HomeMy WebLinkAbout5B - Treasurer's Report
5B
4646 Dakota Street S.E.
Prior Lake, MN 55372-1714
TO: Mayor and City Council
FROM: Jerilyn Erickson, Finance Director
DATE: August 11,2009
RE: August 1,2009, City of Prior Lake Treasurer's Report
7/1/09 8/1/09
,FUNDS BALANCE RECEIPTS DISBURSEMENTS BALANCE
General 6,381,202.59 1,768,197.24 2,379,853.41 5,769,546.42
Sewer & Water 6,507,659.53 112,998.39 488,375.49 6,132,282.43
Storm Water 552,802.56 8,199.99 38,725.27 522,277.28
Transit Services 1,602,774.07 128,446.02 45,986.19 1,685,233.90
Cable Franchise Fund 29,247.16 12,833.00 42,080.16
Capital Park 97,361.67 15,649.21 113,010.88
Severance Compo 293,757.60 453.53 294,211.13
EDA Special Revenue 97,258.64 97,258.64
ED Fed Loan Fund 100,577.35 155.28 100,732.63
ED MN Loan Fund 78,103.55 120.58 78,224.13
Downtown Red Fund 36,595.05 56.50 36,651.55
DAG Special Rev. Fund 756,144.16 171,800.00 7,440.11 920,504.05
Tax Increment Fund 123,316.23 190.39 123,506.62
TIP #1-3 (lake front plaza) 127,840.49 116.32 52,497.18 75,459.63
TIF #3-1 (creekside) 60,687.68 49.52 28,611.05 32,126.15
TIF #4-1 (on-site) 6,447.04 3.65 4,082.09 2,368.60
TIF #5-1 (premiere) 6,821.30 1.07 6,126.36 696.01
TIF #6-1 (shep path) 180,762.11 45.68 151,171.38 29,636.41
Equipment Fund 987,466.18 11,606.21 3,739.10 995,333.29
Building Fund 288,504.83 430.60 9,594.59 279,340.84
Construction Fund 2,428,401.46 4,048.94 370,678.19 2,061,772.21
Trunk Reserve 1,017,192.70 10,583.91 266.00 1,027,510.61
Street Oversize 457,533.82 696.63 6,315.06 451,915.39
Water Storage 74,947.38 6,104.38 13,341.44 67,710.32
Debt Service 2,463,544.44 3,877.44 0.00 2,467,421.88
Agency Fund 143,200.00 8,700.00 13,500.00 138,400.00
Totals 24,802,890.95 2,362,623.12 3,620,302.91 23,545,211.16
INVESTMENT POOL... $23,572,487.19
Investment Ratio... 100.12%
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09-07 treasure.xls Phone 952.447.9800 / Fax 952.447.4245 11 :04 AM 08/11/2009
General Fund - The General Fund represents the necessary resources to support general
operating budget expenditures of the City. The year-end fund balance represents dollars that
have accumulated over a period of time as a result of cumulative budgetary revenue
surpluses and expenditure under runs. The City Council has designated a portion of this
amount, equal to a minimum of 30% of the current operating budget, for working capital to
finance city operations.
Sewer & Water Fund - The Sewer and Water Fund accounts for the collection of sewer and
water billing utility revenue. This enklpl~se fund balance is allocated for the operational
costs of the Water/Sewer departments and normally reserved for large capital municipal
system expenses.
Water Oualitv Fund - The Storm Water Fund is an enkl.H~se account funded by the $7.25
storm water charge on the water bills and is dedicated to finance water quality
improvements including departmental adminis.tration, storm water maintenance operations
and improvement projects such as water quality ponds.
Transit Fund - The Transit Fund is an ent.:.'lpl~se account funded predominantly (90%) by
state aid that is derived from the vehicle excise tax paid through annual license tab renewals
on vehicles and is dedicated to pay for community transit services such as the downtown
commuter service, van pool and dial-a-ride services.
Cable Franchise Fund - This fund was created to act as a clearing house for funds that were
received from the cable franchise cVUlpany as specified by ordinance which are then paid to
ISD #719 as payment support for 50% of the public access coordinator position and for
cable studio equipment replacement.
Caoital Park Fund - Capital Park funds are dedicated funds generated by the cash park
dedication fees paid at time of development contract execution as a result of new
development. Funds are collected for the purpose of developing the City's neighborhood
park and trail system. These dollars are programmed throughout the course of the City's
capital improvement plan.
Severance Comoensation Fund - This fund was established to partially fund the City's
compensated absence liability which is associated with the accrued vacation and sick leave
for employees upon employment termination. The State Auditor's Office has recommended
that local governments set aside a certain percentage on the basis of foreseeable turnover.
ED Soecial Revenue - This fund is reserved and expended at the direction of the Prior Lake
Economic Development Authority for specific economic development activity as allowed
by MN Statute. The purpose is to provide economic incentive for new business expansion
within the community.
ED Fed/MN Loan Funds - These funds were created to account for the proceeds of
economic development grants received either from the federal government or the State of
Minnesota to provide seed money for a revolving loan account. The purpose is to provide
economic incentive for new business expansion within the community.
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HlspreadsheetslGeneral LedgerlTreasurerdoc Phone 952.447.9800 / Fax 952.447.4245
Downtown Redevelooment Fund - This fund was created to provide development assistance
in the context of building facade improvements for downtown businesses in an effort to
revitalize and renew the general appearance of the downtown business district.
DAG Soecial Revenue Fund - The DAG Fund is a special revenue fund to account for
project engineering and inspection fees that are collected as a result of a developer's
agreement contract. The fees are paid to the City by the developer when the contract is
executed at the time of final plat approval. These revenues are used to pay for legal
expenses and inspection services on developer installed-utilities including sewer, water and
street installation for newly approved subdivisions within the City of Prior Lake.
Water Revenue Bond Fund - PW Bide: - This fund is a debt service fund to pay the bonds that
were issued to construct the public works maintenance building. The capital facility
(CFAC) charge of $10.00 that is generated on the bi-monthly water and sewer bill provides
the funding for the bond payments which occur semi-annually in June and December of
each year. Upon demand the funds are transferred from the Sewer and Water Fund.
Water Revenue Bond Fund - WT Plant - This fund is a debt service fund to pay the bonds
that were issued to construct the water treatment plant. Revenue from the water and sewer
bills provides the funding for the bond payments which occur semi-annually in June and
December of each year. Upon demand the funds are transferred from the Sewer and Water
Fund.
Tax Increment Funds - The Tax Increment Fund represents an accumulation of funds such
as bond proceeds and project administration fees charged to companies requesting project
write-downs in the form of tax increment financing for new and/or redevelopment. The TIF
district property taxes are then deposited in a number of tax increment funds established to
track their respective revenue.
Revolvin2 Eauioment Fund - A regular replacement schedule for equipment needs of the
City in excess of $5,000 has been adopted. Periodic fund transfers are appropriated to
provide a funding source for the acquisition and purchase of new and replacement vehicles
and equipment. The long term effect of appropriating fund transfer is to mitigate property
tax increases and eliminate debt financing.
Buildin2 Fund - The funds within the Building Fund are reserved for future building needs.
Construction Fund - Construction Fund dollars represent unexpended bond proceeds that
are reserved to pay for improvement projects that have been approved by the City Council
on an annual basis. For the most part, these moneys are necessary to complete outstanding
construction contracts and related engineering and professional services.
Street Oversize Fund - The Collector Street Fund consists of dedicated revenue generated
by fees associated with new development and new construction building permits for the
purpose of funding pedestrian related improvements i.e., bikeways, sidewalks, trail systems
plus right of way acquisition along collector streets and occasional collector street links.
H :\spreadsheets\General Ledger\ Treasurer.doc
Trunk Reserve Fund - The Trunk Reserve Fund consists of dedicated revenue generated
from utility connection permits and acreage fees assessed at time of sewer and water
installation for the purpose of recovering trunk oversizing costs and central municipal
system improvements i.e., wells lift stations, force mains, etc. These dollars are
programmed throughout the course of the City's capital improvement plan.
Water Storaee Fund - The Water Storage Fund accounts for the water tower fee that is
charged and collected on building permits. This fund balance is 100% reserved for the
construction of elevated and ground water storage facilities.
Debt Service Fund - The Debt Service Fund represents prepayments of special assessments,
property tax collections and special levies needed to amortize the outstanding bonded
indebtedness of the City. This fund balance is 100% reserved for the payment of bond
principal and interest.
A2encv Fund - The Agency Fund accounts for the $1500 residential building permit deposit
that is refunded to the building contractor upon final inspection. This provides the City the
required financial assurance that the property site will be adequately cleaned up and debris
free before an occupancy permit is granted.
H: IspreadsheetslGeneral Ledgerl Treasurer .doc