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HomeMy WebLinkAbout5G - 1 Q. Budget Report 16200 Eagle Creek Avenue S.E. Prior Lake, MN 55372-1714 STAFF AGENDA REPORT MEETING DATE: AGENDA #: PREPARED BY: AGENDA ITEM: APRIL 19,2004 5G RALPH TESCHNER, FINANCE DIRECTOR CONSIDER APPROVAL OF 2004 1ST QUARTER BUDGET SUMMARY REPORTS AND GENERAL FUND OVERVIEW DISCUSSION: The City Council has directed Staff to prepare an accompanying written narrative that would serve as an informational excerpt to the quarterly budget reports. Attached to the 1 st Quarter Budget Report is a document entitled "Budget Report Overview" for the General Fund that is intended to satisfy your request. The 1 st Quarter Budget Reports shows the status of expenditures for the first 3 months of activity for the General Fund and Enterprise Funds consisting of the water & sewer, water quality and transit funds. The "overview" provides information related to those areas within the general fund budget that have experienced exceptions (normally :1::5% variation) to the approved budget levels. The report identifies revenue shortfalls and surpluses and includes a short explanation as to the various reasons. Expenditures are also summarized on this basis. REVIEWED BY: The "Budget Report Overview" is intended to serve as narrative support to the Quarterly Budget Report and enhance your understanding of perfo ance results. Please feel free to contact me at 447-9841 for more i ormation. (jJ Attachments: 1. 2004 1 t rter udget Summary Reports 2. Budget Report Overview (General Fund) www.cityofpriorlake.com H:\BUDGET\BR.DOC Phone 952.447.4230 / Fax 952.447.4245 2004 1st Quarter General Fund Budget Summary Report Budget Amount General Government 1,772,691.00 Mayor & Council 49,313.00 Ordinance 9,500.00 City Manager 290,413.00 Boards & Commissions 9,324.00 Elections 10,734.00 Director of Finance 118,888.00 Accounting 143,052.00 Internal Auditing 13,400.00 Assessing 78,100.00 Law 236,000.00 Personnel 73,696.00 Communications 110,609.00 Planning & Zoning 231,004.00 Data Processing 107,525.00 Buildings & Plant 291,133.00 Public Safety 3,120,429.00 Police 2,177,947.00 Fire & Rescue 440,753.00 Building Inspection 458,069.00 Civil Defense 27,650.00 Animal Control 16,010.00 Public Works 1,382,553.00 Engineering 551,254.00 Street 595,763.00 Central Garage 235,536.00 Culture-Recreation 1,385,205.00 Recreation 358,088.00 Parks 954,782.00 Libraries 72,335.00 Economic Development 245,432.00 Debt Service 770,260.00 Contingent Reserve 75,000.00 Revenues 8,751,570.00 General Property Taxes * 5,261,594.00 Licenses & Permits 843,313.00 Intergovernmental Revenue 955,589.00 Charges for Services 1,125,374.00 Fines & Forfeits 115,200.00 Miscellaneous Revenue 188,500.00 Other Financing Sources 262,000.00 Total Budget Expenditures 8,751,570.00 Total Budget Revenues 8,751,570.00 Expended Percent 360,442.00 20% 11 ,511.00 23% 2,157.00 23% 66,542.00 23% 0.00 0% 0.00 0% 29,327.00 25% 32,872.00 23% 190.00 1% 0.00 0% 49,324.00 21% 17,624.00 24% 25,256.00 23% 51,954.00 22% 32,360.00 30% 41,325.00 14% 629,107.00 20% 488,049.00 22% 30,741.00 7% 107,449.00 23% 242.00 1% 2,626.00 16% 283,982.00 21% 132,337.00 24% 99,705.00 17% 51,940.00 22% 243,405.00 18% 45,982.00 13% 176,026.00 18% 21,397.00 30% 53,755.00 22% 670.00 0% 0.00 0% 589,994.00 7% 0.00 0% 126,471.00 15% 213,001.00 22% 190,239.00 17% 31,690.00 28% 28,671.00 15% - 78.00 0% 1,571,361.00 18% 589,994.00 7% * adj. for $365,406 market value aid cut BROI04.xls 4:15 PM4/2/04 Enterprise Funds 2004 1st Quarter Enterprise Funds Budget Summary Report Budget Amount Expended Percent Utility Fund 2,513,915.00 578,907.00 23% Water 966,156.00 246,106.00 25% Sewer 1,547,759.00 332,801.00 22% Water Quality 294,077.00 39,152.00 13% Transit Services 493,876.00 53,292.00 11% Transfers 616,000.00 0.00 0% Revenues 4,396,376.00 680,340.00 15% Water Utility Revenues 3,572,500.00 545,119.00 15% Water Quality Utility Revenues 330,000.00 61,365.00 19% Transit Revenues 493,876.00 73,856.00 15% Total Budget Expenditures 3,917,868.00 671,351.00 17% Total Budget Revenues 4,396,376.00 680,340.00 15% BUDGET REPORT OVERVIEW (2004 1st Quarter Budget Report) Expenditures: General Government · Expenses associated with Boards and Commissions, Elections and Assessing are typically not incurred until the latter part of the budget year i.e., December EDA and planning commission per diems, fall election judge salaries and mid-year contract assessing billing, therefore the zero amounts. Also, Internal Auditing shows minimal activity, as audit billings will occur later for work completed on the 2003 audit report. · Legal fees in the general service area is running lower at 13% than projected at this point of the budget cycle due to the fact that city attorney costs represent only two months of billings in the quarter. However, Scott Joint Prosecution expenses for the first quarter billing are actually up. This occurred because the budget for the prosecution did increase significantly for this year. The overall legal expense category outcome is 21 % of the year to date budget. · Data Processing is above estimates at 30% because a number of annual software service contracts are paid in their entirety during the first quarter. · Bldgs & Plant is less at 13% because our LMCIT liability and property casualty insurance premiums were billed late by the League of Minnesota Cities and will show up in next quarter's budget analysis. · General Government totals are in general conformance with budget estimates at 20%. Public Safety · Police Department expenses are slightly below at 22% because the new patrol cars have not yet been purchased. · Fire Department expenses are fairly low because 60% of department costs are attributed to volunteer compensation and pension contribution, both of which are paid as an annual lump sum at year-end. · Civil Defense costs are relatively low because the new Brooksville Hills siren replacement has not yet been installed. . Animal control does not represent a full quarter of service because they are billed one month in arrears. · Public Safety totals are in general conformance with budget estimates at 20%. Public Works · Street Department expenses typically lag during the 1 st quarter due to the fact that a major share of its operating expenses is incurred during summer and fall. · Public Works totals are in general conformance with budget estimates at 21%. Culture-Recreation · Due to the seasonal nature of recreation and park expenditures, budget results (13% & 18%) are normally lower during the 1 st quarter. Their major activity levels occur during the spring and summer months. . Library results are up at 30% of budget primarily because of higher gas utilities during the first quarter of library operation. . Culture-Recreation totals are consistent with seasonal expectations and budget estimates at 18%. Economic Development · The budget expenditures are slightly under as the professional services appropriation is unexpended to date. BrOl04.doc ^.__O^""._~~_._._._.__..~_._~...___._____.._____.... · Economic Development totals are under budget estimates at 22%. Debt Service · All general debt service bond payments are made during the months of June and December. Contingent Reserve · No Contingency expenditures have occurred. Expenditure Summary: 2004 General Fund 1 st Quarter operating expenditures are on track and represent 18% of the total $8,751,570 operating budget. This actually compares with similar 2003 1st quarter results of 18%. Expenditures during the 1 st quarter are typically less than the remaining fiscal quarters. Revenues: · Property tax settlements are scheduled for June and December therefore no tax revenue has been received. · License & Permit fees are under total projection at 15% as building permit activity was on a fairly weak pace early in the year, which resulted in all building related revenue sources to come in at 15% of estimates as well. · Intergovernmental revenue is under at 22% of the quarterly budget estimate because the 1 st half fire contract payment from Credit River has not yet been paid. · Charges for services is somewhat under expectations at 17% primarily due to the timing of franchise fee payments which occur shortly after the end of each quarter and the project administration/engineering transfer which is recognized at year end. Also all park service fees are not collected until the summer months. · Fine revenue is averaging slightly above projections. · Miscellaneous Revenue is below budget at 15% due to a void In development contract revenue during the quarter. · Other Financing Sources primarily consists of the $250,000 enterprise fund contribution transfer, which is recognized at year-end. Revenue Summary: Revenues normally lag at this time of year and account for approximately 7% of budget, which is actually less than what the City has averaged in the past five years, which have shown a spread of9%-12%. 1 ST QUARTER BUDGET RECAP: Overall, the 2004 1 st quarter financial performance is fairly typical to past years with no significant expense variances or revenue shortfalls appearing other than noted. Revenues are a little soft but building activity is anticipated to turn upwards as the construction season begins and our lot inventory increases with the submission of the final plats that are expected. * [1 st Quarter Budget Report represents expenditures and revenues to date and do not include outstanding appropriations or receipt expectations.] BrO 1 04. doc ........- ... ~----_..~--_......._._-----_..._-._..,....-.._.~.__. ....