HomeMy WebLinkAbout10A Annual Financial Report PresentationCity of Prior Lake, Minnesota
December 31, 2010 Audit
Presentation to City Council
Abdo, Eick & Meyers, LLP
Presented by: Steven R. McDonald
May 17, 2011
Audit Results
• Unqualified or clean opinion on financials
• Internal control comments
– Segregation of duties due to limited number of staff
– Preparation of financial statements due to limited number of
staff
• No State Statute findings
Other required communications to
the Council
• Allocation of expenses, compensated absences,
depreciation and capital asset basis are main
estimates made by management
• No disagreements or difficulties during audit process
General Fund Balance
Compared to Budget
$14,000,000
$12,000,000
$12,426,431
$12,476,974
$11,685,807
$12,188,313
$12,120,546
$10,000,000
$8,000,000
58.0%
$6,000,000
50.0%
$4,000,000
44.0%
45.0%
40.0%
$2,000,000
$ -
2006 2007 2008 2009 2010 2011
Actual Fund Balance Budget
General Fund Revenues
$10,000,000
73%
$9,000,000
$8,000,000
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$ -
2008 2009 2010
Taxes Intergovernmental Charges for services Other
Major variances:
Taxes $145k over
Lic and permits $140k over
General Fund Expenditures
$4,500,000
35%
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$ -
2008 2009 2010
General government Public safety Culture and recreation Transfers out Other
Major variances:
General gov $217 k under (legal $105K)
General Fund Peer Group Expenditure
Comparisons
Prior Lake Peer Group
Per Capita Per Capita
General government $ 91 $ 81
Public safety 177 216
Public works 76 86
Culture and recreation 71 55
Economic development 2 12
Contingency - -
Capital outlay 14 3
Transfers out 78 -
Total $ 509 $ 453
The above chart compares the amount the City spends
per capita, in comparison to a peer group. The peer
group average is derived from annual reports for Cities
of the 2nd class which have populations between
20,000 and 100,000.
Other governmental funds
• Special Revenue
– $1.655 million in fund balance
• DAG $665k
• Capital projects
– $4.805 million in fund balance
• $1.007 million in Trunk Reserve
• $1.514 million in Revolving Equipment (up $297k)
• Debt Service
– $36.065 million in bonds to repay
• Positive cash and assets in each fund
• Total bonds decreased $1.455 million in 2010
Water Fund
$2.96 mil cash
$8,000,000
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$ -
2008 2009 2010
Operating revenues Operating expenses
Nonoperating revenues (expenses) Income before transfers
Cash and investments
Sewer Fund
2010
Percent
Total
Operating revenues $ 2,298,769 100.0 %
Operating expenses 2,384,793 103.7
Operating loss (86,024) (3.7)
Nonoperating
revenues 118,716 5.2
Income before contributions
and transfers 32,692 1.4
Contributions from developers 1,834,579 79.8
Contributions from other funds 1,691,265 73.6
Transfers out (474,096) (20.6)
Change in net assets $ 3,084,440 134.2 %
Cash and temporary investments $ 2,960,085
Water Quality Fund
$645k cash
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$ -
2008 2009 2010
Operating revenues Operating expenses Nonoperating revenues
Income before transfers Cash and investments
Transit Fund
$1.7 mil cash
$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$ -
2008 2009 2010
Operating revenues Operating expenses Nonoperating revenues
Change in net assets Cash and investments
City of Prior Lake – Ratios compared to
Class 2
Ratio
Calculation Source 2007 2008 2009 2010
Debt to assets Total liabilities/total assets Government-wide 24% 24% 24% 21%
23% 23% 22% N/A
Debt per capita Bonded debt/population Government-wide $ 1,805 $ 1,736 $ 1,697 $ 1,582
$ 1,485 $ 1,464 N/A
$ 1,426
Taxes per capita Tax revenues/population Government-wide $ 398 $ 413 $ 435 $ 435
$ 408 $ 430 $ 428 N/A
Current expenditures per capita Governmental fund current Governmental funds $ 499 $ 455 $ 418 $ 417
$ 620 $ 593 $ 573 N/A
expenditures/population
Capital expenditures per capita Governmental fund capital Governmental funds $ 706 $ 643 $ 201 $ 205
$ 435 $ 304 $ 235 N/A
expenditures/population
Capital assets % left to Net capital assets/ Government-wide 77% 78% 74% 75%
69% 68% 67% N/A
depreciate - Governmental gross capital assets
Capital assets % left to Net capital assets/ Government-wide 77% 77% 82% 83%
64% 63% 63% N/A
depreciate - Business-type gross capital assets
Represents the City of Prior Lake
Peer Group ratio