 9,198.20 44,199.04 26.06 125,400.96 56,746.67 Fire Administration 966,800.00 42,142.50 171,353.48 17.72 795,446.52 215,958.73 Fire Operations 410,700.00 27,753.05 128,184.34 31.21 282,515.66 129,001.57 Emergency Management 21,100.00 4,012.62 5,448.93 25.82 15,651.07 2,489.64 Building Safety 527,550.00 38,198.78 150,690.48 28.56 376,859.52 148,245.79 Code Enforcement 99,450.00 5,949.14 23,112.68 23.24 76,337.32 28,309.15 Environmental 53,150.00 4,186.77 15,133.29 28.47 38,016.71 8,268.53 TOTAL Public Safety 8,265,500.00 516,143.13 2,089,398.82 25.28 6,176,101.18 2,133,505.33 Public Works Street Maintenance 1,386,700.00 128,751.73 371,668.97 26.80 1,015,031.03 333,018.48 Snow Removal 305,900.00 177.15 174,155.55 56.93 131,744.45 226,199.84 Equipment Services 231,200.00 15,259.60 58,011.97 25.09 173,188.03 65,785.11 Engineering 385,500.00 29,439.74 108,386.80 28.12 277,113.20 76,187.03 TOTAL Public Works 2,309,300.00 173,628.22 712,223.29 30.84 1,597,076.71 701,190.46 5-13-2020 03:33 PM CITY OF ELK RIVER PAGE: 2 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: APRIL 30TH, 2020 101-GENERAL FUND FINANCIAL SUMMARY 33.33% OF YEAR COMPLETED CURRENT CURRENT YEAR TO DATE % OF BUDGET PRIOR FY BUDGET PERIOD ACTUAL BUDGET BALANCE YTD BALANCE __________________________________________________________________________________________________________________________________ Culture & Recreation Parks Department 1,272,700.00 72,490.87 287,565.53 22.59 985,134.47 268,024.88 Parks & Rec Admin 592,000.00 48,258.35 201,386.62 34.02 390,613.38 190,771.61 Recreation Programs 129,100.00 2,551.40 17,620.94 13.65 111,479.06 15,899.94 Farmers Market 0.00 0.00 79.19 0.00 ( 79.19) 202.96 Sr Citizen Programs 201,850.00 12,251.81 54,518.28 27.01 147,331.72 51,467.64 TOTAL Culture & Recreation 2,195,650.00 135,552.43 561,170.56 25.56 1,634,479.44 526,367.03 Economic Development Economic Development 0.00 ( 385.99) 27,349.94 0.00 ( 27,349.94) 24,849.20 Energy City 27,550.00 1,551.74 5,847.80 21.23 21,702.20 7,582.20 TOTAL Economic Development 27,550.00 1,165.75 33,197.74 120.50 ( 5,647.74) 32,431.40 General _____________ _____________ _____________ _______ _____________ _____________ TOTAL EXPENDITURES 17,019,600.00 1,157,709.33 4,607,742.89 27.07 12,411,857.11 4,466,793.15 ============= ============= ============= ======= ============= ============= REVENUES OVER/(UNDER) EXPENDITURES 0.00 ( 732,654.99)( 3,759,086.60) 3,759,086.60 ( 3,606,053.38) 5-13-2020 03:33 PM CITY OF ELK RIVER PAGE: 3 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: APRIL 30TH, 2020 101-GENERAL FUND 33.33% OF YEAR COMPLETED CURRENT CURRENT YEAR TO DATE % OF BUDGET PRIOR FY REVENUES BUDGET PERIOD ACTUAL BUDGET BALANCE YTD BALANCE __________________________________________________________________________________________________________________________________ General Fund ============ Taxes 101-3-0000-3111 Current Ad Valorem Taxes 11,938,300.00 0.00 0.00 0.00 11,938,300.00 0.00 101-3-0000-3121 Gravel Tax 140,000.00 0.00 0.00 0.00 140,000.00 14,740.24 TOTAL Taxes 12,078,300.00 0.00 0.00 0.00 12,078,300.00 14,740.24 Licenses & Permits 101-3-0000-3211 Liquor License 76,000.00 0.00 155.00 0.20 75,845.00 1,605.03 101-3-0000-3213 Cigarette License 3,000.00 0.00 0.00 0.00 3,000.00 0.00 101-3-0000-3214 Rental License 65,000.00 7,529.00 32,777.00 50.43 32,223.00 38,610.00 101-3-0000-3216 Mining License 25,000.00 1,521.60 1,521.60 6.09 23,478.40 5,595.80 101-3-0000-3217 Garbage Hauler License 2,000.00 0.00 360.00 18.00 1,640.00 120.00 101-3-0000-3218 Other Business License/Permit 12,000.00 360.00 3,520.00 29.33 8,480.00 6,620.00 101-3-0000-3229 NPDES Permit 20,000.00 1,750.00 4,928.25 24.64 15,071.75 5,075.00 101-3-0000-3231 Building Permit 475,000.00 37,137.50 88,553.65 18.64 386,446.35 76,284.30 101-3-0000-3232 Plumbing/Heating Permit 110,000.00 5,467.96 19,904.95 18.10 90,095.05 21,216.38 101-3-0000-3233 Permit Surcharge 500.00 764.43 2,106.48 421.30 ( 1,606.48) 2,717.54 101-3-0000-3235 Animal License 0.00 0.00 315.00 0.00 ( 315.00) 400.00 101-3-0000-3237 Other Non-Business Lic/Permit 10,000.00 1,592.50 4,722.50 47.23 5,277.50 2,610.00 TOTAL Licenses & Permits 798,500.00 56,122.99 158,864.43 19.90 639,635.57 160,854.05 Intergovernmental Rev 101-3-0000-3322 MV Credit 5,500.00 0.00 0.00 0.00 5,500.00 0.00 101-3-0000-3323 Fire State Aid 200,000.00 0.00 1,000.00 0.50 199,000.00 2,000.00 101-3-0000-3325 Police 2% Aid 295,000.00 0.00 0.00 0.00 295,000.00 0.00 101-3-0000-3326 Police Training Reimb 30,000.00 0.00 0.00 0.00 30,000.00 0.00 101-3-0000-3329 State Crime Prevention Grant 60,000.00 0.00 0.00 0.00 60,000.00 10,126.71 101-3-0000-3330 Other State Grants 21,000.00 3,000.00 3,000.00 14.29 18,000.00 0.00 TOTAL Intergovernmental Rev 611,500.00 3,000.00 4,000.00 0.65 607,500.00 12,126.71 Charges for Services 101-3-0000-3412 Planning & Zoning Fees 30,000.00 1,550.00 7,685.00 25.62 22,315.00 3,567.50 101-3-0000-3413 Plan Check Fee 215,000.00 13,582.24 37,123.09 17.27 177,876.91 38,919.43 101-3-0000-3415 Special Assessment Search 500.00 0.00 210.00 42.00 290.00 110.00 101-3-0000-3417 Copies 3,000.00 30.29 382.02 12.73 2,617.98 733.02 101-3-0000-3418 Other General Govt Services 1,500.00 0.00 0.00 0.00 1,500.00 13.00 101-3-0000-3430 Lockout Fees 5,500.00 320.00 1,540.00 28.00 3,960.00 2,100.00 101-3-0000-3431 Police Services 15,000.00 2,536.43 4,054.43 27.03 10,945.57 1,281.25 101-3-0000-3432 School Liaison 149,000.00 73,536.00 73,536.00 49.35 75,464.00 68,272.50 101-3-0000-3434 Animal Impound Fee 4,000.00 200.00 550.00 13.75 3,450.00 400.00 101-3-0000-3436 Fire Contracts 277,000.00 155,767.80 155,767.80 56.23 121,232.20 149,282.00 101-3-0000-3437 Fire Services 2,000.00 0.00 6,137.50 306.88 ( 4,137.50) 40.00 101-3-0000-3451 Street Services 18,000.00 5,830.00 9,665.00 53.69 8,335.00 6,930.00 101-3-0000-3452 Engineering Services Reimb 75,000.00 0.00 5,802.23 7.74 69,197.77 1,233.61 101-3-0000-3461 Recreation Fees 80,000.00 1,704.00 8,181.50 10.23 71,818.50 35,262.69 101-3-0000-3462 Sr Center Activities 40,000.00 ( 1,623.00) 8,340.00 20.85 31,660.00 14,776.01 5-13-2020 03:33 PM CITY OF ELK RIVER PAGE: 4 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: APRIL 30TH, 2020 101-GENERAL FUND 33.33% OF YEAR COMPLETED CURRENT CURRENT YEAR TO DATE % OF BUDGET PRIOR FY REVENUES BUDGET PERIOD ACTUAL BUDGET BALANCE YTD BALANCE __________________________________________________________________________________________________________________________________ 101-3-0000-3463 Farmer's Market 0.00 1,615.00 9,775.00 0.00 ( 9,775.00) 6,179.00 101-3-0000-3469 Other Sales - RiverFest 0.00 0.00 1,000.00 0.00 ( 1,000.00) 0.00 101-3-0000-3472 Park Use Fee 20,000.00 ( 1,011.00) 5,390.25 26.95 14,609.75 10,330.00 101-3-0000-3475 Building Rent 0.00 0.00 0.00 0.00 0.00 600.00 101-3-0000-3483 Sewer Inspection Fee 11,000.00 1,560.00 3,185.00 28.95 7,815.00 1,905.00 101-3-0000-3484 Contractor License Check 1,000.00 95.00 195.00 19.50 805.00 275.00 TOTAL Charges for Services 947,500.00 255,692.76 338,519.82 35.73 608,980.18 342,210.01 Fines & Forfeits 101-3-0000-3510 Court Fines 135,000.00 10,821.94 30,827.19 22.83 104,172.81 34,545.36 101-3-0000-3511 Parking Fines 5,000.00 0.00 150.00 3.00 4,850.00 1,260.00 TOTAL Fines & Forfeits 140,000.00 10,821.94 30,977.19 22.13 109,022.81 35,805.36 Special Assessments _____________ _____________ _____________ _______ _____________ _____________ Other Revenue 101-3-0000-3621 Interest Income 115,000.00 0.00 37,270.62 32.41 77,729.38 40,389.68 101-3-0000-3625 Refunds & Reimbursements 130,000.00 2,636.15 ( 817.04) 0.63- 130,817.04 ( 12.62) 101-3-0000-3626 Contributions 25,000.00 0.00 0.00 0.00 25,000.00 6,000.00 101-3-0000-3629 Miscellaneous Revenue 6,500.00 1,510.85 1,971.21 30.33 4,528.79 876.40 TOTAL Other Revenue 276,500.00 4,147.00 38,424.79 13.90 238,075.21 47,253.46 Transfers In 101-3-0000-3921 Transfers 0.00 0.00 0.00 0.00 0.00 112.31 101-3-0000-3930 Transfer-Development 10,600.00 0.00 0.00 0.00 10,600.00 0.00 101-3-0000-3942 Transfer-WWTS 155,000.00 0.00 0.00 0.00 155,000.00 0.00 101-3-0000-3943 Transfer-Liquor 500,000.00 0.00 0.00 0.00 500,000.00 0.00 101-3-0000-3944 Transfer-Garbage 50,000.00 0.00 0.00 0.00 50,000.00 0.00 101-3-0000-3945 Transfer-Utilities 1,364,000.00 95,269.65 277,870.06 20.37 1,086,129.94 247,637.63 101-3-0000-3946 Transfer-Stormwater 15,500.00 0.00 0.00 0.00 15,500.00 0.00 101-3-0000-3948 Transfer-EDA 39,500.00 0.00 0.00 0.00 39,500.00 0.00 101-3-0000-3949 Transfer-HRA 32,700.00 0.00 0.00 0.00 32,700.00 0.00 TOTAL Transfers In 2,167,300.00 95,269.65 277,870.06 12.82 1,889,429.94 247,749.94 ____________________________________________________________________________________________ TOTAL General Fund 17,019,600.00 425,054.34 848,656.29 4.99 16,170,943.71 860,739.77 __________________________________________________________________________________________________________________________________ TOTAL REVENUE 17,019,600.00 425,054.34 848,656.29 4.99 16,170,943.71 860,739.77 ============= ============= ============= ======= ============= ============= Current Budget Year to Date Actual % of Budget Current Budget Year to Date Actual % of Budget Current Budget Year to Date Actual % of Budget Current Budget Year to Date Actual % of Budget Sales and cost of sales: Sales 7,441,000$ 1,986,029$ 26.69% Cost of sales (5,280,000) (1,313,181) 24.87% Gross profit 2,161,000 672,848 31.14% Operating revenues: User charges - - - 2,230,000$ 566,985$ 25.43%1,666,000$ 413,214$ 24.80%550,000$ 137,575$ 25.01% Delinquency collections - - - 500 110 22.00%2,000 - 0.00%- - - Other 4,900 600 12.24%120,000 46,970 39.14%- - - - - - Total operating revenues 4,900 600 12.24%2,350,500 614,065 26.12%1,668,000 413,214 24.77%550,000 137,575 25.01% Operating expenses: Personal services 902,050 260,191 28.84%723,700 190,474 26.32%28,350 8,625 30.42%98,400 27,412 27.86% Supplies 18,200 11,431 62.81%221,000 59,297 26.83%19,400 1,476 7.61%2,300 - 0.00% Other service charges 268,000 55,380 20.66%668,200 173,771 26.01%1,483,400 337,050 22.72%482,900 8,984 1.86% Depreciation *123,000 - 0.00%1,641,000 - 0.00%- - - 458,000 - 0.00% Total operating expenses 1,311,250 327,002 24.94%3,253,900 423,542 13.02%1,531,150 347,151 22.67%1,041,600 36,396 3.49% Operating income (loss)854,650 346,446 40.54%(903,400) 190,523 -21.09%136,850 66,063 48.27%(491,600) 101,179 -20.58% Nonoperating revenues (expenses): Interest income 60,000 26,215 43.69%50,000 28,505 57.01%4,000 2,098 52.44%3,000 4,497 149.90% Interest expense - - - (239,300) (20,300) 8.48%- - - - - - Total nonoperating revenues (expenses)60,000 26,215 43.69%(189,300) 8,205 -4.33%4,000 2,098 52.44%3,000 4,497 149.90% Income (loss) before contributions & transfers 914,650 372,661 40.74%(1,092,700) 198,728 -18.19%140,850 68,161 48.39%(488,600) 105,676 -21.63% Contributions - connection fees - - - 100,000 107,145 107.15%- - - - - - Transfers out (700,000) - 0.00%(155,000) - 0.00%(50,000) - 0.00%(15,500) - 0.00% NET INCOME (LOSS)214,650 372,661 173.61%(1,147,700) 305,873 -26.65%90,850 68,161 75.03%(504,100) 105,676 -20.96% Items reclassified to balance sheet at year end: Bond Payment - - - (430,000) (430,000) - - - - - - - Revenues over/(under) expenditures 214,650 372,661 (1,577,700) (124,127) 90,850 68,161 (504,100) 105,676 * Recorded at yearend CITY OF ELK RIVER ENTERPRISE FUNDS - BUDGET TO ACTUAL MONTH ENDED APRIL, 2020 Liquor Sewer Garbage Stormwater 5-13-2020 03:24 PM CITY OF ELK RIVER PAGE: 1 POOLED CASH REPORT (FUND 999) AS OF: APRIL 30TH, 2020 BEGINNING CURRENT CURRENT FUND ACCOUNT# ACCOUNT NAME BALANCE ACTIVITY BALANCE __________________________________________________________________________________________________________________ CLAIM ON CASH 002-1010 Cash - Section 125 6,598.01 1,609.99 8,208.00 101-1010 Cash - General Fund 4,644,715.71 ( 813,060.65) 3,831,655.06 211-1010 Cash - Library 417,829.16 ( 4,390.37) 413,438.79 221-1010 Cash - Ice Arena 546,831.64 ( 151,239.18) 395,592.46 225-1010 Cash - Park Dedication 501,102.15 8,555.58 509,657.73 228-1010 Cash - Landfill 208,477.64 ( 3,178.83) 205,298.81 231-1010 Cash - Landfill Const Debris 788,171.52 0.00 788,171.52 240-1010 Cash - Micro Loan Fund 887,476.00 2,457.11 889,933.11 242-1010 Cash - State DEED 118,156.05 4,149.90 122,305.95 245-1010 Cash - Development Fund 882,839.44 0.00 882,839.44 290-1010 Cash - Capital Outlay Reserve 1,246,896.94 ( 9,250.00) 1,237,646.94 291-1010 Cash - Insurance Reserve 89,151.05 ( 13,540.66) 75,610.39 292-1010 Cash - Govt Bldgs Reserve 2,527,474.79 35,167.69 2,562,642.48 294-1010 Cash - Drug Forfeiture 43,245.15 1,227.26 44,472.41 295-1010 Cash - Severance Pay Reserve 77,004.52 0.00 77,004.52 296-1010 Cash - GRE Reserve 2,091,771.37 0.00 2,091,771.37 333-1010 Cash - 2010A GO Cap Imp Bonds 414,471.70 0.00 414,471.70 343-1010 Cash - 2019A Sales Tax Bonds 847,197.93 206,475.07 1,053,673.00 345-1010 Cash - 2012A CIP Bonds-PW 0.00 ( 500.00)( 500.00) 401-1010 Cash - Pavement Mgmt 4,512,352.66 ( 12,612.08) 4,499,740.58 403-1010 Cash - Street Improvement 777,698.45 0.00 777,698.45 406-1010 Cash - City Wide Trunk Util 4,357,378.56 0.00 4,357,378.56 410-1010 Cash - Equipment Replacement 230,101.28 20,024.81 250,126.09 420-1010 Cash - Active ER 19,450,748.25 ( 2,125,639.83) 17,325,108.42 440-1010 Cash - Park Improvement 139,967.74 ( 5,754.36) 134,213.38 463-1010 Cash - TIF #23 Pref Powder 4,552.54 0.00 4,552.54 602-1010 Cash - Wastewater Treatment 5,044,491.54 117,982.59 5,162,474.13 603-1010 Cash - Liquor 4,842,232.28 ( 276,703.93) 4,565,528.35 605-1010 Cash - Garbage 398,188.74 33,782.37 431,971.11 607-1010 Cash - Storm Water 839,404.57 37,453.64 876,858.21 821-1010 Cash - Developer Escrow 801,029.22 19,200.00 820,229.22 TOTAL CLAIM ON CASH 57,737,556.60 ( 2,927,783.88) 54,809,772.72 =============== ============== ============== CASH IN BANK - POOLED CASH 999-1000 A/P BANK ACCOUNTS 148,637,334.11 ( 1,895,962.10) 146,741,372.01 999-1001 PY BANK ACCOUNT (119,281,967.07)( 1,031,821.78)(120,313,788.85) 999-1002 POOLED INVESTMENTS 28,382,189.56 0.00 28,382,189.56 SUBTOTAL CASH IN BANK - POOLED CASH 57,737,556.60 ( 2,927,783.88) 54,809,772.72 WAGES PAYABLE ______________ ______________ ______________ TOTAL CASH IN BANK - POOLED CASH 57,737,556.60 ( 2,927,783.88) 54,809,772.72 ============== ============== ==============