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HomeMy WebLinkAbout5B - Treasurers' Report O<� PRlg1 U M 4646 Dakota Street SE Solt, Prior Lake,NIN 55372 CITY COUNCIL AGENDA REPORT MEETING DATE: OCTOBER 27, 2014 AGENDA#: 513 PREPARED BY: CATHERINE ASMUS, ACCOUNTANT PRESENTED BY: JERILYN ERICKSON, FINANCE DIRECTOR AGENDA ITEM: CONSIDER APPROVAL OF SEPTEMBER, 2014 TREASURER'S REPORT DISCUSSION: Introduction The purpose of this agenda item is for the Council to consider approval of the monthly Treasurer's Report for September, 2014. This information is being provided in a format which categorizes the balances by fund type. A second page is included to provide the Fund Balance Classification for each of the funds as well as the restrictions placed upon their usage. Even though the business-type funds may have an "unrestricted" fund balance and the General Fund may have an "unassigned"fund balance, it does not necessarily mean that the balance is available to appropriate to other funds for other uses. There are constraints in place due to the type of fund or based on the City's fund balance policy. Current Circumstances Staff has prepared a preliminary summary of the activity in the funds for the month of September, 2014. The Treasurer's Report reflects beginning cash balance, receipts, disbursements, and the ending cash balance for each fund. The Report is preliminary, unaudited and will change. The attached memorandum provides a summary of the fund descriptions. If Council members have questions, please feel free to contact me at 952- 447-9841 for more information. ALTERNATIVES: 1. A motion and second as part of the consent agenda to approve the September, 2014 Treasurer's Report as submitted. 2. Take no action and provide the staff with specific direction. RECOMMENDED Alternative #1. MOTION: ATTACHMENTS: 1. City of Prior Lake September, 2014 Treasurer's Report 2. Treasurer's Report Fund Descriptions O't FRIO+P City of Prior Lake Treasurers Report y�NNESO�A September, 2014 Fund 9/1/2014 9/30/2014 Fund Type& Name No. Balance Receipts Disbursements Balance Business-Type Funds Water Fund 601 $ 3,349,158.75 $ 94,237.04 $ 231,830.43 $ 3,211,565.36 Sewer Fund 604 2,482,404.08 46,004.46 223,779.10 2,304,629.44 Water Quality Fund 602 574,033.99 62,888.37 122,154.66 514,767.70 Transit Fund 603 1,785,962.94 95,673.24 112,186.29 1,769,449.89 Total Business-Type Funds $ 8,191,559.76 $ 298,803.11 $ 689,950.48 $ 7,800,412.39 Governmental-Type Funds General Fund 101 $ 5,928,023.64 $ 658,984.92 $ 1,227,134.46 $ 5,359,874.10 Special Revenue Funds Cable Franchise Fund 210 $ 66,092.31 $ - $ - $ 66,092.31 Capital Park Fund 225 677,078.60 2,984.74 - 680,063.34 EDA Special Revenue 240 104,348.27 6,340.57 8,462.95 102,225.89 Econ Dev Federal Revolving Loan Func 250 117,267.68 178.70 - 117,446.38 Econ Dev MN Revolving Loan Fund 255 91,064.43 138.77 - 91,203.20 Developer Agreement Fund 260 1,486,772.47 45,845.29 134,602.80 1,398,014.96 Total Special Revenue Funds $ 2,542,623.76 $ 55,488.07 $ 143,065.75 $ 2,455,046.08 Capital Project Funds Tax Increment 402 $ 219,720.37 $ 119.24 $ 141,468.12 $ 78,371.49 TIF#1-3 413 118,387.50 179.64 500.00 118,067.14 TIF#3-1 414 73,222.62 110.82 500.00 72,833.44 TIF#4-1 415 4,727.24 6.44 500.00 4,233.68 TIF#5-1 416 5,136.98 7.07 500.00 4,644.05 TIF#6-1 417 186,819.11 283.92 500.00 186,603.03 TIF#1-4 418 346.30 - 500.00 - 153.70 Revolving Equipment Fund 410 1,398,253.90 36,064.67 77,350.40 1,356,968.17 Revolving Park Equipment Fund 430 383,040.43 583.70 - 383,624.13 Facilities Management Fund 440 616,162.67 12,206.08 - 628,368.75 Construction Fund 501 153,189.06 2,221,030.86 805,264.68 1,568,955.24 Trunk Reserve Fund 502 2,092,536.23 22,713.52 3,218.47 2,112,031.28 Street Oversize Fund 503 913,689.40 1,392.33 - 915,081.73 Water Storage Fund 505 874,656.00 14,352.66 - 889,008.66 Total Capital Project Funds $ 7,039,887.81 $ 2,309,050.95 $ 1,030,301.67 $ 8,318,637.09 Debt Service Funds 5xx $ 2,551,548.45 $ 553,235.98 $ 10,657.00 $ 3,094,127.43 Agency Fund 801 $ 506,381.00 $ 27,500.00 $ 85,907.50 $ 447,973.50 Total Governmental Type Funds $ 18,568,464.66 $ 3,604,259.92 $ 2,497,066.38 $ 19,675,658.20 Internal Service Fund 701 $ 601,935.01 $ 2,851.13 $ - $ 604,786.14 Total All Funds $ 27,361,959.43 $ 3,905,914.16 $ 3,187,016.86 $ 28,080,856.73 Investment Pool & Ratio as of 9/30/2014 98.69% $ 27,712,298.55 This report does not reflect financial obligations from contracts, agreements, purchases, services received, etc. OF PRIpR City of Prior Lake Treasurers Report September,2014 Sia Fund Type&Name Fund Balance Classification Constraints Business-Type Funds Water Fund Unrestricted Identified on utility bill for this purpose Sewer Fund Unrestricted Identified on utility bill for this purpose Water Quality Fund Unrestricted Identified on utility bill for this purpose Transit Fund Unrestricted Funds received for transit-related uses Governmental-Type Funds General Fund Unassigned Cashflow,emergencies,one-time opportunities Special Revenue Funds Cable Franchise Fund Assigned for communications Statutory obligation to use for PEG access Capital Park Fund Assigned for capital improvements Contractually obligated;park dedication fees EDA Special Revenue Assigned for development Economic Development Econ Dev Federal Revolving Loan Fund Restricted for economic development Economic Development Econ Dev MN Revolving Loan Fund Restricted for economic development Economic Development Developer Agreement Fund Assigned for development Contractually obligated; Capital Project Funds Tax Increment Restricted for tax increment Contractually obligated by tax increment agreements TIF#1-3 Restricted for tax increment Contractually obligated by tax increment agreements TIF#3-1 Restricted for tax increment Contractually obligated by tax increment agreements TIF#4-1 Restricted for tax increment Contractually obligated by tax increment agreements TIF#5-1 Restricted for tax increment Contractually obligated by tax increment agreements TIF#6-1 Restricted for tax increment Contractually obligated by tax increment agreements Revolving Equipment Fund Assigned for capital improvements Identified for equipment replacement Revolving Park Equipment Fund Assigned for capital improvements Identified for park equipment replacement Facilities Management Fund Assigned for capital improvements Identified for funding Facilities Management Plan Construction Fund Restricted for capital improvements Construction projects in progress Trunk Reserve Fund Assigned for capital improvements Contractually obligated by developer agreements Street Oversize Fund Assigned for capital improvements Contractually obligated by developer agreements Water Storage Fund Assigned for capital improvements Contractually obligated by developer agreements Debt Service Funds Restricted for Debt Service Reserved for contractually obligated debt service Agency Fund N/A Escrows to be reimbursed to depositors Internal Service Fund Unrestricted Identified as payment for severance compensation 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 45%of the current operating budget,for working capital to finance city operations. Water Fund - The Water Fund accounts for the collection of water billing utility revenue. This enterprise fund balance is allocated for the operational costs of the Water departments and normally reserved for large capital municipal system expenses. Sewer Fund - The Sewer Fund accounts for the collection of sewer billing utility revenue. This enterprise fund balance is allocated for the operational costs of the Sewer department and normally reserved for large capital municipal system expenses. Water Quality Fund-The Storm Water Fund is an enterprise account funded by the $11.25 storm water charge that is generated on the bi-monthly water and sewer utility bills. The funds in the account are dedicated to finance water quality improvements including departmental administration, storm water maintenance operations and improvement projects related to water quality. 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. The receipts are 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. Capital Park Fund - Capital Park funds are dedicated funds received from developers in accordance with the City's Park Dedication requirement when land is platted. 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 Program. ED Special 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 incentives for new business expansion within the community. ED Fed/MN Loan Funds - 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. These funds were closed in September,2011. DAG Special Revenue Fund - The DAG Fund is a special revenue fund related to the costs the City incurs in connection with a subdivision. The fees are paid to the City by the developer when the Development Contract and Final Plat are approved by the City Council. These revenues are used to pay for legal expenses incurred in connection with review and approval of the plat 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 Bldg - 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. Revolving Equipment 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. Revolving Park Equipment Fund — This Fund was established in 2009 in conjunction with the Park Equipment Replacement Plan to fund replacement of park equipment. Facilities Management Fund — This Fund was established on 08/15/2011 per council resolution #11-100 in conjunction with the Facilities Management Plan (IMP). The FMP provides a schedule of major repairs,replacements and upgrades to all of the City facilities. 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 Storage 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 Funds - The Debt Service Fund represents prepayments of special assessments, property tax collections and special levies needed to pay the outstanding bonded indebtedness of the City. This fund balance is 100%reserved for the payment of bond principal and interest. Agency Fund - The Agency Fund accounts for the $2500 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. Severance Compensation Fund — This Internal Service Fund was established on 12/31/2011 to replace the Severance Compensation Fund (Special Revenue Fund) in conjunction with the implementation of GASB Statement No. 54. 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.