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HomeMy WebLinkAbout5C - 2nd Quarter Financial Report O 13111°,Pti 4646 Dakota Street SE 4INNEso`cP Prior Lake,MN 55372 CITY COUNCIL AGENDA REPORT MEETING DATE: AUGUST 11, 2014 AGENDA#: 5C PREPARED BY: JERILYN ERICKSON, FINANCE DIRECTOR PRESENTER: JERILYN ERICKSON AGENDA ITEM: CONSIDER APPROVAL OF THE 2ND QUARTER 2014 FINANCIAL REPORTS DISCUSSION: Introduction Staff has prepared preliminary summary financial reports (attached) as of June 30, 2014 for the following funds: • General Fund • Debt Service Funds • Capital Park Fund • Revolving Equipment Fund • Facilities Management Fund • Water Fund • Sewer Fund • Water Quality Fund • Transit Fund • Economic Development Authority Special Revenue Fund The reports reflect revenue and expenditure activity for the first half of 2014. The reports are preliminary, unaudited and may change. The attached memorandum provides a summary of the significant issues. As requested by the City Council, comparative information has been included for the same period of the prior year. If council members have questions please feel free to contact me at 952- 447-9841 for more information. ALTERNATIVES: 1. A motion to accept the June 30, 2014 Financial Report as submitted. 2. Take no action and provide the staff with specific direction. RECOMMENDED Alternative 1. MOTION: CiMEMo� rR,o,� ORANDUM C4 DATE: August 11, 2014 TO: Prior Lake City Council 41,,NNE,011. FROM: Jerilyn Erickson, Finance Director RE: Financial Report dated 06/30/2014 The financial reports presented as part of this agenda item reflect activity during the first half of 2014. The significant issues identified at this time are summarized below. General Fund Summary Key points for the second quarter: • Preliminary financial information reflects revenues exceeding expenditures by $243,000. • First half property tax collection rates are comparable for current and fiscal disparities and lower for delinquent collections, compared to the prior year; • Building permit activity is at 33% of budgeted activity; • Charges for services are comparable to the prior year; • Fines and forfeiture fees are slightly higher; • Interest revenues are significantly higher when factoring in the impact of the fair value of investments adjustment; and • Expenditure activity as a percent of budget is slightly higher than 2013. • None of the flooding expenses are reflected in this report. The 2014 original budget anticipates a use of fund balance reserves in the amount of$1.033M. General Fund Revenues Property taxes were received in June. Revenues from taxes are recognized on a cash basis and not an accrual basis for the General Fund. First half current taxes collected are comparable to the prior year (51%). Fiscal disparity collections are slightly higher than 2013. Delinquent tax collections are lower despite overall tax receivables at yearend 2013 being slightly higher. Single family building permits are budgeted at 160 for 2014. Building permit activity is significantly lower than the first six months of 2013 and 2012 for single family homes as well as additions and alterations. The following table provides a breakdown of the first six months of activity by year: ''Year'-'# 4109tir,'''ITpirititho ir ''''?11'-'-t-':1 ii----.---7`.-:: 414t1,'''s,T.;''--'-'i!lirl,r,,70: 1 t,i' T---;'---'4' 2014 53 0 1 830 884 (23%) 2013 73 27 1 1,042 1,143 15% 2012 61 5 0 924 990 27% 2011 38 0 0 739 777 n/a The average value associated with the single family permits is $299k which is significantly lower than the average for all single family permits in 2013. As of July 30, 2014, sixty-two (62) single family permits and four(4) townhouse permits have been issued. Half of the Municipal State Aid (MSA) for road maintenance and township fire agreement revenues were received. A second partial MSA payment was received in July. Total MSA payments are anticipated to be $12k higher than budget. Page 2 Second quarter Franchise fees and PEG fees collected in July have been included in this report. Fees are slightly higher compared to 2013. Tower lease revenues reflect ten of thirteen agreements in place. Court fines and prosecution restitution revenues are tracking slightly higher than 2013. Interest earnings are at 44 percent of the budget and are slightly lower than 2013. In years past, interest earnings were adjusted only at year end to reflect the fair value of the securities. With the implementation of investment software, an adjustment is now being made on a monthly basis. As rates have started to decline again, the market value of the existing securities has been increasing. As of December 31, 2013, the market value of the total portfolio was less than the cost of the investments by $603k. As of June 30, 2014, the market value of the portfolio is less than the cost of the investments by $15k. The change in the fair value of the securities is adjusted against interest earnings and is allocated to each fund based on cash balances. The City holds its investments until maturity; therefore, an actual loss or gain is never realized. General Fund Expenditures General Fund expenditures for 2014 represent 45 percent of the $13,061,255 amended budget. The level of expenditures (in total) is higher than the same period during the past two years. General categories vary in how they are impacted from staff vacancies, status of projects, etc. Transfer to other funds is about $35k higher due to the authorized transfer to the Park Equipment Revolving Fund which was restored in 2014. At this point in the year, there are no other significant variances to report. Costs associated with street and park maintenance and recreation programs are incurred during the summer and fall. In addition, costs associated with the summer flooding are not reflected on these reports but will be during third quarter. Debt Service Funds Property taxes and special assessments are received in June, December and January (final tax settlement). Several prepayments have been received for special assessments. Interest earnings are at 58% of the budget. The change in the fair value of the securities is adjusted against interest earnings and is allocated to each fund based on cash balances. Scheduled bond payments were made in February and June. Capital Park Fund The Capital Park Fund was added to the annual budget process for 2014 and will therefore be included in the quarterly financial report. Costs have been incurred for the Trails and Sidewalk Gaps Analysis and the Park Dedication Fee study. Revolving Equipment Fund Property taxes, the primary funding source, were received in June. Interest earnings are at 61% of the budget. The change in the fair value of the securities is adjusted against interest earnings and is allocated to each fund based on cash balances. The Council approved two budget amendments in 2014 related to the refurbishment of the 1993 Peterbuilt Rescue Truck. Other vehicle and equipment purchases were approved at the April 14th and 28th and May 12th council meetings. The expenditures will be reflected on future reports. Page 3 Facilities Management Fund Interest earnings are at 196% of the budget. The change in the fair value of the securities is adjusted against interest earnings and is allocated to each fund based on cash balances. The Council approved a contract on April 28, 2014 with Honeywell as part of the Guaranteed Energy Savings Program (GESP) to conduct an energy audit of our facilities. The audit will presented to the Council on August 11, 2014. No expenditures are anticipated until after the audit is presented and decisions are made regarding which projects will be incorporated into the GESP versus the capital improvement program. Water Fund The financial report for the Water Fund reflects three billing cycles and water revenues are about 5% higher than the same period in 2013. Water rates were increased effective January 1, 2014. Consumption was 3% higher. Interest earnings are at 119% of the budget. The change in the fair value of the securities is adjusted against interest earnings and is allocated to each fund based on cash balances. Operating expenditures are higher than and transfers comparable to the same period in 2013. Capital improvements do not reflect the Water Fund's contribution to planned projects. Other capital improvement costs are typically incurred during the summer and fall. Sewer Fund The financial report for the Sewer Fund reflects three billing cycles and sewer revenues are about 2% lower than the same period in 2012. There was no change in the MCES and City sewer rates from 2013 to 2014. Consumption was about 2% lower. Interest earnings are at 91% of the budget. The change in the fair value of the securities is adjusted against interest earnings and is allocated to each fund based on cash balances. Expenditures are higher than and transfers comparable to the same period in 2013. Capital improvements do not reflect the Sewer Fund's contribution to planned projects. Other capital improvement costs are typically incurred during the summer and fall. Water Quality Fund The financial report for the Water Quality Fund reflects three billing cycles and water quality revenues are about 20% higher than the same period in 2013. The storm water rate was increased effective January 1, 2014. Federal grant funds were received for the Iron Enhanced Sand Filter project. Interest earnings are at 108% of the budget. The change in the fair value of the securities is adjusted against interest earnings and is allocated to each fund based on cash balances. Expenditures are slightly lower than the same period in 2013. Capital improvements do not reflect the Water Quality Fund's contribution to planned projects. Other capital improvement costs are typically incurred during the summer and fall. Transit Fund First and second quarter bus fares and state aid received through August are reflected in the financial report for the Transit Fund. Bus fares are slightly higher than the same period in 2013. State transit aid revenue is about $43k higher than first half 2013. Current funding levels were restored in July 2013. Page 4 Interest earnings are at 48% of the budget. The change in the fair value of the securities is adjusted against interest earnings and is allocated to each fund based on cash balances. Operating expenditures are slightly lower when compared to first half 2013. No capital improvements were programmed in 2014. Economic Development Authority Special Revenue Fund Property taxes are received in June, December and January (final tax settlement). Facility rental payments have been received for the Technology Village Business Incubator. Transfers reflect the funding provided by the General Fund for the Technology Village Business Incubator set up costs as well as additional personnel costs. The EDA budget was amended on March 17, 2014 to reallocate 2014 EDA budgeted funds for expanding the City of Prior Lake Technology Village Business Incubator into Phase II. Personnel, commissioner per diems, legal and Technology Village Business Incubator expenditures comprise the majority of the expenditures. If you have any questions regarding these financial reports, please contact me at 952.447.9841. Page 5 of PR/ City City of Prior Lake C General Fund Summary As of 06/30/2014 MNNESc"* (Preliminary&Unaudited) COMPARATIVE Variance from Actual Variance 2014 2014 2014 Amended Budget- Percent of 6/30/2013 from 2013 Budget Amended Actual Positive(Negative) Budget Actual Positive(Negative) Revenues Taxes 7,354,520 7,354,520 3,803,418 (3,551,102) 52% 3,761,187 42,231 Licenses and permits 638,895 638,895 305,111 (333,784) 48% 433,662 (128,551) Intergovernmental 1,474,044 1,550,044 545,090 (1,004,954) 35% 544,064 1,026 Charges for services 1,679,816 1,679,816 861,875 (817,941) 51% 864,576 (2,701) Fines and forfeitures 155,000 155,000 81,253 (73,747) 52% 72,817 8,436 Interest on investments 120,000 120,000 185,680 65,680 155% (124,458) 310,138 Other 181,000 181,000 110,451 (70,549) 61% 105,432 5,019 Transfers from other funds 348,540 348,540 174,270 (174,270) 50% 170,850 3,420 Total revenues 11,951,815 12,027,815 6,067,148 (5,960,667) 50% 5,828,130 239,018 Expenditures General government 3,234,368 3,234,368 1,595,470 1,638,898 49% 1,292,622 (302,848) Public safety 4,848,752 4,848,752 2,296,197 2,552,555 47% 2,211,272 (84,925) Public works 1,948,245 1,948,245 798,694 1,149,551 41% 688,332 (110,362) Culture&recreation 1,784,347 1,860,347 882,421 977,926 47% 737,591 (144,830) Natural resources 77,594 77,594 34,595 42,999 45% 17,656 (16,939) Subtotal 11,893,306 11,969,306 5,607,377 6,361,929 47% 4,947,473 (659,904) Transfers to other funds 1,091,943 1,091,943 216,446 875,497 20% 182,716 (33,730) Total expenditures 12,985,255 13,061,255 5,823,823 7,237,432 45% 5,130,189 (693,634) Net change (1,033,440) (1,033,440) 243,325 697,941 Page 1 of 13 OF PRi° City of Prior Lake `' V t General Fund Revenues As of 06/30/2014 4 v sot" (Preliminary&Unaudited) Variance from 2014 2014 2014 Amended Budget- Actual Budget Amended Actual Positive(Negative) Percent Property taxes 31010 Current taxes 6,670,870 6,670,870 3,380,017 (3,290,853) 51% 31020 Delinquent taxes - - 56,753 56,753 n/a 31040 Fiscal disparities 683,650 683,650 366,648 (317,002) 54% 7,354,520 7,354,520 3,803,418 (3,551,102) 52% Licenses&permits 32100 Business licenses 1,400 1,400 1,200 (200) 86% 32110 Liquor licenses 66,520 66,520 70,495 3,975 106% 32160 Refuse haulers 3,600 3,600 4,000 400 111% 32161 Plumbing registrations 700 700 1,200 500 171% 32170 Outdoor concert permits 850 850 450 (400) 53% 32180 Cigarette licenses 2,250 2,250 2,250 - 100% 32210 Building permits 470,060 470,060 163,721 (306,339) 35% 32211 Retainage forfeiture - - 500 500 n/a 32215 Mechanical permits 41,245 41,245 35,842 (5,403) 87% 32230 Plumbing permits 38,770 38,770 17,960 (20,810) 46% 32231 Sewer/water inspection 7,500 7,500 3,758 (3,742) 50% 32240 Animal licenses 3,750 3,750 2,575 (1,175) 69% 32260 Burning permits 2,250 2,250 1,160 (1,090) 52% 638,895 638,895 305,111 (333,784) 48% Intergovernmental revenue 33160 Federal Aids/grants 1,500 1,500 - (1,500) 0% 33401 Local government aid 49,405 49,405 - (49,405) 0% 33416 State aid-police training 7,860 7,860 - (7,860) 0% 33418 State road&bridge aid 276,000 276,000 144,102 (131,898) 52% 33420 State fire aid-ins premium 205,000 205,000 - (205,000) 0% 33421 State police aid-ins premium 160,000 160,000 - (160,000) 0% 33620 Township fire&rescue aid 329,459 329,459 162,988 (166,471) 49% 33621 Liaison aid 44,820 44,820 - (44,820) 0% 33631 Payment in lieu of taxes 400,000 400,000 200,000 (200,000) 50% 33700 Miscellaneous grants - 76,000 38,000 (38,000) n/a 1,474,044 1,550,044 545,090 (1,004,954) 35% Charges for services 34103 Zoning&subdivision fees 7,810 7,810 9,852 2,042 126% 34104 Plan check fees 291,420 291,420 99,985 (191,435) 34% 34105 Sale of maps/publications 1,000 1,000 969 (31) 97% 34107 Assessment searches 400 400 125 (275) 31% 34109 Project admin/eng fees 376,000 376,000 136,655 (239,345) 36% 34203 Accident/warrant reports 900 900 446 (454) 50% 34303 Franchise fees 571,700 571,700 296,734 (274,966) 52% 34304 PEG access fees 34,000 34,000 16,548 (17,452) 49% 34731 Softball fees 28,000 28,000 25,279 (2,721) 90% 34735 Recreation program fees 35,000 35,000 40,895 5,895 117% 34740 Beach concessions 750 750 1,366 616 182% 34760 Facility rental 71,021 71,021 37,029 (33,992) 52% 34761 Studio/pavilion rental 15,000 15,000 10,156 (4,844) 68% 34762 Park shelter rental 8,250 8,250 7,058 (1,192) 86% 34765 Tower leases 202,065 202,065 157,532 (44,533) 78% 34780 Park admission fees 10,000 10,000 4,843 (5,157) 48% 34783 City Contract Services 26,500 26,500 16,403 (10,097) 62% 1,679,816 1,679,816 861,875 (817,941) 51% Page 2 of 13 UEYWpR City of Prior Lake 6 g General Fund Revenues As of 06/30/2014 '"^R+ESo`' (Preliminary&Unaudited) Variance from 2014 2014 2014 Amended Budget- Actual Budget Amended Actual Positive(Negative) Percent Fines&forfeitures 35101 County court fines 110,000 110,000 57,047 (52,953) 52% 35104 Prosecution restitution 45,000 45,000 24,206 (20,794) 54% 155,000 155,000 81,253 (73,747) 52% Miscellaneous revenues 36102 County Assess. Collection - - 925 925 n/a 36210 Interest earnings 120,000 120,000 52,610 (67,390) 44% 36211 Developer agreements 70,000 70,000 90,950 20,950 130% 36212 Miscellaneous revenue 100,000 100,000 12,929 (87,071) 13% 36225 Unrealized inv. Gain(loss) - - 133,070 133,070 n/a 36230 Contributions&donations 11,000 11,000 5,647 (5,353) 51% 301,000 301,000 296,131 (4,869) 98% Other financing sources 39203 Transfers from other funds 348,540 348,540 174,270 (174,270) 50% 348,540 348,540 174,270 (174,270) 50% Total revenues 11,951,815 12,027,815 6,067,148 (5,960,667) 50% Page 3 of 13 o' PRlp4 N City of Prior Lake General Fund Expenditures As of 06/30/2014 ""NNEsdW' (Preliminary&Unaudited) Variance from 2014 2014 2014 Amended Budget- Actual Budget Amended Actual Positive(Negative) Percent General government 41110 Mayor&council 57,604 57,604 28,080 29,524 49% 41130 Ordinance 6,000 6,000 4,541 1,459 76% 41320 Administration 404,047 404,047 198,257 205,790 49% 41330 Boards&commissions 10,339 10,339 5,105 5,234 49% 41410 Elections 100,020 100,020 71 99,949 0% 41520 Finance 427,660 427,660 219,519 208,141 51% 41540 Internal auditing 25,125 25,125 25,115 10 100% 41550 Assessing 134,600 134,600 132,500 2,100 98% 41610 Legal 340,000 340,000 210,514 129,486 62% 41820 Personnel 161,129 161,129 72,462 88,667 45% 41830 Communications 125,646 125,646 57,529 68,117 46% 41910 Community development 323,850 323,850 153,871 169,979 48% 41920 Technology 687,850 687,850 250,835 437,015 36% 41940 Buildings&plant 430,498 430,498 237,071 193,427 55% Total general government 3,234,368 3,234,368 1,595,470 1,638,898 49% Public safety 42100 Police 3,351,083 3,351,083 1,731,750 1,619,333 52% 42200 Fire 904,430 904,430 287,261 617,169 32% 42400 Building inspection services 562,982 562,982 262,004 300,978 47% 42500 Emergency management 5,000 5,000 2,582 2,418 52% 42700 Animal control 25,257 25,257 12,600 12,657 50% Total public safety 4,848,752 4,848,752 2,296,197 2,552,555 47% Public works 43050 Engineering 371,002 371,002 180,402 190,600 49% 43100 Street 1,215,294 1,215,294 421,509 793,785 35% 43400 Central garage 361,949 361,949 196,783 165,166 54% Total public works 1,948,245 1,948,245 798,694 1,149,551 41% Culture/recreation 45100 Recreation 387,321 387,321 205,114 182,207 53% 45200 Parks 1,321,510 1,397,510 642,041 755,469 46% 45500 Libraries 75,516 75,516 35,266 40,250 47% Total culture/recreation 1,784,347 1,860,347 882,421 977,926 47% Natural resources 46100 Natural resources 77,594 77,594 34,595 42,999 45% Total natural resources 77,594 77,594 34,595 42,999 45% 49303 Transfers to other funds 1,091,943 1,091,943 216,446 875,497 20% Total expenditures 12,985,255 13,061,255 5,823,823 7,237,432 45% Page 4 of 13 C(O*'I.-.P)RIPPCity of Prior Lake zDebt Service Funds As of 06/30/14 "%K soj• (Preliminary& Unaudited) Variance with 2014 2014 Budget- Actual Budget Actual Positive(Negative) Percent Revenues Property taxes 31010 Current taxes 1,744,398 898,807 (845,591) 52% Special assessments 36101 City Assess Collections - 94,098 94,098 n/a 36102 Special assessments 489,876 223,093 (266,783) 46% Miscellaneous revenues 36210 Interest earnings 30,731 17,864 (12,867) 58% 36225 Unrealized Investment Gain/(Loss) - 42,236 42,236 n/a Other financing sources 39203 Transfers from other funds 1,731,814 304,691 (1,427,123) 18% Total revenues 3,996,820 1,580,789 (2,416,030) 40% Expenditures Debt Service 601 Principal 6,400,000 130,000 6,270,000 2% 611 Interest 1,183,781 593,126 590,655 50% 630 Other expenses 6,100 - 6,100 0% 7,589,881 723,126 6,866,755 10% Total expenditures 7,589,881 723,126 6,866,755 10% Net change (3,593,061) 857,663 Page 5 of 13 0of PRIO4 City of Prior Lake 6 1 Capital Park Fund As of 06/30/2014 NEscit' (Preliminary& Unaudited) Variance with 2014 2014 Budget- Actual Budget Actual Positive(Negative) Percent Revenues Miscellaneous revenues 34760 Facility Rental - 11,835 11,835 n/a 34791 Dedication Fees 138,750 153,750 15,000 111% Miscellaneous revenues 36210 Interest earnings 6,000 4,483 (1,517) 75% 36225 Unrealized Investment Gain/(Loss) - 11,332 11,332 n/a 36230 Contributions& Donations 1,555 1,555 n/a Total revenues 144,750 182,955 38,205 126% Expenditures Capital Park 45200 Pike Lake Park 314 Prof Sery- General 50,000 17,514 32,486 35% 530 Capital Outlay - 377 (377) n/a 45145 Rice Lake Park 530 Capital Outlay 110,000 - 110,000 0% Total culture&recreation 160,000 17,891 142,109 11% 46100 Natural Resources 224 Repair&maint(tree plantings) 10,000 - 10,000 0% Total natural resources 10,000 - 10,000 0% Total expenditures 170,000 17,891 152,109 11% Net change (25,250) 165,064 Page 6 of 13 04 Yru°� City of Prior Lake 5 ? Revolving Equipment Fund 0 As of 06/30/2014 47Nxasol`' (Preliminary&Unaudited) Variance with 2014 2014 2014 Budget- Actual Budget Amended Actual Positive(Negative) Percent Revenues Property taxes 31010 Current taxes 200,000 200,000 102,974 (97,026) 51% Miscellaneous revenues 36210 Interest earnings 25,173 25,173 13,722 (11,451) 55% 36225 Unrealized investment gain/(loss) - - 35,552 35,552 n/a Other financing sources 39104 Forfeiture property sales - - 22,066 22,066 n/a 39203 Transfers from other funds 131,000 131,000 65,500 (65,500) 50% Total revenues 356,173 356,173 239,814 (116,359) 67% Expenditures Public safety 42100 Police 450 Agency forfeit proceeds - - 9,908 (9,908) n/a 550 Motor vehicles 53,216 53,216 - 53,216 0% 53,216 53,216 9,908 43,308 19% 42200 Fire&Rescue 550 Motor vehicles - 82,766 79,351 3,415 96% 580 General equipment 36,050 36,050 - 36,050 0% 36,050 118,816 79,351 39,465 67% Total public safety 89,266 172,032 89,259 82,773 52% Public works 43050 Engineering 550 Motor vehicles 25,750 25,750 - 25,750 0% 43100 Streets 550 Motor vehicles 207,957 207,957 1,179 206,778 1% 43400 Central garage 550 Motor vehicles 72,165 72,165 12,370 59,795 17% Total public works 305,872 305,872 13,549 292,323 4% Culture&recreation 45200 Parks 550 Motor vehicles 93,833 93,833 16,582 77,251 18% 580 General equipment - - 21,495 (21,495) n/a Total culture&recreation 93,833 93,833 38,077 55,756 41% Sewer Utility 580 General equipment 236,385 236,385 12,000 224,385 5% Total sewer utility 236,385 236,385 12,000 224,385 5% Total expenditures 725,356 808,122 152,885 655,237 19% Net change (369,183) (451,949) 86,929 Page 7 of 13 of "44 City of Prior Lake Facilities Management Fund As of 06/30/2014 4,:ovNEsoo' (Preliminary& Unaudited) Variance with 2014 2014 Budget- Actual Budget Actual Positive (Negative) Percent Revenues Miscellaneous revenues 36210 Interest earnings 2,831 5,551 2,720 196% 36225 Unrealized investment gain/(loss) - 14,312 14,312 n/a Other financing sources 39203 Transfers from other funds 45,000 22,500 (22,500) 50% 39310 Bond proceeds 300,000 - (300,000) 0% Total revenues 347,831 42,363 (305,468) 12% Expenditures Public works 43400 Central garage 520 Buildings&structures 300,500 - 300,500 0% 300,500 - 300,500 0% Total public works 300,500 - 300,500 0% Culture& recreation 45100 Recreation 520 Buildings &structures 35,448 - 35,448 0% 35,448 - 35,448 0% 45500 Library 520 Buildings &structures 35,448 - 35,448 0% 35,448 - 35,448 0% Total culture& recreation 70,896 - 70,896 0% Total expenditures 371,395 - 371,396 0% Net change (23,564) 42,363 Page 8 of 13 o� PR'O�tCity of Prior Lake 1 m Economic Development Authority Special Revenue Fund 0As of 06/30/2014 SNEs2 (Preliminary&Unaudited) Variance with 2014 2014 2014 Budget- Actual Budget Amended Actual Positive(Negative) Percent Revenues Property taxes 31010 Current taxes 150,000 150,000 77,324 (72,676) 52% Miscellaneous revenues 34760 Facility rentals 7,185 7,185 3,018 (4,167) 42% 3xxxx Loan administration 2,000 2,000 - (2,000) 0% 36210 Interest earnings 282 282 720 438 255% 36225 Unrealized investment gain/(loss) - - 1,262 1,262 n/a 39203 Transfers from other funds 34,600 34,600 23,050 (11,550) 67% Total revenues 194,067 194,067 105,374 (88,693) 54% Expenditures Economic development 46500 Economic development 162,670 150,670 51,835 98,835 34% 46503 Technology village incubator 26,500 38,500 1,611 36,889 4% Total expenditures 189,170 189,170 53,446 135,724 28% Net change 4,897 4,897 51,928 Page 9 of 13 04 YRro'P City of Prior Lake 16 Water Fund `" As of 06/30/2014 M,NNfigOtF (Preliminary&Unaudited) ;:COMPARATIVE Variance from Variance 2014 2014 Budget- Actual 6/30/2013 from 2013 Budget Actual Positive(Negative) Percent Actual Positive(Negative) Operating revenues Charges for services-water 37100 Water revenues 2,861,570 905,237 (1,956,333) 32% 864,117 41,120 37110 Capital facility revenue 254,910 123,442 (131,468) 48% 120,864 2,578 37140 Door hanger charges - - - n/a 10,350 (10,350) 37150 Water reconnect charges 4,500 - (4,500) 0% 1,485 (1,485) 37160 Penalties 25,000 3,935 (21,065) 16% 12,145 (8,210) 37170 Water meters 93,400 38,712 (54,688) 41% 58,900 (20,188) 37175 Pressure reducers 24,750 8,635 (16,115) 35% 14,140 (5,505) 37180 Frost plates - 60 60 n/a 8 52 37190 Misc revenue adjustments - 6 6 n/a - 6 Total water revenues 3,264,130 1,080,027 (2,184,103) 33% 1,082,009 (1,982) Miscellaneous revenues 36210 Interest earnings 25,000 29,658 4,658 119% 27,460 2,198 36212 Miscellaneous - 582 582 n/a 1,692 (1,110) 36225 Unrealized inv.gain(loss) - 76,932 76,932 n/a (78,260) 155,192 Total miscellaneous revenues 25,000 107,172 82,172 429% (49,108) 156,280 Total revenues 3,289,130 1,187,199 (2,101,931) 36% 1,032,901 154,298 Operating expenses Personnel&current expenses 41520 Finance 85,158 38,915 46,243 46% 40,154 1,239 49400 Water 1,760,585 724,381 1,036,204 41% 558,409 (165,972) Total operating expenses 1,845,743 763,296 1,082,447 41% 598,563 (164,733) Capital improvements 49400 Water improvements 364,755 - 364,755 0% 801,891 801,891 Total capital improvements 364,755 - 364,755 0% 801,891 801,891 49303 Transfers to other funds 868,235 291,411 576,824 34% 292,667 1,256 Total expenses 3,078,731 1,054,707 2,024,026 34% 1,693,121 638,414 Net change 210,399 132,492 (660,220) 792,712 Page 10 of 13 of FR'°4 City of Prior Lake F x aSewer Fund As of 06/30/2014 +,, sdv- (Preliminary&Unaudited) COMPARATIVE Variance from Variance 2014 2014 Budget- Actual 6/30/2013 from 2013 Budget Actual Positive(Negative) Percent Actual Positive(Negative) Operating revenues Charges for services-sewer 37102 Sewer revenues 1,394,344 472,448 (921,896) 34% 479,820 (7,372) 37104 MCES revenues 1,501,054 505,472 (995,582) 34% 513,737 (8,265) 37110 Capital facility revenue 247,080 123,446 (123,634) 50% 120,866 2,580 37160 Penalties 25,000 3,285 (21,715) 13% 13,880 (10,595) Total sewer revenues 3,167,478 1,104,651 (2,062,827) 35% 1,128,303 (23,652) Miscellaneous revenues 36210 Interest earnings 25,000 22,702 (2,298) 91% 20,767 1,935 36225 Unrealized inv.gain(loss) - 58,217 58,217 n/a (60,572) 118,789 Total miscellaneous revenues 25,000 80,919 55,919 324% (39,805) 120,724 Total revenues 3,192,478 1,185,570 (2,006,908) 37% 1,088,498 97,072 Operating expenses Personnel&current expenses 41520 Finance 85,149 38,890 46,259 46% 40,084 1,194 49450 Sewer 2,206,292 994,671 1,211,621 45% 914,264 (80,407) Total operating expenses 2,291,441 1,033,561 1,257,880 45% 954,348 (79,213) Capital improvements 49450 Sewer improvements 330,000 - 330,000 0% 44,133 44,133 Total capital improvements 330,000 - 330,000 0% 44,133 44,133 49303 Transfers to other funds 328,446 121,654 206,792 37% 121,909 255 Total expenses 2,949,887 1,155,215 1,794,672 39% 1,120,390 (34,825) Net change 242,591 30,355 (31,892) 62,247 Page 11 of 13 °F P1°O4' City of Prior Lake Water Quality Fund As of 06/30/2014 'yaNEso'E'' (Preliminary&Unaudited) COMPARATIVE Variance from Variance 2014 2014 Budget- Actual 6/30/2013 from 2013 Budget Actual Positive(Negative) Percent Actual Positive(Negative) Operating revenues Charges for services-storm water 37120 Water quality revenue 813,603 427,548 (386,055) 53% 356,909 70,639 37160 Penalties - 1,157 1,157 n/a - 1,157 Total water quality revenues 813,603 428,705 (386,055) 53% 356,909 71,796 Miscellaneous revenues 36210 Interest earnings 3,903 4,198 295 108% 2,785 1,413 36225 Unrealized Inv Gain(Loss) - 10,023 10,023 n/a (9,355) 19,378 Total miscellaneous revenues 3,903 14,221 10,318 364% (6,570) 20,791 Intergovernmental Revenue 33160 Federal Grants 95,000 19,068 (75,932) 20% 13,217 5,851 Total intergovernmental revenues 95,000 19,068 (75,932) 20% 13,217 5,851 Total revenues 912,506 461,994 (451,669) 51% 363,556 98,438 Operating expenses Personnel&current expenses 49420 Water quality 528,205 167,361 360,844 32% 182,905 15,544 Capital improvements 49420 Water quality 215,000 - 215,000 0% 207,000 207,000 49303 Transfers to other funds 21,000 10,500 10,500 50% 0 (10,500) Total expenses 764,205 177,861 586,344 23% 389,905 212,044 Net change 148,301 284,133 (26,349) 310,482 Page 12 of 13 (1:1) o4 PRt0 City of Prior Lake ', Transit Fund As of 06/30/2014 ^,,Nh65ot" (Preliminary&Unaudited) COMPARATIVE Variance from Variance 2014 2014 Budget- Actual 6/30/2013 from 2013 Budget Actual Positive(Negative) Percent Actual Positive(Negative) Operating revenues Charges for services-transit revenue 38400 Bus fares 224,000 107,170 (116,830) 48% 95,745 11,425 38422 State transit aid 672,515 342,485 (330,030) 51% 299,010 43,475 Total transit revenues 896,515 449,655 (446,860) 50% 394,755 54,900 Miscellaneous revenues 36210 Interest earnings 33,000 15,856 (17,144) 48% 14,166 1,690 36225 Unrealized inv.gain(loss) - 40,498 40,498 n/a (41,006) 81,504 Total miscellaneous revenues 33,000 56,354 23,354 171% (26,840) 83,194 Total revenues 929,515 506,009 (423,506) 54% 367,915 138,094 Operating expenses Personnel&current expenses 49804 Transit services 937,149 356,342 580,807 38% 399,587 43,245 Capital improvements 49804 Capital improvements - - - n/a - - Total expenses 937,149 356,342 580,807 38% 399,587 43,245 Net change (7,634) 149,667 (31,672) 181,339 Page 13 of 13