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INFORMATION 08-17-2020
Information Memorandum To: Mayor and City Council From: Lori Stich, Assistant Finance Director Date: August 17, 2020 Subject: July 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 July, actual revenues (excluding property taxes and transfers in) and expenditures should run about 58% 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: July revenue collections consist of the remaining first half property tax settlement. License & permit collections are about 48% of budget estimates, with building-related permits comprising the majority of collections. Intergovernmental revenues for July consist of the second quarter law enforcement grant and will be distributed to the participating agencies. Elk River’s share of the grant is $1,116.39. Charges for services are above budget estimates at about 65% of budget due mainly to the billing for the second half fire contract for the City of Otsego and second half school liaison officers for ISD 728. Transfers in are comprised of ERMU’s 4% June electric revenues and the budgeted transfers into the General Fund. Expenditures: Total departmental expenditures are about 50% of budget and most departments are within or below budget estimates. ICE ARENA Through the end of July, expenditures of $308,469 exceed revenues of $182,279 by $126,190. Construction on the multipurpose facility is not yet complete, but registration for fall hockey programs opened in July and some ice rental was booked in July. ATTACHMENTS General Fund Revenue & Expense Report Enterprise Funds – Budget to Actual Cash Report – All Funds Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Actual $959 $2,202 $3,450 $4,608 $6,103 $7,339 $8,568 Budget $1,418 $2,837 $4,255 $5,673 $7,092 $8,510 $9,928 $11,346 $12,765 $14,183 $15,601 $17,020 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $ THOUSANDS 2020 Monthly Expenditures 8-12-2020 09:19 AM CITY OF ELK RIVER PAGE: 1 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: JULY 31ST, 2020 101-GENERAL FUND FINANCIAL SUMMARY 58.33% 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 3,092,263.13 8,597,852.65 50.52 8,421,747.35 8,263,087.88 TOTAL REVENUES 17,019,600.00 3,092,263.13 8,597,852.65 50.52 8,421,747.35 8,263,087.88 ============= ============= ============= ======= ============= ============= EXPENDITURE SUMMARY General Government Mayor & Council 163,050.00 4,022.43 68,474.84 42.00 94,575.16 65,754.45 Communications 328,950.00 20,582.26 154,376.65 46.93 174,573.35 150,656.11 Administrative Services 568,850.00 43,564.34 305,875.02 53.77 262,974.98 290,531.23 Human Resources 305,800.00 17,213.56 157,292.54 51.44 148,507.46 149,014.86 Elections 83,200.00 49.42 32,621.40 39.21 50,578.60 6,300.00 Finance 648,700.00 39,667.21 373,801.86 57.62 274,898.14 392,622.37 Information Technology 556,300.00 36,368.18 227,259.49 40.85 329,040.51 232,385.65 Legal 240,000.00 21,318.85 119,696.67 49.87 120,303.33 157,156.64 Community Development 206,650.00 12,955.97 130,439.81 63.12 76,210.19 88,514.93 Planning 352,350.00 26,488.14 191,798.97 54.43 160,551.03 181,491.80 Building Maintenance 767,750.00 65,719.15 432,092.35 56.28 335,657.65 391,627.40 TOTAL General Government 4,221,600.00 287,949.51 2,193,729.60 51.96 2,027,870.40 2,106,055.44 Public Safety Police Administration 893,700.00 60,183.46 537,254.10 60.12 356,445.90 513,709.96 Patrol 3,076,800.00 222,405.49 1,473,115.21 47.88 1,603,684.79 1,419,076.83 Investigations 1,226,800.00 85,599.16 527,110.31 42.97 699,689.69 563,647.85 Police Support Services 801,800.00 54,739.05 377,217.70 47.05 424,582.30 405,568.43 Police Reserves 18,050.00 189.50 759.53 4.21 17,290.47 3,708.36 Public safety building 169,600.00 6,479.41 76,871.01 45.32 92,728.99 89,048.21 Fire Administration 966,800.00 65,438.61 336,594.87 34.82 630,205.13 404,600.00 Fire Operations 410,700.00 44,370.43 247,219.34 60.19 163,480.66 229,475.48 Emergency Management 21,100.00 1,282.58 15,202.46 72.05 5,897.54 10,013.17 Building Safety 527,550.00 39,543.94 287,462.66 54.49 240,087.34 295,340.42 Code Enforcement 99,450.00 5,904.13 44,822.23 45.07 54,627.77 53,733.74 Environmental 53,150.00 4,054.66 28,976.46 54.52 24,173.54 17,734.18 TOTAL Public Safety 8,265,500.00 590,190.42 3,952,605.88 47.82 4,312,894.12 4,005,656.63 Public Works Street Maintenance 1,386,700.00 115,011.55 753,844.55 54.36 632,855.45 706,851.67 Snow Removal 305,900.00 155.94 175,959.03 57.52 129,940.97 229,204.85 Equipment Services 231,200.00 19,034.98 121,565.27 52.58 109,634.73 103,531.80 Engineering 385,500.00 19,649.11 188,456.16 48.89 197,043.84 167,940.78 TOTAL Public Works 2,309,300.00 153,851.58 1,239,825.01 53.69 1,069,474.99 1,207,529.10 8-12-2020 09:19 AM CITY OF ELK RIVER PAGE: 2 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: JULY 31ST, 2020 101-GENERAL FUND FINANCIAL SUMMARY 58.33% 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 99,601.77 618,795.83 48.62 653,904.17 601,129.03 Parks & Rec Admin 592,000.00 74,626.38 389,595.37 65.81 202,404.63 359,839.76 Recreation Programs 129,100.00 17,217.43 40,844.59 31.64 88,255.41 79,044.97 Farmers Market 0.00 ( 1,751.88)( 2,554.78) 0.00 2,554.78 4,405.45 Sr Citizen Programs 201,850.00 9,736.74 95,504.90 47.31 106,345.10 106,692.41 TOTAL Culture & Recreation 2,195,650.00 199,430.44 1,142,185.91 52.02 1,053,464.09 1,151,111.62 Economic Development Economic Development 0.00 ( 2,912.20) 28,395.33 0.00 ( 28,395.33) 26,414.96 Energy City 27,550.00 1,605.41 11,265.74 40.89 16,284.26 14,791.57 TOTAL Economic Development 27,550.00 ( 1,306.79) 39,661.07 143.96 ( 12,111.07) 41,206.53 General _____________ _____________ _____________ _______ _____________ _____________ TOTAL EXPENDITURES 17,019,600.00 1,230,115.16 8,568,007.47 50.34 8,451,592.53 8,511,559.32 ============= ============= ============= ======= ============= ============= REVENUES OVER/(UNDER) EXPENDITURES 0.00 1,862,147.97 29,845.18 ( 29,845.18)( 248,471.44) 8-12-2020 09:19 AM CITY OF ELK RIVER PAGE: 3 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: JULY 31ST, 2020 101-GENERAL FUND 58.33% 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 1,794,171.37 5,978,015.35 50.07 5,960,284.65 5,690,812.51 101-3-0000-3112 Delinquent Ad Valorem Taxes 0.00 35,310.99 35,310.99 0.00 ( 35,310.99) 23,647.48 101-3-0000-3121 Gravel Tax 140,000.00 54,338.01 67,524.51 48.23 72,475.49 14,740.24 101-3-0000-3131 Penalties/Interest 0.00 965.31 965.31 0.00 ( 965.31) 4,055.57 TOTAL Taxes 12,078,300.00 1,884,785.68 6,081,816.16 50.35 5,996,483.84 5,733,255.80 Licenses & Permits 101-3-0000-3211 Liquor License 76,000.00 40.00 38,892.82 51.17 37,107.18 76,400.03 101-3-0000-3213 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 1,542.00 39,869.00 61.34 25,131.00 47,865.50 101-3-0000-3216 Mining License 25,000.00 0.00 25,760.95 103.04 ( 760.95) 24,836.15 101-3-0000-3217 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 1,470.00 10,380.00 86.50 1,620.00 8,960.00 101-3-0000-3229 NPDES Permit 20,000.00 1,925.00 10,003.25 50.02 9,996.75 13,125.00 101-3-0000-3231 Building Permit 475,000.00 39,705.05 206,700.35 43.52 268,299.65 209,602.35 101-3-0000-3232 Plumbing/Heating Permit 110,000.00 6,285.09 39,361.03 35.78 70,638.97 58,660.59 101-3-0000-3233 Permit Surcharge 500.00 835.96 3,002.78 600.56 ( 2,502.78) 1,908.61 101-3-0000-3235 Animal License 0.00 50.00 465.00 0.00 ( 465.00) 450.00 101-3-0000-3237 Other Non-Business Lic/Permit 10,000.00 3,431.50 11,474.00 114.74 ( 1,474.00) 7,015.00 TOTAL Licenses & Permits 798,500.00 55,284.60 386,269.18 48.37 412,230.82 448,943.23 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 2,000.00 101-3-0000-3324 PERA Aid 0.00 0.00 0.00 0.00 0.00 6,992.00 101-3-0000-3325 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 6,921.69 16,244.54 27.07 43,755.46 27,233.14 101-3-0000-3330 Other State Grants 21,000.00 0.00 11,570.11 55.10 9,429.89 0.00 TOTAL Intergovernmental Rev 611,500.00 6,921.69 28,814.65 4.71 582,685.35 36,225.14 Charges for Services 101-3-0000-3412 Planning & Zoning Fees 30,000.00 655.00 13,029.19 43.43 16,970.81 13,953.50 101-3-0000-3413 Plan Check Fee 215,000.00 11,870.59 79,827.65 37.13 135,172.35 104,521.07 101-3-0000-3415 Special Assessment Search 500.00 30.00 300.00 60.00 200.00 470.00 101-3-0000-3417 Copies 3,000.00 317.25 814.18 27.14 2,185.82 1,023.55 101-3-0000-3418 Other General Govt Services 1,500.00 0.00 13.00 0.87 1,487.00 690.00 101-3-0000-3430 Lockout Fees 5,500.00 360.00 2,625.00 47.73 2,875.00 3,560.00 101-3-0000-3431 Police Services 15,000.00 5,332.98 9,797.41 65.32 5,202.59 7,217.75 101-3-0000-3432 School Liaison 149,000.00 73,536.00 147,072.00 98.71 1,928.00 68,272.50 101-3-0000-3434 Animal Impound Fee 4,000.00 0.00 550.00 13.75 3,450.00 1,275.00 101-3-0000-3436 Fire Contracts 277,000.00 124,240.00 280,007.80 101.09 ( 3,007.80) 269,829.00 101-3-0000-3437 Fire Services 2,000.00 0.00 6,137.50 306.88 ( 4,137.50) 19.83 101-3-0000-3451 Street Services 18,000.00 5,562.50 20,378.50 113.21 ( 2,378.50) 15,240.50 8-12-2020 09:19 AM CITY OF ELK RIVER PAGE: 4 REVENUE & EXPENSE REPORT (UNAUDITED) AS OF: JULY 31ST, 2020 101-GENERAL FUND 58.33% OF YEAR COMPLETED CURRENT CURRENT YEAR TO DATE % OF BUDGET PRIOR FY REVENUES BUDGET PERIOD ACTUAL BUDGET BALANCE YTD BALANCE __________________________________________________________________________________________________________________________________ 101-3-0000-3452 Engineering Services Reimb 75,000.00 0.00 13,296.19 17.73 61,703.81 24,316.35 101-3-0000-3461 Recreation Fees 80,000.00 ( 1,521.00) 12,878.50 16.10 67,121.50 53,900.19 101-3-0000-3462 Sr Center Activities 40,000.00 0.00 8,058.00 20.15 31,942.00 23,547.01 101-3-0000-3463 Farmer's Market 0.00 75.00 9,935.00 0.00 ( 9,935.00) 13,578.97 101-3-0000-3469 Elk RiverFest 0.00 0.00 500.00 0.00 ( 500.00) 7,947.00 101-3-0000-3472 Park Use Fee 20,000.00 ( 170.00) 4,765.25 23.83 15,234.75 11,165.00 101-3-0000-3475 Building Rent 0.00 0.00 0.00 0.00 0.00 600.00 101-3-0000-3483 Sewer Inspection Fee 11,000.00 2,490.00 9,250.00 84.09 1,750.00 5,455.00 101-3-0000-3484 Contractor License Check 1,000.00 100.00 610.00 61.00 390.00 685.00 TOTAL Charges for Services 947,500.00 222,878.32 619,845.17 65.42 327,654.83 627,267.22 Fines & Forfeits 101-3-0000-3510 Court Fines 135,000.00 5,919.99 49,117.48 36.38 85,882.52 67,949.91 101-3-0000-3511 Parking Fines 5,000.00 0.00 150.00 3.00 4,850.00 1,260.00 TOTAL Fines & Forfeits 140,000.00 5,919.99 49,267.48 35.19 90,732.52 69,209.91 Special Assessments _____________ _____________ _____________ _______ _____________ _____________ Other Revenue 101-3-0000-3621 Interest Income 115,000.00 0.00 37,270.62 32.41 77,729.38 79,593.93 101-3-0000-3625 Refunds & Reimbursements 130,000.00 1,057.50 1,158.46 0.89 128,841.54 37.59 101-3-0000-3626 Contributions 25,000.00 0.00 0.00 0.00 25,000.00 24,000.00 101-3-0000-3629 Miscellaneous Revenue 6,500.00 3,190.63 6,853.85 105.44 ( 353.85) 3,404.24 TOTAL Other Revenue 276,500.00 4,248.13 45,282.93 16.38 231,217.07 107,035.76 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 10,600.00 10,600.00 100.00 0.00 10,600.00 101-3-0000-3942 Transfer-WWTS 155,000.00 155,000.00 155,000.00 100.00 0.00 150,000.00 101-3-0000-3943 Transfer-Liquor 500,000.00 500,000.00 500,000.00 100.00 0.00 500,000.00 101-3-0000-3944 Transfer-Garbage 50,000.00 50,000.00 50,000.00 100.00 0.00 48,000.00 101-3-0000-3945 Transfer-Utilities 1,364,000.00 108,924.72 583,257.08 42.76 780,742.92 517,438.51 101-3-0000-3946 Transfer-Stormwater 15,500.00 15,500.00 15,500.00 100.00 0.00 15,000.00 101-3-0000-3948 Transfer-EDA 39,500.00 39,500.00 39,500.00 100.00 0.00 0.00 101-3-0000-3949 Transfer-HRA 32,700.00 32,700.00 32,700.00 100.00 0.00 0.00 TOTAL Transfers In 2,167,300.00 912,224.72 1,386,557.08 63.98 780,742.92 1,241,150.82 ____________________________________________________________________________________________ TOTAL General Fund 17,019,600.00 3,092,263.13 8,597,852.65 50.52 8,421,747.35 8,263,087.88 __________________________________________________________________________________________________________________________________ TOTAL REVENUE 17,019,600.00 3,092,263.13 8,597,852.65 50.52 8,421,747.35 8,263,087.88 ============= ============= ============= ======= ============= ============= 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$ 4,079,366$ 54.82% Cost of sales (5,280,000) (2,543,622) 48.17% Gross profit 2,161,000 1,535,744 71.07% Operating revenues: User charges - - - 2,230,000$ 1,141,703$ 51.20%1,666,000$ 835,505$ 50.15%550,000$ 279,683$ 50.85% Delinquency collections - - - 500 110 22.00%2,000 648 32.40%- 148 - Other 4,900 1,200 24.49%120,000 102,850 85.71%- - - - - - Total operating revenues 4,900 1,200 24.49%2,350,500 1,244,663 52.95%1,668,000 836,153 50.13%550,000 279,831 50.88% Operating expenses: Personal services 902,050 510,018 56.54%723,700 370,808 51.24%28,350 16,668 58.79%98,400 53,396 54.26% Supplies 18,200 19,553 107.43%221,000 134,005 60.64%19,400 17,728 91.38%2,300 - 0.00% Other service charges 268,000 187,878 70.10%668,200 343,203 51.36%1,483,400 734,817 49.54%482,900 17,118 3.54% Depreciation *123,000 - 0.00%1,641,000 - 0.00%- - - 458,000 - 0.00% Total operating expenses 1,311,250 717,449 54.71%3,253,900 848,016 26.06%1,531,150 769,213 50.24%1,041,600 70,514 6.77% Operating income (loss)854,650 819,495 95.89%(903,400) 396,647 -43.91%136,850 66,940 48.91%(491,600) 209,317 -42.58% 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 914,650 845,710 92.46%(1,092,700) 404,852 -37.05%140,850 69,038 49.02%(488,600) 213,814 -43.76% Contributions - connection fees - - - 100,000 267,919 267.92%- - - - - - Transfers out (700,000) (755,147) 107.88%(155,000) (155,000) 100.00%(50,000) (50,000) 100.00%(15,500) (15,500) 100.00% NET INCOME (LOSS)214,650 90,563 42.19%(1,147,700) 517,771 -45.11%90,850 19,038 20.96%(504,100) 198,314 -39.34% Items reclassified to balance sheet at year end: Bond Payment - - - (430,000) (430,000) - - - - - - - Revenues over/(under) expenditures 214,650 90,563 (1,577,700) 87,771 90,850 19,038 (504,100) 198,314 * Recorded at yearend CITY OF ELK RIVER ENTERPRISE FUNDS - BUDGET TO ACTUAL MONTH ENDED JULY, 2020 Liquor Sewer Garbage Stormwater 8-12-2020 09:28 AM CITY OF ELK RIVER PAGE: 1 POOLED CASH REPORT (FUND 999) AS OF: JULY 31ST, 2020 BEGINNING CURRENT CURRENT FUND ACCOUNT# ACCOUNT NAME BALANCE ACTIVITY BALANCE __________________________________________________________________________________________________________________ CLAIM ON CASH 002-1010 Cash - Section 125 11,343.39 732.14 12,075.53 101-1010 Cash - General Fund 5,836,144.75 1,768,621.87 7,604,766.62 211-1010 Cash - Library 423,147.33 5,820.38 428,967.71 221-1010 Cash - Multipurpose Facility 431,122.86 25,213.98 456,336.84 222-1010 Cash - Pinewood Golf Course 0.00 (61.25)(61.25) 225-1010 Cash - Park Dedication 491,950.23 ( 6,500.00) 485,450.23 228-1010 Cash - Landfill 207,592.22 ( 4,785.06) 202,807.16 231-1010 Cash - Landfill Const Debris 788,171.52 0.00 788,171.52 240-1010 Cash - Micro Loan Fund 899,118.73 ( 68,479.79) 830,638.94 242-1010 Cash - State DEED 130,605.75 4,149.90 134,755.65 245-1010 Cash - Development Fund 931,392.93 39,049.32 970,442.25 290-1010 Cash - Capital Outlay Reserve 1,247,824.40 3,431.91 1,251,256.31 291-1010 Cash - Insurance Reserve 76,901.84 ( 10,868.70) 66,033.14 292-1010 Cash - Govt Bldgs Reserve 2,870,705.12 ( 273,809.30) 2,596,895.82 294-1010 Cash - Drug Forfeiture 49,352.48 357.51 49,709.99 295-1010 Cash - Severance Pay Reserve 77,004.52 0.00 77,004.52 296-1010 Cash - GRE Reserve 1,967,063.37 0.00 1,967,063.37 333-1010 Cash - 2010A GO Cap Imp Bonds 628,122.16 101,569.65 729,691.81 343-1010 Cash - 2019A Sales Tax Bonds 724,137.03 254,087.89 978,224.92 345-1010 Cash - 2012A CIP Bonds-PW ( 500.00)0.00 ( 500.00) 401-1010 Cash - Pavement Mgmt 4,862,650.84 428,672.16 5,291,323.00 403-1010 Cash - Street Improvement 780,324.21 26,490.38 806,814.59 406-1010 Cash - City Wide Trunk Util 4,341,787.06 7,150.00 4,348,937.06 410-1010 Cash - Equipment Replacement 240,607.30 76,206.41 316,813.71 420-1010 Cash - Active ER 12,668,903.75 ( 2,474,020.08) 10,194,883.67 440-1010 Cash - Park Improvement 318,836.52 ( 59,460.00) 259,376.52 463-1010 Cash - TIF #23 Pref Powder 4,552.54 544.36 5,096.90 464-1010 Cash - TIF #24 Beaudry Truck 0.00 1,954.36 1,954.36 602-1010 Cash - Wastewater Treatment 5,339,553.58 37,969.87 5,377,523.45 603-1010 Cash - Liquor 4,625,866.06 ( 273,740.51) 4,352,125.55 420,635.74 ( 37,787.81) 382,847.93 947,726.10 21,770.98 969,497.08 162,470.05 49,139.84 211,609.89 780,100.48 ( 4,000.00) 776,100.48 53,285,214.86 ( 360,579.59) 52,924,635.27 =============== ============== ============== 605-1010 Cash - Garbage 607-1010 Cash - Storm Water 801-1010 Cash - Interest 821-1010 Cash - Developer Escrow TOTAL CLAIM ON CASH