HomeMy WebLinkAbout5C - 3rd Quarter Financial Reports O� PR12�
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4646 Dakota Street SE
`yr so-v, Prior Lake,NM 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: NOVEMBER 10, 2014
AGENDA#: 5C
PREPARED BY: JERILYN ERICKSON, FINANCE DIRECTOR
PRESENTER: JERILYN ERICKSON
AGENDA ITEM: CONSIDER APPROVAL OF THE 3RD QUARTER 2014 FINANCIAL
REPORTS
DISCUSSION: Introduction
Staff has prepared preliminary summary financial reports (attached) as of
September 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 nine
months 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 September 30, 2014 Financial Report as
submitted.
2. Take no action and provide the staff with specific direction.
RECOMMENDED Alternative 1.
MOTION:
0 PRIO,�
MEMORANDUM
DATE: November 10, 2014
TO: Prior Lake City Council
4 9n7asoll
FROM: Jerilyn Erickson, Finance Director
RE: Financial Report dated 09/30/2014
The financial reports presented as part of this agenda item reflect activity during the first nine
months of 2014. The significant issues identified at this time are summarized below.
General Fund Summary
Key points:
• Preliminary financial information reflects expenditures exceeding revenues by
$1,481,409;
• 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 54% of budgeted activity;
• Charges for services are about 11% lower than the prior year;
• Fines and forfeiture fees are 22% higher;
• Interest revenues are significantly higher when factoring in the impact of the fair value of
investments adjustment;
• Expenditure activity as a percent of budget is slightly higher than 2013.
• Flooding expenses are reflected in this report. Reimbursement of the expenses has not
been received from FEMA.
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. Second half and final property taxes aren't received until
December and January, 2015. 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. Staff
as estimated a 99% collection rate for property taxes.
Single family building permits are budgeted at 160 for 2014. Building permit activity is
significantly lower than the first nine months of 2013 and 2012 for single family homes as well
as additions and alterations. The following table provides a breakdown of the first nine months
of activity by year:
GWm'0*MOW"rffia 11 a
.ia
am", Hley �WORWIN rig �C
204 83 4 4 1,411 1,502 (14%)
2013 108 35 2 1,597 1,742 5%
2012 93 27 1 1,539 1,660 21%
2011 62 16 i01,290 1,368I I
The average value associated with the single family permits is $306k which is significantly lower
than the average for all single family permits in 2013 and 2012. (See annual data in chart below)
As of October 31, 2014, ninety-eight (98) single family permits and six (6)townhouse permits
have been issued.
Page 2
2008 ,2009 20,0 2017 202 20` 3
Permits
Issued:
Single Famil 65 62 94 80 122 149
Townhomes 19 0 0 26 52 39
Commercial/ 7 5 2 0 2 5
Industrial
Miscellaneous 1,381 1,333 1,528 1,778 2,115 2,099
Total Permits 1,472 1,400 1,624 1,884 2,291 2,292
Average
Value:
Single Family $ 304,462 $278,323 $267,298 $282,400 $347,000 $344,000
Townhomes $ 137,053 $ 0 $ 0 $142,615 $174,000 $187,000
Commercial/ F$1,145,714 $570,200 $280,000 $ 0 $547,000 $186,000
Industrial
Revenues associated with building permits and plan check fees are estimated to be
approximately $150k lower than budget, assuming 130 of the 160 permits are issued.
Intergovernmental aid will be $37k less than budget because the City will not be receiving the
contribution from ISD#719 for election equipment. It should be noted that the City will not incur
the $75k expense associated with the election equipment purchase either. This expense and
revenue are included in the 2015 budget.
Ninety percent of the Municipal State Aid (MSA) for road maintenance and all of the township
fire agreement revenues have been received. Total MSA payments are anticipated to be $12k
higher than budget.
Project engineering fees are projected to be $125k less than budget. Staff has historically used
a percentage of construction costs for estimating engineering time. In recent years, engineering
staff has used Cartegraph to track their time on projects. The amount being charged is currently
less than the estimate. Staff will be analyzing the process to determine if we are adequately
accounting for all costs, including overhead.
Third quarter Franchise fees and PEG fees collected in October have been included in this
report. Fees are slightly higher compared to 2013 and are projected to be $24k higher than
budget.
Tower lease revenues reflect all of the thirteen agreements in place.
Court fines and prosecution restitution revenues are tracking slightly higher than 2013 but are
projected to be approximately $28k less than budget. With the new SJPA in place, future
revenues will be transferred to Scott County.
Interest earnings are at 67 percent of the budget and are slightly lower than 2013. Staff
anticipates that interest earnings revenue will be approximately $20k less than budget.
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 of December 31, 2013, the market value of the total portfolio was less
than the cost of the investments by $603k. As of September 30, 2014, the market value of the
portfolio is less than the cost of the investments by $76k which results in a gain currently being
reflected on the financial statements. The change in the fair value of the securities is adjusted
Page 3
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. Recognizing
the volatility of the market value adjustment, Staff is not taking this adjustment into account with
the yearend projections.
Insurance dividends are typically received in November/December. Staff does not anticipate
receiving the workers compensation and property/casualty dividends in 2014 which were
budgeted at$70k. We did not receive dividends in 2013 and actually had to pay a $65k retro
adjustment for workers compensation.
Administrative fees from plats and developer agreements are $23k higher than budget.
Staff is preparing lease agreements associated with the Lakefront storage building and
anticipates revenues of$70k by the end of the year.
Overall, Staff anticipates that revenues will come in approximately 230k less than budget for
2014.
General Fund Expenditures
General Fund expenditures for 2014 represent 66 percent of the $13,259,137 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.
Budget savings will be realized in personnel services due to position vacancies from employee
turnover, although some of the savings will be reduced because of additional overtime to cover
shifts (i.e. police department). Additional overtime was incurred for the many snow events we
had last winter as well as the summer flooding. Approximate overall savings is $45k.
The workers compensation insurance policy approved earlier this year had a significant
increase and will be over budget by $23k.
Direct costs (excluding staff time) associated with the summer flooding are reflected in the
Contingency expenditure. FEMA reimbursement is anticipated for some or all of these costs.
The timing of the reimbursement is not known at this time. For purposes of projecting yearend
results, the $103k in costs will be included as additional expenditures that weren't budgeted.
Utility expenses are significantly higher than budget. Electric and gas are projected to be $28k
and $20k over budget, respectively.
Legal fees are currently at 89% of the budget and are projected to be approximately $23k over
budget. We will not be paying any additional prosecution fees during fourth quarter. With the
new SJPA in place, we will be transferring court fine and prosecution fee revenue to Scott
County for the purposes of covering their prosecution costs.
Costs associated with street and park maintenance (i.e. street overlay) are incurred during the
fall. Those costs are not reflected on these reports but will be during fourth quarter.
Transfer to other funds is about$35k higher due to the authorized transfers to the Park
Equipment Revolving Fund (which was restored in 2014) and the EDA Fund.
Regarding all other budgeted expenditures, Staff is making a broad assumption that all projects
or work that were planned for 2014 will be completed by 12/31/14 and, therefore, expensed in
2014. If the work is not completed by 12/31/14, then departments will need to request an
amendment to the 2015 budget for the expenditure and the use of reserves for funding.
Page 4
Based on the aforementioned assumptions and estimates, Staff anticipates that expenditures
will come in approximately $130k higher than budget for 2014.
General Fund Reserves
The 2014 budget anticipated a planned use of reserves in the amount of$1,033,440. The 2014
budget has been amended to use additional reserves primarily for projects carried forward from
2013. The revised planned use of reserves is $1,117,256.
Based on the current yearend projections, an additional $360k of reserves will be used to fund
revenue shortfalls and expenditure overages (including the flood expenditures that may not be
reimbursed in 2014). The revised use of reserves would be approximately $1.48M.
This will have a significant impact on the 2015 budget and how it is funded. This will be
discussed further during the 2015 budget workshop on November 10.
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 104% 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. Bond proceeds
are shown for the 2014A bond issuance which will be used to refund the 20088 G.O. Street
Improvement Bond in December, 2014.
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.
The 2014 budget was amended to carry forward funding associated with the Trails and
Sidewalk Gaps Analysis and the Park Dedication Fee study which were started in 2013. The
two studies are incomplete at this time.
There were two major projects planned for 2014: 1) Rice Lake Park improvements; and 2) Pike
Lake Park Master Plan.
Some of the grading work may be done yet in 2014 (dependent on the weather)for the Rice
Lake Park improvements. The majority of the improvements will be carried forward to 2015.
A collaborator group which is comprised of YMCA, SMSC, Three Rivers Parks District, PLSL
Watershed and City staff was established for the Pike Lake Park Master Plan. The group is in
the early stages of developing an RFP for designing the Plan although this project has been
delayed for a year due to more pressing priorities. The group will also explore grant
opportunities for funding the improvements. Staff anticipates that the Plan will be completed in
2015,rather than 2014.
Revolving Equipment Fund
Property taxes, the primary funding source, were received in June. Interest earnings are at 80%
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 council
meetings earlier this year. The expenditures will be reflected on future reports.
Page 5
Facilities Management Fund
Interest earnings are at 295% 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 and
financing options were presented to the Council on August 11 and October 27, 2014. No
expenditures are anticipated until after decisions are made regarding the GESP program on
November 24, 2014.
Water Fund
The financial report for the Water Fund reflects four billing cycles and water revenues are about
2.5% lower than the same period in 2013. Water rates were increased effective January 1,
2014.
Interest earnings are at 177% 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 reflect the Water Fund's contribution to the Maplewood project. The
status of the capital improvement costs is shown below:
Watermain Improvement CIP Budget Actual Comments
Projects Ref
SMSC JPA Capital Payment CIP $0 $0 Budget of$104,755 moved to
#14 operating account per JPA
Water Equipment Replacement CIP $100,000 $49,202 Flat amount for rehab or
#14 replacement work on water
related infrastructure. Not
tied to specific
projects. Completed Well 8&
9 Rehab plus work to make
Well#7 operational for 2014
Total $100,000 $49,202
Street Reconstruction Projects CIP Budget Actual Comments.
Ref
Crest Avenue&Carriage Hills CIP $100,000 $0 No utility work done with
Rehabilitation #10 roiect
Maplewood CIP $60,000 $168,353 Upgraded water main due to
#10 hot soils and
deterioration. Replaced old
watermain with a plastic pipe
to avoid future hot soil issues.
Total $160,000 $168,353
�I
Sewer Fund
The financial report for the Sewer Fund reflects four billing cycles and sewer revenues are about
3% lower than the same period in 2013. There.was no change in the MCES and City sewer
rates from 2013 to 2014.
Interest earnings are at 134% 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 and transfers comparable to the same period in 2013. Capital improvements
reflect the Sewer Fund's contribution to the Maplewood project. The status of the capital
improvement costs is shown below:
Page 6
Sewer Improvement Projects CIP Budget Actual Comments
Ref
Sewer System Equipment CIP $100,000 $0 Flat amount for rehab or
Replacement #19 replacement of Lift Station
equipment. Not tied to
specific projects. Two control
panels to be replaced in
2014.
Inflow/Inflation CIP $150,000 $0 Televising completed late
#18 2014 with an estimated total
of$25,000 to
30,000. Considering
purchase of TV equipment in
collaboration of Savage and
Shakopee.
Total $250,000 $0
Street Reconstruction Projects C,IP Budget Actual Comments
Ref
Crest Avenue&Carriage Hills CIP $50,000 $0 No utility work done with
Rehabilitation #10project
Maplewood CIP $30,000 $73,779 The water main upgrade
#10 installation increased the cost
of the sewer main.
Total $80,000 1 $73,779
Water Quality Fund
The financial report for the Water Quality Fund reflects four 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 169% 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. The status of the capital
improvement costs is shown below:
Storm Sewer CIP Budget Actual Comments
Improvement Projects Ref
Stormwater Infrastructure CIP $100,000 $16,200 Remaining in process,almost
Maintenance #20 complete. Will be invoiced
late 2014.
Pond Maintenance&Retrofit CIP $25,000 $0 Design work to state late
#21 2014.
Cates Creek Dam Repair CIP $25,000 $0 Punch list items remaining.
#22 Invoice processed late 2014.
Total $150,000 $16,200
Street Reconstruction Projects CIP Budget Actual Comments
Ref
Rolling Oaks CIP $25,000 $0 Project on hold;
#10
Mushtown/Maple/Panama CIP $30,000 $0
#10 rPerOew by ordered;MPCAPoa gra grant
proceeds;construction
anticipated in 2015.
$0 Final project didn't include
Maplewood CIP $10,000
#10 any water guality features.
Total $65,000 I $0
Page 7
Transit Fund
Nine months of bus fares and state aid are reflected in the financial report for the Transit Fund.
Bus fares are comparable to the same period in 2013. State transit aid revenue is about $75k
higher than the same period in 2013. Current funding levels were restored in July 2013.
Interest earnings are at 73% 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 2013. A CMAQ bus purchase was
programmed in 2014.
The City Council has had multiple discussions regarding a merger with the Minnesota Valley
Transit Authority (MVTA).
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, professional services 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 8
p4 PRtp�
F City of Prior Lake
General Fund Summary
As of 09130/2014
(Preliminary&Unaudited) COMPARATIVE`
Variance from Actual Variance
2014 2014 2014 Amended Budget- Percent of 9/30/2013 from 2014
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 638,895 638,895 447,377 (191,518) 70% 610,246 (162,869)
Intergovernmental 1,474,044 1,550,044 965,666 (584,378) 62% 976,095 (10,429)
Charges for services 1,679,816 1,679,816 1,247,042 (432,774) 74% 1,400,608 (153,566)
Fines and forfeitures 155,000 155,000 126,974 (28,026) 82% 103,920 23,054
Interest on investments 120,000 120,000 198,857 78,857 166% (164,112) 362,969
Other 181,000 181,000 127,693 (53,307) 71% 232,433 (104,740)
Transfers from other funds 348,540 462,606 375,471 (87,135) 81% 256,275 119,196
Total revenues 11 951,815 12,141 881 7,292,498 (4,849,383) 60% 7,176,652 115,846
Expenditures
General government 3,234,368 3,234,368 2,261,974 972,394 70% 1,908,820 (353,154)
Public safety 4,848,752 4,848,752 3,318,689 1,530,063 68% 3,226,612 (92,077)
Public works 1,948,245 1,948,245 1,215,228 733,017 62% 1,215,821 593
Culture&recreation 1,784,347 1,942,866 1,485,818 457,048 76% 1,243,506 (242,312)
Natural resources 77,594 77,594 51,560 26,034 66% 55,879 4,319
Urban&economic development - - n/a - -
Subtotal 11,893,306 12,051,825 8,333,269 3,718,556 69% 7,650,638 (682,631)
Transfers to other funds 1,091,943 1,091,943 222,221 869,722 20% 182,716 (39,505)
Contingency reserve - 115,363 218,417 (103,054) 189% 0 (218,417)
Total expenditures 12,985,255 13,259,137 8,773 907 4,485,230 66% 7,833,354 (940,553)
Net change (1,033,440) (1,117,256) (1,481,409) (656,702)
I
II
Page 10/13
04 PRIG
City of Prior Lake
U General Fund Revenues
As of 09/30/2014
so (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 1,450 50 104%
32110 Liquor licenses 66,520 66,520 70,795 4,275 106%
32160 Refuse haulers 3,600 3,600 4,000 400 111%
32161 Plumbing registrations 700 700 1,400 700 200%
32170 Outdoor concert permits 850 850 1,050 200 124%
32180 Cigarette licenses 2,250 2,250 2,250 - 100%
32210 Building permits 470,060 470,060 275,855 (194,205) 59%
32211 Retainage forfeiture - - 4,540 4,540 n/a
32215 Mechanical permits 41,245 41,245 46,951 5,706 114%
32230 Plumbing permits 38,770 38,770 28,682 (10,088) 74%
32231 Sewer/water inspection 7,500 7,500 5,689 (1,811) 76%
32240 Animal licenses 3,750 3,750 3,105 (645) 83%
32260 Burning permits 2,250 2,250 1,610 (640) 72%
638,895 638,895 447,377 (191,518) 70%
Intergovernmental revenue o
33160 Federal Aids/grants 1,500 1,500 - (1,500)
33401 Local government aid 49,405 49,405 5,953 (43,452) 122
%
33416 State aid-police training 7,860 7,860 7,723 (137) 98%
33417 State aid-fire training - - 5,700 5,700 n/a
33418 State road&bridge aid 276,000 276,000 259,384 (16,616) 94%
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%
33422 State aids&grants - - - n/a
33620 Township fire&rescue aid 329,459 329,459 325,976 (3,483) 99%
33621 Liaison aid 44,820 44,820 22,930 (21,890) 51%
33631 Payment in lieu of taxes 400,000 400,000 300,000 (100,000) 75%
33700 Miscellaneous grants 76,000 38,000 (38,000) n/a
1,474,044 1 550 044 965,666 (584,378) 62%
Charges for services
34103 Zoning&subdivision fees 7,810 7,810 13,971 6,161 179%
34104 Plan check fees 291,420 291,420 163,304 (128,116) 56%
34105 Sale of maps/publications 1,000 1,000 1,020 20 102%
34107 Assessment searches
400 400 205 (195) 51%
34109 Project admin/eng fees 376,000 376,000 190,303 (185,697) 51%
34203 Accident/warrant reports 900 900 681 (219) 76%
34303 Franchise fees 571,700 571,700 446,267 (125,433) 78%
34304 PEG access fees 34,000 34,000 24,863 (9,137) 73%
34731 Softball fees
28,000 28,000 26,807 (1,193) 96%
34735 Recreation program fees 35,000 35,000 49,846 14,846 142%
34740 Beach concessions 750 750 1,366 616 182%
34760 Facility rental 71,021 71,021 52,190 (18,831) 73%
34761 Studio/pavilion rental 15,000 15,000 12,298 (2,702) 82%
34762 Park shelter rental 8,250 8,250 8,211 (39) 100%
34765 Tower leases 202,065 202,065 204,567 2,502 101%
34780 Park admission fees 10,000 10,000 13,870 3,870 139%
34783 City Contract Services 26,500 26,500 37,273 10,773 141%
1,679,816 1 679 816 1,247,042 (432,774) 74%
Page 2 of 13
p� PRIp$
F, City of Prior Lake
U General Fund Revenues
As of 09/30/2014
MNNESOt� (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 88,869 (21,131) 81%
35104 Prosecution restitution 45,000 45,000 38,105 (6,895) 85%
155,000 155,000 126,974 (28,026) 82%
Miscellaneous revenues
36102 County Assess.Collection - - 925 925 n/a
36210 Interest earnings 120,000 120,000 80,750 (39,250) 67%
36211 Developer agreements 70,000 70,000 93,025 23,025 133%
36212 Miscellaneous revenue 100,000 100,000 26,596 (73,404) 27%
36225 Unrealized inv.Gain(loss) - - 118,107 118,107 n/a
36230 Contributions&donations 11,000 11,000 7,147 (3,853) 65%
301,000 301,000 326,550 25,550 108%
Other financing sources
39203 Transfers from other funds 348,540 462,606 375,471 (87,135) 81%
348,540 462,606 375,471 (87,135) 81%
Total revenues 11,951,815 12,141,881 7,292,498 (4,849,383) 60%
Page 3 of 13
OPRIL
City of Prior Lake
General Fund Expenditures
As of 09/30/2014
(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 40,624 16,980 71%
41130 Ordinance 6,000 6,000 6,041 (41) 101%
41320 Administration 404,047 404,047 287,357 116,690 71%
41330 Boards&commissions 10,339 10,339 6,828 3,511 66%
41410 Elections 100,020 100,020 8,609 91,411 9%
41520 Finance 427,660 427,660 315,873 111,787 74%
41540 Internal auditing 25,125 25,125 25,115 10 100%
41550 Assessing 134,600 134,600 132,500 2,100 98%
41610 Legal 340,000 340,000 313,652 26,348 92%
41820 Personnel 161,129 161,129 105,392 55,737 65%
41830 Communications 125,646 125,646 86,255 39,391 69%
41910 Community development 323,850 323,850 212,032 111,818 65%
41920 Technology 687,850 687,850 364,094 323,756 53%
41940Buildings&plant 430,498 430,498 357,602 72,896 83%
Total general government 3,234,368 3,234,368 2,261,974 972,394 70%
Public safety
42100 Police 3,351,083 3,351,083 2,462,825 888,258 73%
42200 Fire 904,430 904,430 444,651 459,779 49%
42400 Building inspection services 562,982 562,982 389,381 173,601 69%
42500 Emergency management 5,000 5,000 2,932 2,068 59%
42700 Animal control 25,257 25,257 18,900 6,357 75%
Total public safety 4,848,752 4,848,752 3,318,689 1,530,063 68%
Public works
43050 Engineering 371,002 371,002 249,091 121,911 67%
43100 Street 1,215,294 1,215,294 711,702 503,592 59%
43400 Central garage 361,949 361,949 254,435 107,514 70%
Total public works 1,948,245 1,948,245 1,215,228 733,017 62%
Culture/recreation
45100 Recreation 387,321 387,321 332,159 55,162 86%
45200 Parks 1,321,510 1,480,029 1,100,930 379,099 74%
45500 Libraries 75,516 75,516 52,729 22,787 70%
Total culture/recreation 1,784,347 1,942,866 1,485,818 457,048 76%
Natural resources 26,034 66%
46100 Natural resources 77,594 77,594 51,560
Total natural resources 77,594 77,594 51,560 26,034 66%
49303 Transfers to other funds 11091,943 1,091,943 222,221 869,722 20%
49999 Contingency - 115;363 218,417 (1.03,054) n/a
Total expenditures 12,985,255 13,259,137 8,773,907 4,485,230 66%
Page 4 of 13
04 pR'O� City of Prior Lake
Tx Debt Service Funds
As of 09130/14
MSN Soy* (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 - 98,020 98,020 n/a
36102 Special assessments 489,876 223,093 (266,783) 46%
Miscellaneous revenues
36210 Interest earnings 30,731 32,098 1,367 104%
36225 Unrealized Investment Gain/(Loss) - 34,749 34,749 n/a
Other financing sources
39203 Transfers from other funds 1,731,814 304,691 (1,427,123) 18%
39310 Bond Proceeds - 528,078 528,078 n/a
Total revenues 3,996,820 2,119,536 (1,877,283) 53%
Expenditures
Debt Service
507 Bonding Costs - 10,657 (10,657) n/a
511 Bond Discount/(Premium) - (15,657) 15,657 n/a
601 Principal 6,400,000 130,000 6,270,000 2%
611 Interest 1,183,781 601,311 582,470 51%
630 Other expenses 6,100 - 6,100 0%
49303 Transfer to other funds - 114,066 (114,066) n/a
7,589,881 840,377 6,749,504 11%
Total expenditures 7,589,881 840,377 6,749,504 11%
Net change (3,593,061) 1,279,159
Page 5 of 13
04 PR'OR City of Prior Lake
Capital Park Fund
As of 09/30/2014
MANS°sD (Preliminary&Unaudited) Variance with
2014 2014 2014 Budget- Actual
Budget Amended Actual Positive(Negative) Percent
Revenues
Miscellaneous revenues
34760 Facility Rental - - 15,735 15,735 n/a
34791 Dedication Fees 138,750 138,750 232,500 93,750 168%
Miscellaneous revenues
36210 Interest earnings 6,000 6,000 7,545 1,545 126%
36225 Unrealized Investment Gain/(Loss) - - 9,947 9,947 n/a
36230 Contributions&Donations 3,130 3,130 n/a
Total revenues 144,750 144,750 268,857 124,107 186%
Expenditures
Capital Park
45200 Pike Lake Park
314 Prof Sery-General 50,000 70,436 17,514 52,922 25%
530 Capital Outlay - - 377 (377) n/a
45145 Rice Lake Park
530 Capital Outlay 110,000 110,000 - 110,000 0%
Total culture&recreation 160,000 180,436 17,891 162,545 10%
46100 Natural Resources
224 Repair&maint(tree plantings) 10,000 10,000 - 10,000 0%
Total natural resources 10,000 10,000 - 10,000 0%
Total expenditures 170,000 190,436 17,891 172,545 9%
Net change (25,250) (45,686) 250,966
I
Page 6 of 13
04 rxZo� City of Prior Lake
Revolving Equipment Fund
As of 09130/2014
(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 20,174 (4,999) 80%
36225 Unrealized investment gain/(loss) - - 32,422 32,422 n/a
Other financing sources
39104 Forfeiture property sales - - 23,778 23,778 n/a
39203 Transfers from other funds 131,000 131,000 98,250 (32,750) 75%
Total revenues 356,173 356,173 277,598 (78,575) 78%
Expenditures
Public safety
42100 Police
450 Agency forfeit proceeds - - 14,180 (14,180) n/a
550 Motor vehicles 53,216 53,216 53,602 (386) 101%
53,216 53,216 67,782 (14,566) 127%
42200 Fire&Rescue
550 Motor vehicles 36,050 118,816 108,045 10,771 91%
36,050 118,816 108,045 10,771 91%
Total public safety 89,266 172,032 175,827 (3,795) 102%
Public works
43050 Engineering
550 Motor vehicles 25,750 25,750 42,496 (16,746) 165%
43100 Streets
550 Motor vehicles 207,957 207,957 1,179 206,778 1%
43400 Central garage
550 Motor vehicles 72,165 72,165 33,556 38,609 46%
Total public works 305,872 305,872 77,231 228,641 25%
Culture&recreation
45200 Parks
550 Motor vehicles 93,833 93,833 74,757 19,076 80%
580 General equipment - 21,495 (21,495) n/a
Total culture&recreation 93,833 93,833 96,252 (2,419) 103%
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 725,356 808,122 361,310 446,812 45%
Net change (369,183) (451,949) (83,712)
Page 7 of 13
0'r1
pRlOCity of Prior Lake
Facilities Management Fund
As of 09/30/2014
M�NNE50'LP (Preliminary&Unaudited) Variance with
2014 2014 Budget- Actual
Budget Actual Positive(Negative) Percent
Revenues
Miscellaneous revenues
36210 Interest earnings 2,831 8,356 5,525 295%
36225 Unrealized investment gain/(loss) - 13,009 13,009 n/a
Other financing sources
39203 Transfers from other funds 45,000 33,750 (11,250) 75%
39310 Bond proceeds 300,000 - (300,000) 0%
Total revenues 347,831 55,115 (292,716) 16%
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) 55,115
Page 8 of 13
of P`�Oe City of Prior Lake
Water Fund
A,, As of 09/30/2014
"�'NkS�' (Preliminary&Unaudited) COMPARATIVE
0
Variance from Variance
2014 2014 2014 Budget- Actual 913012013 from 2013
Budget Amended Actual Positive(Negative) Percent Actual Positive(Negative)
Operating revenues
Charges for services-water
37100 Water revenues 2,861,570 2,861,570 1,397,334 (1,464,236) 49% 1,433,560 (36,226)
37110 Capital facility revenue 254,910 254,910 164,769 (90,141) 65% 161,629 3,140
37140 Door hanger charges - - - - n/a 13,075 (13,075)
37150 Water reconnect charges 4,500 4,500 - (4,500) 0% 1,800 (1,800)
37160 Penalties 25,000 25,000 5,914 (19,086) 24% 18,242 (12,328)
37170 Water meters 93,400 93,400 57,802 (35,598) 62% 84,356 (26,554)
37175 Pressure reducers 24,750 24,750 13,877 (10,873) 56% 20,115 (6,238)
37180 Frost plates - - 74 74 n/a 23 51
37190 Misc revenue adjustments - - 7 7 n/a (1) 8
Total water revenues 3,264,130 3 264 130 1,639.777 (1 624,353) 50% 1,732,799 (93,022)
Miscellaneous revenues
36210 Interest earnings 25,000 25,000 44,248 19,248 177% 37,740 6,508
36212 Miscellaneous - - 687 687 n/a 2,152 (1,465)
36225 Unrealized inv.gain(loss) - - 71,260 71,260 n/a (101,089) 172,349
Total miscellaneous revenues 25,000 25,000 116,195 91,195 465% (61,197) 177,392
Total revenues 3,289,130 3,289,130 1,755,972 (1,533,158) 53% 1,673,269 82,703
Operating expenses
Personnel¤t expenses
41520 Finance 85,158 85,158 56,100 29,058 66% 56,627 527
49400 Water 1,760,585 1,865,340 1,064,953 800,387 60% 904,148 (160,805)
Total operating expenses 1,845,743 1,950,498 1,121,053 829,445 51% 960,775 (160,278)
Capital improvements
49400 Water improvements 364,755 260,000 217,555 42,445 60% 801,891 584,336
Total capital improvements 364,755 260,000 217,555 42,445 601/0 801,891 584,336
49303 Transfers to other funds 868,235 868,235 357,479 510,756 41% 356,629 (850)
Total expenses 3,078,731 3,078,731 1,696,087 1,382,646 55% 2,119,295 423,208
�I
Net change
210,399 210,399 59,885 (446,026) 505,911
Page 9 of 13
of Mq` City of Prior Lake
F Sewer Fund
As of 09/30/2014
(Preliminary&Unaudited) COMPARATIVE
Variance from Variance
2014 2014 Budget- Actual 9/30/2013 from 2013
Budget Actual Positive(Negative) Percent Actual Positive(Negative)
Operating revenues
Charges for services-sewer
37102 Sewer revenues 1,394,344 651,966 (742,378) 47% 672,094 (20,128)
37104 MCES revenues 1,501,054 698,076 (802,978) 47% 719,950 (21,874)
37110 Capital facility revenue 247,080 164,775 (82,305) 67% 161,634 3,141
37160 Penalties 25,000 4,868 (20,132) 19% 18,941 (14,073)
Total sewer revenues 3,167,478 1 519 685 (1,647,793) 48% 1,572,619 (52,934)
Intergovernmental
33422 State Aids/Grants n/a% 1 667 (1,667)
0
Total intergovermental - 0% 1 667 (1,667)
Miscellaneous revenues
36210 Interest earnings 25,000 33,499 8,499 134% 30,242 3,257
36225 Unrealized inv.gain(loss) - 54,171 54,171 n/a (82,303) 136,474
Total miscellaneous revenues 25,000 87,670 62,670 351% (52,061) 139,731
Total revenues 3,192,478 1,607,355 (1,585,123) 50% 1,522,225 85,130
Operating expenses
Personnel¤t expenses 56,556 482
41520 Finance 85,149 56,074 29,075 66%
49450 Sewer 2,206,292 1,479,364 726,928 67% 1,469,737 (9,627)
9,145
Total operating expenses 2,291,441 1,535,438 756,003 67% 1,526,293 ( )
Capital improvements
49450 Sewer improvements 330,000 73,779 256,221 22% 44,133 (29,646)
Total capital improvements 330,000 73,779 256,221 22% 44,133 (29,646)
49303 Transfers to other funds 328,446 181,471 146,975 55% 180,872 (599)
Total expenses 2,949,887 1,790,688 1,159,199 61% 1,751,298 (39,390)
Net change 242,591 (183,333) (229,073) 45,740
Page 10 of 13
o` PRION City of Prior Lake
x Water Quality Fund
As of 09/30/2014
MH�ESot" (Preliminary&Unaudited) COMPARATIVE
Variance from Variance
2014 2014 Budget- Actual 9/30/2013 from 2013
Budget Actual Positive(Negative) Percent Actual Positive(Negative)
Operating revenues
Charges for services-storm water
37120 Water quality revenue 813,603 564,804 (248,799) 69% 472,073 92,731
37160 Penalties - 1,678 1,678 n/a - 1,678
Total water quality revenues 813,603 566,482 (248,799) 70% 472,073 94,409
Miscellaneous revenues
36210 Interest earnings 3,903 6,601 2,698 169% 3,548 3,053
36225 Unrealized Inv Gain(Loss) 9,301 9,301 n/a (11,009) 20,310
Total miscellaneous revenues 3,903 15,902 11,999 407% (7,461) 23,363
Intergovernmental Revenue
33160 Federal Grants 95,000 68,149 (26,851) 72% 22,020 46,129
Total intergovernmental revenues 95,000 68,149 (26,851) 72% 22,020 46,129
Total revenues 912,506 650,533 (263,651) 71% 486,632 163,901
Operating expenses
Personnel¤t expenses
49420 Water quality 528,205 378,735 149,470 72% 281,584 (97,151)
Capital improvements
49420 Water quality 215,000 16,200 198,800 8% 207,000 190,800
49303 Transfers to other funds 21,000 15,750 5,250 75% - (15,750)
Total expenses 764,205 410,685 353,520 54% 488,584 77,899
Net change 148,301 239,848 (1,952) 241,800
I
Page 11 of 13
City of Prior Lake
04 ?RIO'r
h Sx Transit Fund
As of 09/3012014
"nN b5°s" (Preliminary&Unaudited) COMPARATIVE
Variance from Variance
2014 2014 Budget- Actual 9/30/2013 from 2013
Budget Actual Positive(Negative) Percent Actual Positive(Negative)
Operating revenues
Charges for services-transit revenue
38400 Bus fares 224,000 161,741 (62,259) 72% 164,763 (3,022)
38422 State transit aid 672,515 546,285 (126,230) 81% 471,049 75,236
Total transit revenues 896,515 708,026 (188,489) 79% 635,812 72,214
Miscellaneous revenues
36210 Interest earnings 33,000 23,959 (9,041) 73% 20,604 3,355
36225 Unrealized inv.gain(loss) 36,792 36,792 n/a (55,353) 92,145
Total miscellaneous revenues 33,000 60,751 27,751 184% (34,749) 95,500
Total revenues 929,515 768,777 (160,738) 83% 601,063 167,714
Operating expenses
Personnel¤t expenses
49804 Transit services 887,149 573,741 313,408 65% 591,974 18,233
Capital improvements - -
49804 Capital improvements 50,000 - 50,000 0%
Total expenses 937,149 573,741 363,408 61% 591,974 18,233
Net change (7,634) 195,036 9,089 185,947
I
II
Page 12 of 13
01 PR`O� City of Prior Lake
Economic Development Authority Special Revenue Fund
As of 09/30/2014
MMNE56" (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 3,923 (3,262) 55%
3xxxx Loan administration 2,000 2,000 - (2,000) 0%
36210 Interest earnings 282 282 1,289 1,007 457%
36225 Unrealized investment gain/(loss) - - 1,033 1,033 n/a
39203 Transfers from other funds 34,600 34,600 28,825 (5,775) 83%
Total revenues 194,067 194,067 112,394 (81,673) 58%
Expenditures
Economic development
46500 Economic development 162,670 150,670 75,864 74,806 50%
46503 Technology village incubator 26,500 38,500 2,008 36,492 5%
Total expenditures 189,170 189,170 77,872 111,298 41%
Net change 4,897 4,897 34,522
Page 13 of 13