HomeMy WebLinkAbout5B - Treasurer's Report
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5.B
4646 Dakota Street S.E.
Prior Lake, MN 55372-1714
TO: Mayor and City Council
FROM: Jerilyn Erickson, Finance Director
DATE: March 8, 2010
RE: February 28, 2010, City of Prior Lake Treasurer's Report (Preliminary)
FUNDS
General
Sewer & Water
Storm Water
Transit Services
Cable Franchise Fund
Capital Park
Severance Compo
EDA Special Revenue
ED Fed Loan Fund
ED MN Loan Fund
Downtown Red Fund
DAG Special Rev. Fund
Tax Increment Fund
TIF #1-3 (lakefront plaza)
TIF #3-1 (creekside)
TIF #4-1 (on-site)
TIF #5-1 (premiere)
TIF #6-1 (shep path)
Equipment Fund
Building Fund
Revolving Park Equip Fund
Construction Fund
Trunk Reserve
Street Oversize
Water Storage
Debt Service
Agency Fund
2/1/10
BALANCE
5,633,387.07
6,173,587.98
626,874.29
1,706,587.45
42,080.16
144,821.69
404,243.15
99,191.71
102,734.74
79,778.87
37,380.03
768,844.44
137,201.90
78,018.25
38,420.76
2,617.06
1,157.49
48,144.90
1,169,721.80
284,807.87
100,000.00
679,380.04
1,065,585.75
513,603.43
102,196.39
1,555,281.25
149,100.00
21,744,748.47
Totals
RECEIPTS
1,197,914.05
519,333.56
67,448.10
41,919.29
15,000.00
40,500.00
27,000.00
10,245.30
9,000.00
1,928,360.30
DISBURSEMENTS
1,518,286.75
371,248.38
31,924.15
65,502.77
1,636.00
22,164.06
2,500.00
8,859.00
274,047.95
500.00
2,296,669.06
2/28/10
BALANCE
5,313,014.37
6,321,673.16
662,398.24
1,683,003.97
42,080.16
143,185.69
404,243.15
99,191. 71
102,734.74
79,778.87
37,380.03
761,680.38
137,201.90
78,018.25
35,920.76
2,617.06
1,157.49
48,144.90
1,169,721.80
275,948.87
100,000.00
405,332.09
1,106,085.75
513,603.43
129,196.39
1,565,526.55
157,600.00
21,376,439.71
INVESTMENT POOL...
Investment Ratio...
$21,109,398.01
98.75%
www.cityofpriorlake.com
10-02 treasurer part 1 of 2
Phone 952.447.9800 / Fax 952.447.4245
9:15 AM 3/10/2010
TREASURER'S REPORT FUND DESCRIPTIONS
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 enterprise 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 enterprise account funded by the $7.25
storm water charge on the water bills and is dedicated to finance water quality
improvements including departmental administration, storm water maintenance
operations and improvement projects such as water quality ponds.
Transit Fund - The Transit Fund is an enterprise 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 company 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.
Capital 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 Compensation 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.
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ED Fed/MN Loan Fund~ - 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.
Downtown Redevelopment 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 Special 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 BldQ - 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.
RevolvinQ Eauinment 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.
BuildinQ Fund - The funds within the Building Fund are reserved for future building
needs.
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Revolvinll Park Eauinment Fund - This Fund was established in 2009 in conjunction
with the Park Matrix to fund replacement of park equipment.
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.
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 Storalle 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.
AlZencv 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.
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