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Home My WebLink About4H - 4th Q Financial Report CONSENT AGENDA #: 4 (h) PREPARED BY: RALPH TESCHNER FINANCE DIRECTOR SUBJECT: CONSIDER APPROVAL OF PRELIMINARY 4TH QUARTER BUDGET REPORT AND OVERVIEW DATE: FEBRUARY 21, 1995 INTRODUCTION: The City Council directed Staff to prepare an accompanying written narrative that would serve as an informational excerpt to the quarterly budget reports. Attached to the preliminary 4th Quarter Budget Report is a document entitled "Budget Report Overview" that is intended to satisfy your request. The review provides information related to those areas within the budget that have experienced exceptions to the approved budgeted levels. The report identifies revenue shortfalls and surpluses and includes a short explanation as to the various reasons. Also, expenditures are summarized on t s basis as well. Hopefully the "Budget Report Overview" ill se as narrative support to the quarterly numbers Pf orm c and e ce your understanding of those results. REVIEWED BY: A9S03. WIrr 16200 Eagle Creek Ave., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612)447-4245 AN EQUAL OPPORTIJNITY EMPLOYER , ,. BUDGET REPORT OVERVIEW (Preliminary 4th Quarter Budget Report)* Expenditures: General Government Upon completion of the office relocation and new computer projects, of which 24% of the cost is yet to be charged back, total general government expenditures will approach 93% of budget for 1994. The City experienced another exceptional year in both exposure areas of general liability and workfb~ compensation. Claims were negligible which resulted in a refund of premiums of nearly $69,000 or 47% of our originally charged $146,355. This is the major reason for the low percentage under Buildings & Plant. Public Safety This is the major service category within the operating budget and expenditures were virtually on target with respect to budget as indicated by the percentage of 99%. Public Works The departments in public works came in at 90% for the year. The major reason was due to reduced personnel expenses associated with staffing positions changeover and less reliance on temporary positions than initially anticipated. This resulted in a savings of over $38,000 for the year. Culture-Recreation Outstanding purchases for ADA playground equipment of approximately $14,000 will push Parks budget expenditures to a total of 93%. Employee expenses were down within parks similarly due to a number of staffing changes that resulted in positions being filled on a delayed basis. Also park vandalism was down this year which resulted in cost savings. Plus professional services were under-expended by $5,000. These were the primary contributing factors for keeping park expenditures under budget. Increased participation in the dance program pushed expenditures above 100% for recreation. Economic Development Advertising/promotional expenses were underrun by $5,000 which accounted for almost the entire balance of unexpended funds within the economic development department. Continl:ent Reserve Professional services related to union contract negotiations accounted for $20,000 of contingency expenditures with the remaining attributed to litigation settlement. An additional $15,000 of cost related to the office relocation project is anticipated plus an additional $30,000 for the new computer system pushing the total project costs respectively to $90,000 and $110,000 respectively. Of these amounts, $155,000 will be allocated back to the contingent account which will result in an 96% overrun. Therefore, the ~ contingency will n21 have to support these projects as originally planned because revenues in 1994 sufficiently exceeded total expenditures to cover these projects as well. Expenditure Summary: Total General Fund Operating Budget expenditures are projected to be approximately $4,666,000 when including outstanding appropriations. This represents 97.7% of the total $4,775,180 budget. Revenues: Current property tax receipts resulted in a 98% collection rate with delinquent receipts of past years virtually offsetting the 1994 unremitted portion thereby realizing 100% of our tax levy. License and permits were down significantly primarily due to a shortfall in building permit related revenue. Single family permits were projected at 275 while the final number came in at 183 for 1994 or down 33% of estimate but still up 8% from 1993. Park program revenue of $119,000 fell short of the $145,000 prediction. On the positive side, Intergovernmental revenue was up due to increased contract revenues from the Shakopee Mdewakanton Dakota community of $271,360 versus $150,000 budgeted. Of this amount $79,360 is yet to be collected as it represents the final reconciled balance owed for 1994. Also developer agreement revenue exceeded budget by over $50,000. . Revenue Summary: Total General Fund Operating Budget revenue is projected to be approximately $4,783,000 when factoring in remaining SMDC contract payment. This represents 100.6% of the total $4,775,180 budget. PRELIMINARY 4TH QUARTER BUDGET RECAP: Overall, final 1994 budget amounts are expected to result in revenues exceeding expenditures by nearly $117,000 when comparing $4.783 million of revenue to $4.666 million of expenditures. * [4th Quarter Budget Report represents expenditures and revenues to date and do not include outstanding appropriations and receipts.] BR.WRT .,-' ;:.:..,.;'..t~~. , ~r.~-"".''''-'-,.".... I It '-..-,----.-'--""~. '., 1994 4TH QUARTBR BUDGBT REPORT (Preliminary) GBHBRAL GOVBRHMBNT Mayor & Council Ordinance City Manager Boards and Commission Elections Director of Finance Accounting Internal Auditing Assessing Law Personnel Planning and Zoning Data Processing Buildings and Plant PUBLIC SAFBTY Police Fire and Rescue Building Inspection Civil Defense Animal Control PUBLIC WORKS Engineering Street CULTURB-RECRBATION Recreation Parks Libraries URBAN BCONONIC DBVELOPMBNT DBBT SBRVICB CONTINGBNT RESBRVB RZVBN'UBS General Property Taxes Licenses and Permits Intergovernmental Revenue Charges for Services Fines and Forfeits Misc. Revenues Other Financing Sources TOTAL BUDGBT BXPBNDITURBS TOTAL BUDGBT RECBIPTS BR0494.WRT Budget Amount 1,111,375.00 22,525.00 14,375.00 220,215.00 4,635.00 4,290.00 78,720.00 46,020.00 9,500.00 25,600.00 156,200.00 73,445.00 213,385.00 64,180.00 178,285.00 1,695,720.00 1,248,680.00 200,320.00 232,940.00 4,950.00 8,830.00 652,040.00 388,795.00 263,245.00 736,425.00 170,050.00 553,915.00 12,460.00 51,410.00 428,210.00 100,000.00 4,775,180.00 2,181,465.00 357,715.00 1,326,970.00 608,030.00 66,000.00 75,000.00 160,000.00 4,775,180.00 4,775,180.00 Bxpended 980,195.00 24,876.00 8,867.00 206,495.00 5,248.00 2,644.00 78,055.00 44,256.00 9,500.00 25,000.00 156,159.00 63,967.00 193,445.00 45,065.00 116,618.00 1,672,963.00 1,245,210.00 198,760.00 216,083.00 4,218.00 8,692.00 584,604.00 347,304.00 237,300.00 686,974.00 174,913.00 502,067.00 9,994.00 44,765.00 428,200.00 40,945.00 4,703,384.00 2,184,096.00 289,025.00 1,381,678.00 504,314.00 46,353.00 145,744.00 152,174.00 4,438,646.00 4,703,384.00 Percent 85.0% 110.0% 62.0% 94.0% 113.0% 62.0% 99.0% 96.0% 100.0% 98.0% 100.0% 87.0% 91. 0% 70.0% 65.0% 99.0% 100.0% 99.0% 93.0% 85.0% 98.0% 90.0% 89.0% 90.0% 93.0% 103.0% 91. 0% 80.0% 87.0% 100.0% 41. 0% 98.0% 100.0% 81. 0% 104.0% 83.0% 70.0% 194.0% 95.0% 92.0% 98.5%