HomeMy WebLinkAbout5B 2016 Sept Treasurer Agenda Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: NOVEMBER 14, 2016
AGENDA #: 5B
PREPARED BY: DON URAM, FINANCE DIRECTOR
PRESENTED BY: DON URAM
AGENDA ITEM: CONSIDER APPROVAL OF THE SEPTEMBER, 2016 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, 2016.
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
September, 2016. The Treasurer’s Report reflects beginning cash balance,
receipts, disbursements, and the ending cash balance for each fund.
As shown on the September Treasurer’s Report, the balance of cash and
investments, is $28.6M. Of this balance, $25.7M is investments and $2.9M
is cash.
The Report is preliminary, unaudited and will change.
The attached memorandum provides a summary of the fund descriptions.
ALTERNATIVES: 1. A motion and second as part of the consent agenda to approve the
September, 2016 Treasurer’s Report as submitted.
2. Remove this item from the consent agenda for city council discussion.
RECOMMENDED
MOTION:
Alternative #1.
ATTACHMENTS: 1. September 2016 Treasurer’s Report
2. Treasurer’s Report Fund Descriptions
City of Prior Lake
Treasurers Report
September, 2016
Fund 9/1/2016 9/30/2016
Fund Type & Name No. Balance Receipts Disbursements Balance
Business-Type Funds
Water Fund 601 2,605,016.23$ 127,998.51$ 291,110.23$ 2,441,904.51$
Sewer Fund 604 1,406,945.45 53,217.01 247,857.26 1,212,305.20
Water Quality Fund 602 946,288.42 13,025.11 35,854.61 923,458.92
Total Business-Type Funds 4,958,250.10$ 194,240.63$ 574,822.10$ 4,577,668.63$
Governmental-Type Funds
General Fund 101 6,978,885.81$ 809,071.67$ 1,208,041.09$ 6,579,916.39$
Special Revenue Funds
Cable Franchise Fund 210 66,557.10$ -$ -$ 66,557.10$
Capital Park Fund 225 644,457.37 6,973.62 2,927.67 648,503.32
Police Forfeiture Fund 235 212,776.16 1,345.30 1,240.70 212,880.76
EDA Special Revenue 240 176,020.94 925.92 15,253.37 161,693.49
Econ Dev Federal Revolving Loan Fund 250 121,510.99 107.58 - 121,618.57
Econ Dev MN Revolving Loan Fund 255 94,359.57 83.54 - 94,443.11
Developer Agreement Fund 260 1,155,865.39 0.00 83,659.28 1,072,206.11
Total Special Revenue Funds 2,471,547.52$ 9,435.96$ 103,081.02$ 2,377,902.46$
Capital Project Funds
Tax Increment 402 64,141.38$ 882.52$ -$ 65,023.90$
TIF #1-3 413 107,978.08 95.59 - 108,073.67
TIF #3-1 414 89,507.17 79.24 - 89,586.41
TIF #5-1 416 6,317.60 5.59 - 6,323.19
TIF #6-1 417 252,174.89 223.26 - 252,398.15
TIF #1-4 418 165.23 0.15 - 165.38
TIF #1-5 419 (218.00) - - (218.00)
Revolving Equipment Fund 410 925,619.63 35,946.10 174,602.14 786,963.59
Revolving Park Equipment Fund 430 396,900.63 351.38 - 397,252.01
Facilities Management Fund 440 601,873.28 14,295.02 - 616,168.30
Construction Fund 501 4,739,478.96 1,698,176.77 561,902.60 5,875,753.13
Trunk Reserve Fund 502 2,175,615.19 48,769.29 1,542,344.12 682,040.36
Street Oversize Fund 503 756,543.40 6,602.79 150,635.34 612,510.85
Water Storage Fund 505 1,392,864.67 23,652.96 - 1,416,517.63
Total Capital Project Funds 11,508,962.11$ 1,829,080.66$ 2,429,484.20$ 10,908,558.57$
Debt Service Funds 5xx 3,534,724.91$ 6,950.35$ 117.83$ 3,541,557.43$
Agency Fund 801 351,747.50$ 12,500.00$ 44,000.00$ 320,247.50$
Total Governmental Type Funds 24,845,867.85$ 2,667,038.64$ 3,784,724.14$ 23,728,182.35$
Internal Service Fund 701 333,006.22$ 3,339.80$ -$ 336,346.02$
Total All Funds 30,137,124.17$ 2,864,619.07$ 4,359,546.24$ 28,642,197.00$
Investment Pool & Ratio as of 9/30/2016 89.72%25,697,494.26$
This report does not reflect financial obligations from contracts, agreements, purchases, services received, etc.
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TREASURER’S REPORT FUND DESCRIPTIONS
General Fund - Represents the 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. The City Council has designated
a minimum of 45% of the current operating budget, for working capital to finance city operations.
Water Fund - 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 - 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 - An enterprise account funded by the 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.
Cable Franchise Fund - Acts as a clearing house for funds received from the cable franchise company as specified
by ordinance.
Capital Park Fund - 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 – 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 - Accounts 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. This provides
economic incentive for new business expansion within the community.
DAG Special Revenue Fund - Special revenue fund related to costs the City incurs in connection with a
subdivision. Fees are paid to the City by the developer when the Development Contract and Final Plat are
approved by City Council. Revenues are used to pay for legal expenses incurred with review and approval of the
plat and inspection services on developer installed-utilities for newly approved subdivisions within Prior Lake.
Water Revenue Bond Fund – PW Bldg - Debt service fund to pay bonds issued to construct the public works
maintenance building. The capital facility charge generated on the utility bill provides the funding for the bond
payments which occur semi-annually. Funds are transferred from Sewer and Water Fund.
Water Revenue Bond Fund – WT Plant - Debt service fund to pay bonds issued to construct the water treatment
plant. Revenue from the utility bills provides the funding for the bond payments which occur semi-annually.
Funds are transferred from Sewer and Water Fund.
Tax Increment Funds - 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.
Revolving Park Equipment Fund – Consists of funds reserved for the replacement of park equipment.
Facilities Management Fund – Established in conjunction with the Facilities Management Plan (FMP). The FMP
provides a schedule of major repairs, replacements and upgrades to all of the City facilities.
Construction Fund - Represent unexpended bond proceeds that are reserved to pay for improvement projects
approved by the City Council on an annual basis. These dollars are necessary to complete outstanding
construction contracts and related engineering and professional services.
Street Oversize Fund - Consists of dedicated revenue generated by fees associated with new development and new
construction building permits for the funding of pedestrian related improvements i.e., bikeways, sidewalks, trails
plus right of way acquisition along collector streets and occasional collector street links.
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 recovering of 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 - 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 - 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 - Accounts for the residential building permit deposit that is refunded to the building contractor
upon final inspection. This provides financial assurance that the property site will be adequately cleaned up and
debris free before an occupancy permit is granted.
Severance Compensation Fund – Internal Service Fund established to partially fund the City’s compensated
absence liability associated with the accrued vacation and sick leave for employees upon termination as
recommended by the State Auditor’s Office.