HomeMy WebLinkAbout6B 2015 Preliminary Unaudited Financial Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: APRIL 25, 2016
AGENDA #: 6B
PREPARED BY: DON URAM, FINANCE DIRECTOR
PRESENTER: DON URAM
AGENDA ITEM: CONSIDER APPROVAL OF THE PRELIMINARY YEAREND 2015
FINANCIAL REPORTS
DISCUSSION: Introduction
Staff has prepared preliminary summary financial reports (attached) as of
December 31, 2015 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 during 2015. 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 December 31, 2015 Financial Report as
submitted.
2. Take no action and provide the staff with specific direction.
RECOMMENDED
MOTION:
Alternative 1.
Page 2
MEMORANDUM
DATE: April 25, 2016
TO: Prior Lake City Council
FROM: Don Uram, Finance Director
RE: Financial Report dated 12/31/2015
The financial reports presented as part of this agenda item reflect activity during 2015. The
significant issues identified at this time are summarized below.
General Fund Summary
Key points for 2015:
Preliminary financial information reflects revenues exceeding expenditures by $348,104;
General Fund Balance reserves are projected at $6.15M as of 12/31/2015 which
equates to a 47.3% reserve balance.
The 2015 original budget was approved as a balanced budget and did not anticipate the use of
fund balance reserves. The budget was subsequently amended to reflect a use of fund balance
reserves in the $233k.
General Fund Revenues
Property taxes were received in June, December and January. A final settlement was received
in January. Current tax collections were at 99.3% compared to 99.0% and 98.6% and in 2014
and 2013, respectively. Delinquent collections were about 39% lower than 2014 but,
recognizing that the delinquent receivables were lower as of 12/31/14 compared to 12/31/13,
this was expected. Overall, General Fund revenues totaled $12,691,917 which is about $45k
higher than what was budgeted.
Single family building permits were budgeted at 160 for 2015. Revenues associated with
building permits and plan check fees are approximately $162k lower than what was budgeted.
The following chart shows building permit activity and average values for years 2009 through
2015.
2009 2010 2011 2012 2013 2014 2015
Permits
Issued:
Single Family 62 94 80 122 149 118 112
Townhomes 0 0 26 52 39 8 10
Commercial/
Industrial
5 2 0 2 5 5 10
Miscellaneous 1,333 1,528 1,778 2,115 2,099 1,935 2,063
Total Permits 1,400 1,624 1,884 2,291 2,292 2,066 2,195
Average
Value:
Single Family $278,323 $267,298 $282,400 $347,000 $344,000 $317,000 $331,000
Townhomes $ 0 $ 0 $142,615 $174,000 $187,000 $138,000 $183,000
Commercial/
Industrial
$570,200 $280,000 $ 0 $547,000 $186,000 $17,000 $374,000
The Municipal State Aid (MSA) for road maintenance was about $29k higher than budget.
Federal grants contributed $20k for various programs and projects. In 2014, the SMSC
awarded the City a $76k grant for the Pike Lake parking lot and trail. Construction was not
Page 3
completed in 2014; therefore, $72k of grant revenue was recognized when the project was
completed in 2015.
Project engineering fees are $26k 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.
Recreation revenues (including Park admission fees and facility rental) are $18k higher than
budget, primarily for program fees.
The City amended the JPA with the Scott Joint Prosecution Association as of 10/01/2014;
therefore, all revenues received after this date were transferred to Scott County.
Interest earnings are $19k under budget. The report also reflects a $14k increase in the fair
value of the securities. As rates decreased, the market value of the existing securities have
increased. This is a paper gain; no actual gain is realized because the City holds the securities
until maturity.
Miscellaneous revenues exceeded budget by $144k. This is due primarily to the League of MN
Cities insurance dividend received in 2015. Included in Miscellaneous revenues are false alarm
fees, investigation fees for licenses, reimbursement of police overtime from organizations,
electrical inspector fees, insurance dividends, etc.
Preliminary reports show that actual revenues exceed the 2015 budget by approximately $44k.
The following table highlights the revenue categories that comprise the $44k:
Revenue Category Revenues to
Budget
Property Taxes $ (20,000)
Franchise Taxes 10,000
Intergovernmental 6,000
Charges for Services (1,000)
Special Assessments (34,000)
Interest (losses) on Investments (5,000)
Miscellaneous Revenues 134,000
Contributions and Donations 1,000
Sale of Assets 7,000
Licenses and Permits (55,000)
Fines and Forfeitures 1,000
Estimated Total Revenues Exceeding Budget $ 44,000
General Fund Expenditures
General Fund expenditures for 2015 represent 96 percent of the $12,880,629 amended budget.
General categories vary in how they are impacted from employee turnover, insurance, utilities,
fuel, equipment repairs, ability to complete capital projects etc.
Many factors impact expenditures. Employee turnover and delays in filling open positions in
some of the departments including Administration and Finance has allowed for savings in those
areas. The savings is not only due to positions being open for an extended period of time but
also, when finally filled, the compensation package is typically lower for the new employee.
The 2015 budget included a number of street repairs and maintenance projects as well as trail
replacements that were not completed in 2014 due to the abbreviated construction season. The
Page 4
implementation of the final two modules for the ERP system and purchase of election
equipment were also completed in 2015.
Preliminary General Fund expenditures are expected to come in at $12,343,813 which is less
than the 2015 amended budget by approximately $537k.
The following table highlights the variances expected in personnel, current expenditures and
capital outlay:
Expenditure Category Estimated
Expenditures
Compared to
Budget*
Subtotals by
Category
Personnel:
Reductions from Employee Turnover, Delays in Hiring,
Etc.
$248,000
Part-time/Seasonal Wages 35,000
Health Insurance Savings 37,000
Other Benefit Saving 15,000
Workers Comp Insurance (15,000)
Overtime (160,000)
Total Personnel $ 160,000
Current Expenditures:
Fuel $ 72,000
Operating Supplies – Snow & Ice 21,000
Insurance P/C 16,000
Legal / Prosecution Fees (18,000)
Utilities – Electric and Gas 20,000
Utilities – Park Lighting (19,000)
Professional Services 45,000
Maintenance Agreements 50,000
Training and Employee Development 14,000
Street Repairs 21,000
Miscellaneous 4,000
Total Current Expenditures $ 226,000
Capital Outlay Expenditures:
Park Improvements & Equipment $ 161,000
Technology (15,000)
Miscellaneous 2,000
Total Capital Outlay Expenditures $ 148,000
Other $ 3,000
Total Expenditures $ 537,000
*positive = budget savings; negative = expenditure exceeds budget
General Fund Reserves
The 2015 budget anticipated not using reserves for the year. The 2015 budget had been
amended to use additional reserves primarily for projects carried forward from 2014. The
revised planned use of reserves was $233,360.
Based on the preliminary yearend revenues of $12,647,917 and expenditures of $12,343,813,
the fund balance will increase by $348k. The fund balance reserve will be approximately 47.3%
of the 2016 expenditures.
In addition, there is about $233,000 of budgeted projects in 2015 that were not completed and
the project expenditures carried forward to 2016.
Page 5
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 595% 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 2015A and 2015B bond issuance.
Scheduled bond payments were made in February and June.
Capital Park Fund
Park Dedication Fees were received for Jeffers Pond 8th Addition. Interest earnings are at
171% of the budget.
There were two major projects carried over from 2014: 1) Rice Lake Park improvements; and 2)
Pike Lake Park Master Plan. These improvements were completed in 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 another 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
2016.
Revolving Equipment Fund
Property taxes, the primary funding source, were received in June, December and January (final
tax settlement). Interest earnings are at 82% 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.
A budget amendment was presented to the City Council to carry forward to 2015 approximately
$109k of project expenditures from 2014. It included a box, plow, wing and controls for the
dump truck that was received in 2015. Other vehicle and equipment purchases were approved
at council meetings earlier in the year.
Facilities Management Fund
Interest earnings are at 103% 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.
In 2014, the Council approved a contract with Honeywell as part of the Guaranteed Energy
Savings Program (GESP) to complete improvements to many of our facilities. The Council also
approved a lease agreement with US Bank for $2,667,924 to fund these improvements. As of
yearend 2015, the improvements associated with this project are almost complete and will be
finished in 2016.
Water Fund
The financial report for the Water Fund reflects six billing cycles. Consumption decreased
slightly over 2014. Water revenues are about 12.2% higher compared to 2014 due to a rate
increase that was effective in 2015.
Interest earnings are at 83% 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.
Page 6
Operating expenditures are slightly higher than 2014. Authorized expenditures for the 2015
Reconstruction, Welcome Avenue and Credit River Road projects are reflected in the capital
improvements. The status of the capital improvement costs is shown below:
Watermain Improvement
Projects
CIP
Ref
Budget Actual Comments
Water Equipment Replacement CIP
#14
$100,000 $0 Flat amount for rehab or
replacement work on water
related infrastructure. Not
tied to specific projects.
Total $100,000 $0
Street Reconstruction Projects CIP
Ref
Budget Actual Comments
2015 Reconstruction Projects CIP#10 $0 $673,424 Improvement ordered
Welcome Ave CIP#10 $0 $402,410 Final project funding
Credit River Road Project CIP#10 $0 $ 398,719 Improvement ordered
Total $0 $1,474,553
Sewer Fund
The financial report for the Sewer Fund reflects six billing cycles. Consumption was about equal
to 2014. Sewer revenues are about 2.9% higher compared to 2014 due to a rate increase
effective in 2015. Sewer revenues were lower than budget. The estimated level of discharge is
reevaluated annually in conjunction with the preparation of the Capital Improvement Program.
Interest earnings are at 52% 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.
Authorized expenditures for 2015 Reconstruction and Credit River Road projects Street projects
are reflected in the capital improvements. The status of the capital improvement costs is shown
below:
Sewer Improvement Projects CIP
Ref
Budget Actual Comments
Sewer System Equipment
Replacement
CIP
#19
$100,000 $0 Flat amount for rehab or
replacement of Lift Station
equipment. Not tied to
specific projects.
Total $100,000 $0
Street Reconstruction Projects CIP
Ref
Budget Actual Comments
2015 Reconstruction Projects CIP#10 $0 $837,460 Improvement ordered
Credit River Road Project CIP#10 $0 $236,664 Improvement ordered
Total $0 $1,074,124
Water Quality Fund
The financial report for the Water Quality Fund reflects six billing cycles. A rate increase was
implemented for the storm water charge in 2015. Water Quality revenues are based on flat
rates per billing cycle. Revenues are 2.5% higher than 2014 due in part to the rate increase and
additional utility accounts. About $42k in grant funding has been received which is down from
the prior year. Federal grant funds were received for the Iron Enhanced Sand Filter project, and
State/Local grant funds were received for Ponds Park water reuse, Watzl’s Beach shoreline
restoration and storm water BMP performance assessment.
Interest earnings are at 171% 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.
Page 7
Expenditures are lower than 2014. Authorized expenditures for the 2015 Reconstruction,
Welcome Avenue, Credit River Road and Mushtown/Maple/Panama projects are reflected in the
capital improvements. The status of the capital improvement costs is shown below:
Storm Sewer
Improvement Projects
CIP Ref Budget Actual Comments
Storm water Infrastructure
Maintenance
CIP #20 $0 $0 None for 2015
Total $0 $0
Street Reconstruction Projects CIP Ref Budget Actual Comments
Welcome Ave CIP #10 $ 0 $40,000 Final project funding
Mushtown/Maple/Panama CIP #10 $ 0 $61,817 Improvement ordered
2015 Reconstruction Projects CIP #10 $0 $180,884 Improvement ordered
Credit River Road Project CIP #10 $0 $18,068 Improvement ordered
Total $0 $300,769
Transit Fund
The City Council approved a merger with the Minnesota Valley Transit Authority (MVTA)
effective January 1, 2015. Activity in the Transit fund is limited to interest earnings. The fund
balance has been transferred to the MVTA in the third quarter, in accordance with the merger
agreement, and the fund is closed. Starting in 2016, we will no longer report on this closed
fund.
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.
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.
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City of Prior Lake
General Fund Revenues
As of 12/31/2015
(Preliminary & Unaudited)
Variance from
2015 2015 2015 Amended Budget ‐ % BDGT
Budget Amended Actual Positive ( Negative) USED
Taxes
101 31010.00 Current Property Taxes ‐ General Purpos 7,421,246.00 7,421,246.00 7,368,685 (52,561) 99%
101 31040.00 Delinquent Property Taxes ‐ General Purp 0.00 0.00 48,336 48,336 n/a
101 31040.00 Fiscal Disparities 685,977.00 685,977.00 669,445 (16,532) 98%
101 33423.00 Market Value Credit Aid 0.00 0.00 962 962 n/a
Taxes 8,107,223.00 8,107,223.00 8,087,427.39 (19,796) 100%
Licenses and Permits
101 32100.00 Business Licenses 1,200 1,200 1,200.00 ‐ 100%
101 32110.00 Liquor Licenses 64,420 64,420 69,070.00 4,650 107%
101 32160.00 Refuse Haulers 4,000 4,000 3,650.00 (350) 91%
101 32170.00 Outdoor Concert Permits 1,050 1,050 1,450.00 400 138%
101 32180.00 Cigarette Licenses 2,250 2,250 2,500.00 250 111%
101 32210.00 Building Permits 470,060 470,060 392,194 (77,866) 83%
101 32211.00 Retainage Forfeiture ‐ ‐ 6,083 6,083 n/a
101 32215.00 Mechanical Permits 43,720 43,720 51,535 7,815 118%
101 32230.00 Plumbing Permits 41,245 41,245 41,871 626 102%
101 32231.00 Sewer/Water Inspection 7,500 7,500 7,671 171 102%
101 32232.00 Plumbing Registrations 1,300 1,300 1,175 (125) 90%
101 32240.00 Animal Licenses 3,750 3,750 3,615 (135) 96%
101 32260.00 Burning Permits 2,250 2,250 2,850 600 127%
101 32270.00 Short‐term Rental Fee ‐ ‐ 2,600 2,600 n/a
Licenses and Permits 642,745 642,745 587,464 (55,281) 91%
Intergovernmental
101 33160.10 Fed Aids/Grants ‐ Operating Grants ‐ 4,382 4,529 147 103%
101 33160.11 Fed Aids/Grants ‐ Operating Police 3,500 3,500 15,277 11,777 436%
101 33401.00 Local Government Aid 52,680 52,680 11,905 (40,775) 23%
101 33416.01 State Aid ‐ Police Train 7,800 7,800 8,830 1,030 113%
101 33416.02 State Police Aid‐Ins Prem 175,000 175,000 189,421 14,421 108%
101 33417.00 State Aid ‐ Fire Training ‐ ‐ 5,854 5,854 n/a
101 33418.00 State Road & Bridge Aid 288,000 288,000 316,827 28,827 110%
101 33420.00 State Fire Aid‐Ins. Prem. 209,000 209,000 208,087 (913) 100%
101 33422.10 State Aids/Grants ‐ Operating Grants ‐ 6,800 6,654 (146) 98%
102 33422.11 State Aids/Grants ‐ Operating Police ‐ ‐ 11,675 11,675 n/a
101 33620.00 Township Fire & Resc Aid 282,002 282,002 279,094 (2,908) 99%
101 33621.00 Liaison Aid 45,860 45,860 23,565 (22,295) 51%
101 33631.00 Payment in Lieu of Taxes 420,000 420,000 420,000 ‐ 100%
101 33700.23 Miscellaneous Grants ‐ Capital Parks ‐ 72,147 72,147 ‐ 100%
Intergovernmental 1,483,842 1,567,171 1,573,864 6,693 100%
Charges for Services
101 31810.00 Franchise Taxes 595,000 595,000 604,997 9,997 102%
101 34103.00 Zoning & Subdivision Fees 7,810 7,810 26,626 18,816 341%
101 34104.00 Plan Check Fees 291,420 291,420 233,752 (57,668) 80%
101 34105.00 Sale of Maps/Publications ‐ Reports 1,000 1,000 2,196 1,196 220%
101 34107.00 Assessment Searches ‐ Reports 400 400 570 170 143%
101 34109.00 Project Admin/Eng Fees 300,000 300,000 273,943 (26,057) 91%
101 34203.00 Accident/Warrant Reports ‐ Reports 900 900 80 (820) 9%
101 34304.00 PEG Access Fees 34,000 34,000 32,952 (1,048) 97%
101 34731.00 Softball Fees 28,000 28,000 22,619 (5,381) 81%
101 34735.00 Recreation Program Fees 35,000 35,000 44,591 9,591 127%
101 34740.00 Concessions ‐ Park Fees 750 750 ‐ (750) 0%
101 34760.01 Facility Rental ‐ Regular 71,520 71,520 72,757 1,237 102%
101 34761.00 Studio/Pavilion Rental 15,000 15,000 15,844 844 106%
101 34762.00 Park Shelter Rental 8,250 8,250 14,008 5,758 170%
101 34765.01 Tower Leases 202,065 202,065 243,499 41,434 121%
101 34780.00 Park Admission Fees 10,000 10,000 17,964 7,964 180%
101 34783.00 City Contract Services 43,500 43,500 47,163 3,663 108%
Charges for Services 1,644,615 1,644,615 1,653,562 8,947 101%
Fines and Forfeitures
101 35101.00 County Court Fines ‐ ‐ 1,350 1,350 n/a
101 35104.00 Prosecution Restitution ‐ ‐ 40 40 n/a
Fines and Forfeitures ‐ ‐ 1,390 1,390 n/a
Interest (losses) on investments
101 36210.00 Interest Earnings 120,000 120,000 100,920 (19,080) 84%
101 36225.00 Unrealized Inv.Gain(Loss)‐ ‐ 14,050 14,050 n/a
Interest (losses) on investments 120,000 120,000 114,970 (5,030) 96%
Other Miscellaneous Revenues
101 36102.00 County Assess. Collection 35,000 35,000 366 (34,634) 1%
101 36211.00 Developer Agreements 70,000 70,000 59,867 (10,133) 86%
101 36212.00 Miscellaneous Revenue 94,000 94,000 238,492 144,492 254%
101 36230.00 Contributions & Donations 11,000 11,000 11,866 866 108%
101 39102.00 Sale of Property ‐ ‐ 7,130 7,130 n/a
Other Miscellaneous Revenues 210,000 210,000 317,720 107,720 151%
Other financing sources
101 39203.00 Transfer from Other Funds 355,520 355,520 355,520 ‐ 100%
Transfers in 355,520 355,520 355,520 ‐ 100%
Total Revenues 12,563,945 12,647,274 12,691,917 44,643 100%
City of Prior Lake
General Fund Expenditures
As of 12/31/2015
(Preliminary & Unaudited)
Variance from
2015 2015 2015 Amended Budget ‐ % BDGT
Budget Amended Actual Positive (Negative) USED
Function: General Government
41110.00 MAYOR & COUNCIL 55,390 55,390 58,531 (3,141) 106%
41130.00 ORDINANCE 7,500 7,500 6,952 548 93%
41320.00 ADMINISTRATION 384,759 384,759 375,542 9,217 98%
41330.00 BOARDS & COMMISSIONS 10,339 10,339 10,137 202 98%
41410.00 ELECTIONS 75,000 75,000 84,724 (9,724) 113%
41520.00 FINANCE 434,684 434,684 410,912 23,772 95%
41530.00 ACCOUNTING ‐ ‐ 368 (368) n/a
41540.00 INTERNAL AUDITING 29,950 29,950 30,748 (798) 103%
41550.00 ASSESSING 152,250 152,250 152,155 95 100%
41610.00 LEGAL 215,000 215,000 233,507 (18,507) 109%
41820.00 HUMAN RESOURCES 160,221 160,221 88,934 71,287 56%
41830.00 COMMUNICATIONS 122,301 122,301 88,444 33,857 72%
41910.00 COMMUNITY DEVELOPMENT 307,993 307,993 294,664 13,329 96%
41920.00 INFORMATION TECHNOLOGY 263,996 306,891 321,238 (14,347) 105%
41940.00 FACILITIES ‐ CITY HALL 513,457 513,457 499,483 13,974 97%
Total ‐ Function General Government 2,732,840 2,775,735 2,656,338 119,397 96%
Function: Public Safety
42100.00 POLICE 3,364,784 3,364,784 3,351,785 12,999 100%
42200.00 FIRE 883,855 883,855 880,919 2,936 100%
42400.00 BUILDING INSPECTION 577,443 577,443 553,671 23,772 96%
42500.00 EMERGENCY MANAGEMENT 10,025 10,025 9,577 448 96%
42700.00 ANIMAL CONTROL 25,257 25,257 25,200 57 100%
Total ‐ Function Public Safety 4,861,364 4,861,364 4,821,151 40,213 99%
Function: Public Works
43050.00 ENGINEERING 380,147 380,147 361,664 18,483 95%
43100.00 STREET 1,346,321 1,462,660 1,384,196 78,464 95%
43400.00 CENTRAL GARAGE 369,791 369,791 332,455 37,336 90%
Total ‐ Function Public Works 2,096,259 2,212,598 2,078,314 134,284 94%
Function: Culture and Recreation
45100.00 RECREATION 359,377 366,576 346,413 20,163 94%
45200.00 PARKS 1,331,676 1,553,251 1,337,733 215,518 86%
45500.00 LIBRARIES 66,760 66,760 61,437 5,323 92%
46100.00 NATURAL RESOURCES 79,824 ‐ (29) 29 n/a
Total ‐ Function Culture and Recreation 1,837,637 1,986,587 1,745,554 241,033 88%
00000.00 Transfer to Other Funds 1,035,845 1,035,845 1,036,243 (398) 100%
Function: Contingent Reserve
49999.00 CONTINGENT RESERVE ‐ 8,500 6,213 2,287 73%
Total ‐ Function Contingent Reserve ‐ 8,500 6,213 2,287 73%
Total Expenditures 12,563,945 12,880,629 12,343,813 536,816 96%
City of Prior Lake
Debt Service Funds
As of 12/31/2015
(Preliminary & Unaudited)
Variance from
2015 2015 2015 Amended Budget ‐ % BDGT
Budget Amended Actual Positive (Negative) USED
Revenues
Property Taxes
Current Property Taxes 1,877,863 1,877,863 1,876,205 (1,658) 100%
Special Assessments
City Assess. Collections ‐ ‐ 787,117 787,117 n/a
County Assess. Collection 401,346 401,346 350,700 (50,646) 87%
Interest (losses) on investments
Interest Earnings 26,527 26,527 157,892 131,365 595%
Unrealized Inv.Gain(Loss)‐ ‐ (120,906) (120,906) n/a
Miscellaneous Revenues
Miscellaneous Revenues 68,926 68,926 67,119 (1,807) 97%
Other Financing Sources
Transfer from Other Funds 1,670,085 1,670,085 1,794,298 124,213 107%
Bond Proceeds ‐ ‐ 5,529,906 5,529,906 n/a
Bond Discount/Premium ‐ ‐ ‐ ‐ n/a
Total Revenues 4,044,747 4,044,747 10,442,331 6,397,584 258%
Expenditures
Debt Service
Principal 3,203,474 3,203,474 3,203,474 ‐ 100%
Interest and Other 1,053,135 1,053,135 1,273,976 (220,841) 121%
Refunded Bond Escrow Pmts ‐ ‐ ‐ ‐ n/a
Transfers to Other Funds ‐ ‐ ‐ ‐ n/a
Bond Issuance Costs ‐ ‐ 92,463 (92,463) n/a
Bond Discount/Premium ‐ ‐ (143,647) 143,647 n/a
Total Expenditures 4,256,609 4,256,609 4,426,266 (169,657) 104%
Net Change (211,862) (211,862) 6,016,065
City of Prior Lake
Cable Fund
As of 12/31/2015
(Preliminary & Unaudited)
Variance from
2015 2015 2015 Amended Budget ‐ % BDGT
Budget Amended Actual Positive (Negative) USED
Revenues
Charges for Services
210‐41340.00‐34304.00 PEG Access Fees 5,133 5,133 5,133 ‐ 100%
Total Revenues 5,133 5,133 5,133 ‐ 100%
Expenditures
Capital Outlay
210‐41340.00‐55530.00 Infrastructure 7,000 7,000 4,540 2,460 65%
Total Expenditures 7,000 7,000 4,540 2,460 65%
Net Change (1,867) (1,867) 593
City of Prior Lake
Capital Park Fund
As of 12/31/2015
(Preliminary & Unaudited)
Variance from
2015 2015 2015 Amended Budget ‐ % BDGT
Budget Amended Actual Positive (Negative) USED
Revenues
Charges for Services
225‐45200.00‐34760.01 Facility Rental ‐ Regular 23,400 23,400 23,400 ‐ 100%
225‐45200.00‐34791.00 Dedication Fees 138,750 138,750 100,310 (38,440) 72%
Charges for Services 162,150 162,150 123,710 (38,440) 76%
Interest (losses) on investments
225‐00000.00‐36210.00 Interest Earnings 7,000 7,000 11,961 4,961 171%
225‐00000.00‐36225.00 Unrealized Inv.Gain(Loss)‐ ‐ 2,143 2,143 n/a
Interest (losses) on investments 7,000 7,000 14,105 7,105 201%
Contributions and donations
225‐00000.00‐36230.00 Contributions & Donations ‐ ‐ 1,555 1,555 n/a
Contributions and donations ‐ ‐ 1,555 1,555 n/a
Total Revenues 169,150 169,150 139,370 (29,780) 82%
Expenditures
54320.00 Miscellaneous ‐ ‐ 3,346 (3,346) n/a
59203.00 Transfers to Other Funds ‐ ‐ 62,356 (62,356) n/a
53100.80 Professional Services‐General ‐ ‐ 80,751 (80,751) n/a
55530.00 Infrastructure 50,000 220,000 229,647 (9,647) 104%
Total Expenditures 50,000 220,000 376,099 (156,099) 171%
Net Change 119,150 (50,850) (236,730)
City of Prior Lake
Revolving Equipment Fund
As of 12/31/2015
(Preliminary & Unaudited)
Variance from
2015 2015 2015 Amended Budget ‐ % BDGT
Budget Amended Actual Positive (Negative) USED
Revenues
Taxes
410‐00000.00‐31010.00 Current Property Taxes 250,000 250,000 250,033 33 100%
Taxes 250,000 250,000 250,033 33 100%
Intergovernmental
410‐00000.00‐33160.10 Fed Aids/Grants ‐ Operating Grants ‐ ‐ ‐ ‐ n/a
410‐00000.00‐33422.10 State Aids/Grants ‐ Operating Grants ‐ ‐ ‐ ‐ n/a
Intergovernmental ‐ ‐ ‐ ‐ n/a
Interest (losses) on investments
410‐00000.00‐36210.00 Interest Earnings 20,151 20,151 16,441 (3,710) 82%
410‐00000.00‐36225.00 Unrealized Inv.Gain(Loss)‐ ‐ 4,950 4,950 n/a
Interest (losses) on investments 20,151 20,151 21,391 1,240 106%
Sale of assets
410‐00000.00‐39102.00 Sale of Property 31,000 31,000 6,240 (24,760) 20%
Sale of assets 31,000 31,000 6,240 (24,760) 20%
Other
410‐42100.06‐39104.00 Forfeiture Property Sales 31,827 31,827 101,097 69,270 318%
Other 31,827 31,827 101,097 69,270 318%
Transfers in
410‐00000.00‐39203.00 Transfer from Other Funds 141,000 141,000 141,000 ‐ 100%
Transfers in 141,000 141,000 141,000 ‐ 100%
Total Revenues 473,978 473,978 519,761 45,783 110%
Expenditures
Public Safety
Police
410‐42100.00‐55550.00 Vehicles 115,600 115,600 94,932 20,668 82%
410‐42100.06‐54350.00 Agency Forfeit Proceeds ‐ ‐ 70,422 (70,422) n/a
Fire
410‐42200.00‐55550.00 Vehicles 150,950 150,950 96,196 54,754 64%
410‐42200.00‐55570.00 Machinery & Equipment ‐ ‐ 11,002 (11,002) n/a
Total Public Safety 266,550 266,550 272,552 (6,002) 102%
Public Works
Street
410‐43100.00‐55550.00 Vehicles 310,500 419,855 423,244 (3,389) 101%
410‐43100.00‐55570.00 Machinery & Equipment ‐ ‐ ‐ ‐ n/a
Engineering
410‐43050.00‐55550.00 Vehicles ‐ ‐ ‐ ‐ n/a
Central Garage
410‐43400.00‐55550.00 Vehicles 20,000 20,000 21,028 (1,028) 105%
Total Public Works 330,500 439,855 444,272 (4,417) 101%
Culture and Recreation
410‐45200.00‐55530.00 Infrastructure ‐ ‐ ‐ ‐ n/a
410‐45200.00‐55550.00 Vehicles 108,000 108,000 97,286 10,714 90%
410‐45200.00‐55570.00 Machinery and Equipment ‐ ‐ ‐ ‐ n/a
Total Culture & Recreation 108,000 108,000 97,286 10,714 90%
Water
410‐49400.00‐55550.00 Vehicles ‐ 25,000 25,368 (368) 101%
410‐49400.00‐55570.00 Machinery and Equipment ‐ 15,000 13,950 1,050 93%
Water Quality
410‐49420.00‐55550.00 Vehicles 73,500 73,500 89,831 (16,331) 122%
Sewer
410‐49450.00‐55570.00 Machinery and Equipment 40,000 ‐ 2,500 (2,500) n/a
Total Utility 113,500 113,500 131,649 (18,149) 116%
Total Expenditures 818,550 927,905 945,759 (17,854) 102%
Net Change (344,572) (453,927) (425,997)
City of Prior Lake
Facilities Management Fund
As of 12/31/2015
(Preliminary & Unaudited)
Variance from
2015 2015 2015 Amended Budget ‐ % BDGT
Budget Amended Actual Positive (Negative) USED
Revenues
Interest (losses) on investments
440‐00000.00‐36210.00 Interest Earnings 11,458 11,458 11,841 383 103%
440‐00000.00‐36225.00 Unrealized Inv.Gain(Loss)‐ ‐ 1,831 1,831 n/a
Interest (losses) on investments 11,458 11,458 13,672 2,214 119%
Transfers in
440‐00000.00‐39203.00 Transfer from Other Funds 50,000 50,000 50,000 ‐ 100%
Transfers in 50,000 50,000 50,000 ‐ 100%
Debt Issued
440‐00000.00‐39310.00 G.O. Bond Proceeds 600,000 600,000 ‐ (600,000) 0%
Debt Issued 600,000 600,000 ‐ (600,000) 0%
Energy Lease Issued
440‐00000.00‐39335.00 Lease Proceeds ‐ ‐ ‐ ‐ n/a
Energy Lease Issued ‐ ‐ ‐ ‐ n/a
Total Revenues 661,458 661,458 63,672 (597,786) 10%
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 81,381 81,381 81,381 ‐ 100%
41910.00 COMMUNITY DEVELOPMENT ‐ ‐ 827 (827) n/a
41960.00 GESP 2,667,924 2,667,924 2,323,247 344,677 87%
Total ‐ Function General Government 2,749,305 2,749,305 2,405,455 343,850 87%
Function: Public Safety
42200.00 FIRE 87,056 87,056 5,850 81,206 7%
Total ‐ Function Public Safety 87,056 87,056 5,850 81,206 7%
Function: Public Works
43400.00 CENTRAL GARAGE 598,933 598,933 ‐ 598,933 0%
Total ‐ Function Public Works 598,933 598,933 ‐ 598,933 0%
Function: Culture and Recreation
45100.00 RECREATION 55,562 55,562 6,642 48,920 12%
45500.00 LIBRARIES 55,562 55,562 6,872 48,690 12%
Total ‐ Function Culture and Recreation 111,124 111,124 13,514 97,610 12%
Function: Water
49400.00 Building & Building Improvement ‐ ‐ 12,400 (12,400) n/a
Total ‐ Function Culture and Recreation ‐ ‐ 12,400 (12,400) n/a
Total Expenditures 3,546,418 3,546,418 2,437,219 1,109,199 69%
Net Change (2,884,960) (2,884,960) (2,373,548)
City of Prior Lake
Water Fund
As of 12/31/2015
(Preliminary & Unaudited) COMPARATIVE
Variance from Variance
2015 2015 2015 Amended Budget ‐ % BDGT Actual from 2014
Budget Amended Actual Positive (Negative) USED
12/31/2014 Positive (Negative)
Revenues
Intergovernmental
601‐00000.00‐33633.00 Watershed Dist Grants/Aid ‐ ‐ ‐ ‐ n/a 574 (574)
Intergovernmental ‐ ‐ ‐ ‐ n/a 574 (574)
Interest (losses) on investments
601‐00000.00‐36210.00 Interest Earnings 60,000 60,000 50,028 (9,972) 83% 62,154 (12,126)
601‐00000.00‐36225.00 Unrealized Inv.Gain(Loss)‐ ‐ 8,246 8,246 n/a 87,205 (78,960)
Interest (losses) on investments 60,000 60,000 58,274 (1,726) 97% 149,359 (91,086)
Miscellaneous Revenues
601‐00000.00‐36212.00 Miscellaneous Revenue ‐ ‐ 9,968 9,968 n/a 5,771 4,197
601‐00000.00‐36102.00 County Assess Collection ‐ ‐ 4,550 4,550 n/a ‐ 4,550
601‐49400.00‐37190.00 Miscellaneous Revenue Adj ‐ ‐ 53 53 n/a 12 41
601‐00000.00‐37901.00 Contribution (Other Fund)‐ ‐ 542,506 542,506 n/a 520,013 22,493
601‐00000.00‐37902.00 Contribution (Developers)‐ ‐ 575,323 575,323 n/a 319,163 256,160
Miscellaneous Revenues ‐ ‐ 1,132,400 1,132,400 n/a 844,959 287,442
Water Charges
601‐49400.00‐37100.00 Utility Receipts ‐ Water 3,253,750 3,253,750 3,018,320 (235,430) 93% 2,691,215 327,106
601‐49400.00‐37160.00 Penalties 7,000 7,000 13,856 6,856 198% 9,281 4,575
Water Charges 3,260,750 3,260,750 3,032,176 (228,574) 93% 2,700,495 331,681
Capital Facility charges
601‐49400.00‐37110.00 Capital Facility Revenue 247,080 247,080 253,220 6,140 102% 247,990 5,231
Capital Facility charges 247,080 247,080 253,220 6,140 102% 247,990 5,231
Meter Sales
601‐49400.00‐37170.00 Water Meter Sales 93,400 93,400 80,539 (12,861) 86% 83,535 (2,995)
601‐49400.00‐37175.00 Pressure Reducers 24,750 24,750 24,089 (661) 97% 19,580 4,509
601‐49400.00‐37180.00 Frost Plates ‐ ‐ 28 28 n/a 81 (53)
Meter Sales 118,150 118,150 104,656 (13,494) 89% 103,196 1,460
Total Revenues 3,685,980 3,685,980 4,580,726 894,746 124% 4,046,573 534,727
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 804,695 804,695 2,279,145 (1,474,450) 283% 1,306,350 (972,796)
41520.00 FINANCE 86,090 86,090 77,487 8,603 90% 81,622 4,135
Total ‐ Function General Government 890,785 890,785 2,356,632 (1,465,847) 265% 1,387,972 (968,661)
Function: Water
49400.00 WATER 4,837,551 4,851,321 2,269,666 2,581,655 47% 2,215,576 (54,091)
Total ‐ Function Water 4,837,551 4,851,321 2,269,666 2,581,655 47% 2,215,576 (54,091)
Total Expenditures 5,728,336 5,742,106 4,626,299 1,115,807 81% 3,603,548 (1,022,751)
Net Change (2,042,356) (2,056,126) (45,573) 443,025
City of Prior Lake
Sewer Fund
As of 12/31/2015
(Preliminary & Unaudited)
Variance from Variance
2015 2015 2015 Amended Budget ‐ % BDGT Actual from 2014
Budget Amended Actual Positive (Negative) USED
12/31/2014 Positive (Negative)
Revenues
Interest (losses) on investments
604‐00000.00‐36210.00 Interest Earnings 52,000 52,000 27,089 (24,911) 52% 45,959 (18,870)
604‐00000.00‐36225.00 Unrealized Inv.Gain(Loss)‐ ‐ 6,928 6,928 n/a 62,866 (55,938)
Interest (losses) on investments 52,000 52,000 34,017 (17,983) 65% 108,825 (74,808)
Miscellaneous Revenues
604‐00000.00‐37901.00 Contribution (Other Fund)‐ ‐ 399,075 399,075 n/a 694,391 (295,316)
604‐00000.00‐37902.00 Contribution (Developers)‐ ‐ 271,951 271,951 n/a 256,503 15,448
Miscellaneous Revenues ‐ ‐ 671,026 671,026 n/a 950,894 (279,868)
Sewer Charges
604‐49450.00‐37102.00 Utility Receipts ‐ Sewer 1,437,028 1,437,028 1,049,942 (387,086) 73% 1,020,409 29,533
604‐49450.00‐37104.00 Utility Recpt‐Sewer MCES 1,536,624 1,536,624 1,118,500 (418,124) 73% 1,093,471 25,029
Sewer Charges 2,973,652 2,973,652 2,168,442 (805,210) 73% 2,113,880 54,562
Capital Facility charges
604‐49450.00‐37110.00 Capital Facility Revenue 247,080 247,080 253,229 6,149 102% 247,999 5,230
Capital Facility charges 247,080 247,080 253,229 6,149 102% 247,999 5,230
Water Charges
604‐49450.00‐37160.00 Penalties 7,000 7,000 11,254 4,254 161% 7,544 3,710
Water Charges 7,000 7,000 11,254 4,254 161% 7,544 3,710
Total Revenues 3,279,732 3,279,732 3,137,967 (812,790) 96% 3,429,142 (11,307)
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 247,760 247,760 1,343,820 (1,096,060) 542% 502,086 (841,734)
41520.00 FINANCE 86,040 86,040 77,443 8,598 90% 81,595 4,152
Total ‐ Function General Government 333,800 333,800 1,421,263 (1,087,463) 426% 583,681 (837,582)
Function: Sewer
49450.00 SEWER 2,984,136 3,039,136 2,391,484 647,652 79% 2,366,023 (25,460)
Total ‐ Function Sewer 2,984,136 3,039,136 2,391,484 647,652 79% 2,366,023 (25,460)
Total Expenditures 3,317,936 3,372,936 3,812,747 (439,811) 113% 2,949,704 (863,042)
Net Change (38,204) (93,204) (674,780) 479,438
COMPARATIVE
City of Prior Lake
Water Quality Fund
As of 12/31/2015
(Preliminary & Unaudited)
Variance from Variance from
2015 2015 2015 Amended Budget ‐ % BDGT Actual from 2014
Budget Amended Actual Positive (Negative) USED
12/31/2014 Positive (Negative)
Revenues
Intergovernmental
602‐00000.00‐33160.10 Fed Aids/Grants 95,000 95,000 24,000 (71,000) 25% 114,760 (90,760)
602‐00000.00‐33422.10 State Aids/Grants ‐ ‐ 2,190 2,190 n/a ‐ 2,190
602‐49420.00‐33610.20 County‐City Aids/Grants ‐ 12,212 12,212 ‐ 100% 47,281 (35,069)
602‐49420.00‐33633.00 Watershed Dist Grants/Aid ‐ ‐ 4,000 4,000 n/a ‐ 4,000
Intergovernmental 95,000 107,212 42,402 (64,810) 40% 162,041 (119,639)
Interest (losses) on investments
602‐00000.00‐36210.00 Interest Earnings 5,560 5,560 9,531 3,971 171% 9,569 (38)
602‐00000.00‐36225.00 Unrealized Inv.Gain(Loss)‐ ‐ 435 435 n/a 11,532 (11,097)
Interest (losses) on investments 5,560 5,560 9,966 4,406 179% 21,101 (11,135)
Miscellaneous Revenues
602‐00000.00‐37901.00 Contribution (Other Fund)‐ ‐ 265,691 265,691 n/a 224,410 41,281
Miscellaneous Revenues ‐ ‐ 265,691 265,691 n/a 224,410 41,281
Storm Water Charges
602‐49420.00‐37120.00 Storm Water Revenue 817,652 817,652 862,204 44,552 105% 840,898 21,305 0.025336
Storm Water Charges 817,652 817,652 862,204 44,552 105% 840,898 21,305
Water Charges
602‐49420.00‐37160.00 Penalties ‐ ‐ 3,040 3,040 n/a 2,394 646
Water Charges ‐ ‐ 3,040 3,040 n/a 2,394 646
Total Revenues 918,212 930,424 1,183,303 252,879 127% 1,250,845 (108,823)
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 21,000 21,000 321,769 (300,769) 1532% 81,000 (240,769)
Total ‐ Function General Government 21,000 21,000 321,769 (300,769) 1532% 81,000 (240,769)
Function: Water Quality
49420.00 WATER QUALITY 1,104,299 1,144,299 560,820 583,479 49% 638,571 77,750
Total ‐ Function Water Quality 1,104,299 1,144,299 560,820 583,479 49% 638,571 77,750
Total Expenditures 1,125,299 1,165,299 882,590 282,709 76% 719,571 (163,019)
Net Change (207,087) (234,875) 300,714 531,275
COMPARATIVE
City of Prior Lake
Economic Development Authority Special Revenue Fund
As of 9/30/2015
(Preliminary & Unaudited)
Variance from Variance from
2015 2015 2015 Amended Budget ‐ % BDGT Actual from 2014
Budget Amended Actual Positive (Negative) USED
12/31/2014 Positive (Negative)
Revenues
Taxes
240‐00000.00‐31010.00 Current Property Taxes 159,000 159,000 158,714 (286) 100% 149,942 8,772
240‐00000.00‐33423.00 Market Value Credit Aid ‐ ‐ 17 17 n/a 8 8
Taxes 159,000 159,000 158,731 (269) 100% 149,950 8,781
Intergovernmental
240‐46500.00‐33610.14 County‐City Aids/Grants ‐ Operat ‐ ‐ 17,165 17,165 n/a ‐ 17,165
Intergovernmental ‐ ‐ 17,165 17,165 n/a ‐ 17,165
Charges for Services
240‐00000.00‐34111.00 Administrative Charges 1,000 1,000 ‐ (1,000) 0%‐ ‐
240‐46503.00‐34760.02 Facility Rental ‐ EDA 6,000 6,000 7,438 1,438 124% 5,639 1,800
Charges for Services 7,000 7,000 7,438 438 106% 5,639 1,800
Interest (losses) on investments
240‐00000.00‐36210.00 Interest Earnings 500 500 2,607 2,107 521% 1,952 655
240‐00000.00‐36225.00 Unrealized Inv.Gain(Loss)‐ ‐ 387 387 n/a 1,156 (768)
Interest (losses) on investments 500 500 2,994 2,494 599% 3,108 113
Transfers in
240‐00000.00‐39203.00 Transfer from Other Funds ‐ ‐ ‐ ‐ n/a 34,600 (34,600)
Transfers in ‐ ‐ ‐ ‐ n/a 34,600 (34,600)
Total Revenues 166,500 166,500 186,328 2,663 112% 193,296 (6,968)
Expenditures
Function: Economic Development
46500.00 ECONOMIC DEVELOPMENT 148,595 148,595 143,281 5,314 96% 107,444 (35,837)
46503.00 TECH VILLAGE INCUBATOR 40,000 40,000 16,278 23,722 41% 8,145 (8,133)
Total Expenditures 188,595 188,595 159,558 29,037 85% 115,589 (43,970)
Net Change (22,095) (22,095) 26,770 77,707
COMPARATIVE
City of Prior Lake
Transit Fund
As of 12/31/2015
(Preliminary & Unaudited)
Variance from Variance from
2015 2015 2015 Amended Budget ‐ % BDGT Actual from 2014
Budget Amended Actual BALANCE USED
12/31/2014 Positive (Negative)
Revenues
Intergovernmental
603‐49804.00‐38422.00 State Transit Aid ‐ ‐ ‐ ‐ n/a 721,038 (721,038)
Intergovernmental ‐ ‐ ‐ ‐ n/a 721,038 721,038
Interest (losses) on investments
603‐00000.00‐36210.00 Interest Earnings ‐ ‐ 186 186 n/a 30,403 (30,217)
603‐00000.00‐36225.00 Unrealized Inv.Gain(Loss)‐ ‐ 25,014 25,014 n/a 45,599 (20,585)
Interest (losses) on investments ‐ ‐ 25,200 25,200 n/a 76,002 (50,802)
Transit Charges
603‐49804.00‐38400.00 Bus Fares ‐ ‐ ‐ ‐ n/a 215,138 (215,138)
Storm Water Charges ‐ ‐ ‐ ‐ n/a 215,138 (215,138)
Total Revenues ‐ ‐ 25,200 25,200 n/a 1,012,178 455,098
Expenditures
Function: Transit
49804.00 Transit ‐ ‐ 25,200 (25,200) n/a 2,633,378 2,608,178
Total ‐ Function Transit ‐ ‐ 25,200 (25,200) n/a 2,633,378 2,608,178
Total Expenditures ‐ ‐ 25,200 (25,200) n/a 2,633,378 2,608,178
Net Change ‐ ‐ ‐ (1,621,200)
COMPARATIVE