HomeMy WebLinkAbout5G 2017 2nd Quarter Financial Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: AUGUST 21, 2017
AGENDA #: 5G
PREPARED BY: JASON ETTER, ACCOUNTING MANAGER
PRESENTER: CATHY ERICKSON, FINANCE DIRECTOR
AGENDA ITEM: CONSIDER APPROVAL OF THE PRELIMINARY 2nd QUARTER 2017
FINANCIAL REPORTS
DISCUSSION: Introduction
Staff has prepared preliminary summary financial reports (attached) as of
June 30, 2017, for the following funds:
• General Fund
• Debt Service Funds
• Cable Fund
• Capital Park Fund
• Revolving Equipment Fund
• Facilities Management Fund
• Water Fund
• Sewer Fund
• Water Quality Fund
• Economic Development Authority Special Revenue Fund
The reports reflect revenue and expenditure activity during the second
quarter 2017. 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
952-447-9842 for more information.
ALTERNATIVES: 1. Motion and second as part of the consent agenda to approve the
June 30, 2017 Financial Report as submitted.
2. Motion and second to remove the Financial Report from the consent
agenda for additional discussion.
RECOMMENDED
MOTION:
Alternative 1.
Page 2
MEMORANDUM
DATE: August 21, 2017
TO: Prior Lake City Council
FROM: Cathy Erickson, Finance Director
RE: Financial Report dated 6/30/2017
The financial reports presented as part of this agenda item reflect activity during the second
quarter of 2017. The significant issues identified at this time are summarized below.
General Fund Summary
Key points for 2017:
• Preliminary financial information reflects revenues exceeding expenditures by $514,617;
This is expected since the primary funding source of property tax revenue was received
in June.
• The 2017 budget has been amended to use reserves of $98,790 for projects carried
forward from 2016 (~70,000) and completion of a compensation study.
• Licenses and Permits are lower than in this same period in 2016 due to receipt of ~
$88,000 for the Gateway building permits in 2016.
• Interest (losses) on Investments is lower than in this same period in 2016 due to
Unrealized Inv. Gain (Loss). In 2016 there was an unrealized gain of $58,385 while in
2017 there is an unrealized loss of $9,621. This is a paper entry on the City’s books as
no actual gain or loss is realized because the City holds the securities until maturity.
• Other revenue is higher than in this same period in 2016 due to ~$140,000 of Developer
Agreements, mainly for Summit Preserve.
• Expenditures are higher than in this same period in 2016 due mainly to an increase in
full time wages throughout many departments in the City as there were more open
positions in the first half of 2016 as compared to 2017.
General Fund Revenues
Property taxes are received in June, December and January. Revenue from taxes are
recognized on a cash basis for the General Fund. First half property taxes have been collected
and are comparable to the prior year.
Single family building permits were budgeted at 120 for 2017. Revenues associated with
building permits and plan check fees are approximately $170k lower than in the 2nd quarter
2016. The following table provides a breakdown of the second quarter activity by year. As
mentioned above, 2016 included ~$88,000 for the Gateway St. building permits.
Year Single
Family
Townhomes Commercial /
Industrial
Other
Permits
Total Change
from PY
2017 40 0 6 833 879 (13%)
2016 58 4 6 945 1013 (4%)
2015 61 6 23 961 1051 19%
2014 53 0 1 830 884 (23%)
2013 73 27 1 1042 1143 15%
The first half payments were received for Municipal State Aid and the township fire agreements.
First quarter Franchise fees collected in April and May are included in this report. Second
quarter fees are recorded in July. Fees collected are comparable to last year at this time.
Page 3
Project engineering fees are less than budget. The 2017 budget did not contemplate use of an
engineering consultant for some of the street reconstruction projects. Staff anticipates that full
year project engineering fees will be less than budget by ~$75,000.
Recreation revenues (including Studio/Pavilion and Park Shelter rental) are slightly higher than
the 2nd quarter of 2016.
Interest earnings are at 48% of the budget. The report also reflects a $9,621 decrease in the
fair value of the securities. As rates increased, the market value of the existing securities have
decreased. This is a paper loss; no actual loss is realized because the City holds the securities
until maturity.
Second quarter miscellaneous revenue includes Developer Fees of ~$140,000, mainly relating
to Summit Preserve.
General Fund Expenditures
General Fund expenditures for 2017 represents 45% of the $12,869,668 amended budget. The
level of expenditures (as a percent of budget) is consistent to the same period in 2016. Some
key points related to expenditures for the 2nd quarter of 2017 are:
• Information technology is higher than 2Q 2016 due to technology investments that took
place in 2017 for PC’s and for new building permit software.
• Police personal services is also higher than 2016 due mainly to a full year with additional
officers.
• Street expenditures are higher than 2nd quarter 2016 due to maintenance projects.
At this point in the year, there are no other significant variances to report. Costs associated with
street, park maintenance and recreation programs will be incurred during the summer and fall.
Debt Service Funds
Property taxes and special assessments are received in June, December and January (final tax
settlement). Prepayments have been received for special assessments. Interest earnings are at
15% of the budget.
Scheduled bond payments were on the 1st and 15th of June. One bond payment was made to
Scott County in February 2017. Other bond payments will be due on the 1st and 15th of
December.
Cable Fund
Second quarter franchise fees collected in April and May have been included in this report.
There were no expenditures in the second quarter for planned technology upgrades.
Capital Park Fund
Park Dedication Fees of ~$416,000 were received in the 2nd quarter of 2017, consisting of
mainly fees for Pike Lake Marsh and Summit Preserve. Interest earnings are at 72% of the
budget which is slightly higher than 2016.
Revolving Equipment Fund
Property taxes, the primary funding source, are received in June, December and January (final
tax settlement). Interest earnings are at 36% 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 4
Approved police vehicle, public works equipment, and parks equipment have taken place in the
second quarter of 2017. Vehicle and equipment purchases were approved at council meetings
earlier in the year.
Facilities Management Fund
Interest earnings are at 100% 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
year-end 2016, the improvements associated with this project were complete.
The replacement of the maintenance center roof, which is reflected in the 2017 budget, was
approved by Council in the second quarter and bond proceeds of $370,000 have been received.
Water Fund
The financial report for the Water Fund reflects three billing cycles. Consumption has remained
consistent from 2016. Water revenues are about 32% of the 2017 budget.
Interest earnings are at 54% of the budget which is higher than the same period in 2016. 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 and transfers are lower than 2016. So far in 2017, operational
budgetary transfers have been made according to the approved budget.
Sewer Fund
The financial report for the Sewer Fund reflects three billing cycles. Consumption remained
consistent from 2016. Sewer revenues are at 46% of the budget and slightly higher compared
to second quarter 2016. The estimated level of discharge is reevaluated annually in conjunction
with the preparation of the Capital Improvement Program.
Interest earnings are at 53% 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 for 2017 are at 29% of the approved budget. Operational budgetary
transfers for the first half of 2017 are reflected in the report.
Water Quality Fund
The financial report for the Water Quality Fund reflects three billing cycles. Water Quality
revenues are based on flat rates per billing cycle. Revenues are slightly lower than 2016 at 50%
of the budget.
Interest earnings are at 91% of the budget. The change in the fair value of the securities is
adjusted against interest earnings and is allocated to each fund based on cash balances.
Operational expenditures are slightly higher than second quarter 2016. Operational budgetary
transfers for the first half of 2017 are reflected in the report.
Page 5
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 most of the expenditures and are at 31% of budget as of the
second quarter end.
If you have any questions regarding these financial reports, please contact me at 952.447.9842.
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COMPARATIVE
City of Prior Lake
General Fund Revenues
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive ( Negative)USED 6/30/2016 Positive (Negative)
Taxes
101 31010.00 Current Property Taxes - General Purpos 7,397,541 7,397,541 3,771,191 (3,626,350) 51%3,812,228 (41,037)
101 31040.00 Delinquent Property Taxes - General Purp - - 38,506 38,506 n/a 37,776 730
101 31040.00 Fiscal Disparities 813,271 813,271 414,505 (398,766) 51%416,486 (1,981)
101 33423.00 Market Value Credit Aid - - - - n/a - -
Taxes 8,210,812 8,210,812 4,224,202 (3,986,610) 51%4,266,490 (42,288)
Licenses and Permits
101 32100.00 Business Licenses 800 800 900 100 113%800 100
101 32110.00 Liquor Licenses 73,290 73,290 70,640 (2,650) 96%70,315 325
101 32160.00 Refuse Haulers 3,450 3,450 4,400 950 128%3,450 950
101 32170.00 Outdoor Concert Permits 1,150 1,150 - (1,150) 0%1,800 (1,800)
101 32180.00 Cigarette Licenses 2,500 2,500 2,250 (250) 90%2,500 (250)
101 32210.00 Building Permits 398,420 398,420 197,011 (201,409) 49%299,521 (102,510)
101 32211.00 Retainage Forfeiture - - - - n/a 6,332 (6,332)
101 32215.00 Mechanical Permits 45,165 45,165 18,029 (27,136) 40%35,158 (17,129)
101 32230.00 Plumbing Permits 42,690 42,690 19,804 (22,886) 46%34,984 (15,180)
101 32231.00 Sewer/Water Inspection 6,180 6,180 4,453 (1,727) 72%3,672 781
101 32232.00 Plumbing Registrations 1,200 1,200 750 (450) 63%650 100
101 32240.00 Animal Licenses 3,750 3,750 3,255 (495) 87%3,060 195
101 32260.00 Burning Permits 2,625 2,625 1,740 (885) 66%1,400 340
101 32270.00 Short-term Rental Fee 2,000 2,000 400 (1,600) 20%800 (400)
101 32175.00 Public Private Gathering Permit - - 500 500 n/a - 500
101 32190.00 Community Event Application - - 50 50 n/a - 50
Licenses and Permits 583,220 583,220 324,182 (259,038) 56%464,442 (140,260)
Intergovernmental
101 33160.10 Fed Aids/Grants - Operating Grants - - - - n/a - -
101 33160.11 Fed Aids/Grants - Operating Police 18,000 18,000 2,061 (15,939) 11%5,243 (3,182)
101 33401.00 Local Government Aid 15,180 15,180 - (15,180) 0%- -
101 33416.01 State Aid - Police Train 7,800 7,800 - (7,800) 0%- -
101 33416.02 State Police Aid-Ins Prem 175,000 175,000 - (175,000) 0%- -
101 33417.00 State Aid - Fire Training 7,000 7,000 9,200 2,200 131%- 9,200
101 33418.00 State Road & Bridge Aid 316,827 316,827 167,538 (149,289) 53%162,607 4,931
101 33420.00 State Fire Aid-Ins. Prem.206,000 206,000 1,000 (205,000) 0%- 1,000
101 33422.10 State Aids/Grants - Operating Grants - - - - n/a - -
102 33422.11 State Aids/Grants - Operating Police - - - - n/a (393) 393
101 33620.00 Township Fire & Resc Aid 311,068 311,068 149,038 (162,030) 48%155,534 (6,496)
101 33621.00 Liaison Aid 45,860 45,860 - (45,860) 0%- -
100 33630.00 Metro Council Grants - - - - n/a - -
101 33631.00 Payment in Lieu of Taxes 440,000 440,000 220,000 (220,000) 50%210,000 10,000
101 33700.23 Miscellaneous Grants - Capital Parks - - - - n/a - -
Intergovernmental 1,542,735 1,542,735 548,837 (993,898) 36%532,991 15,846
Charges for Services
101 31810.00 Franchise Taxes 603,000 603,000 154,101 (448,899) 26%152,179 1,922
101 34103.00 Zoning & Subdivision Fees 20,650 20,650 35,861 15,211 174%14,307 21,554
101 34104.00 Plan Check Fees 243,474 243,474 106,784 (136,690) 44%175,816 (69,032)
101 34105.00 Sale of Maps/Publications - Reports 1,000 1,000 270 (730) 27%874 (604)
101 34107.00 Assessment Searches - Reports 400 400 60 (340) 15%180 (120)
101 34109.00 Project Admin/Eng Fees 343,000 343,000 50,232 (292,768) 15%110,610 (60,378)
101 34203.00 Accident/Warrant Reports - Reports - - 80 80 n/a 48 32
101 34304.00 PEG Access Fees 32,000 32,000 - (32,000) 0%8,061 (8,061)
101 34731.00 Softball Fees 11,000 11,000 14,573 3,573 132%12,999 1,574
101 34735.00 Recreation Program Fees 47,000 47,000 38,903 (8,097) 83%40,936 (2,033)
101 34740.00 Concessions - Park Fees - - 946 946 n/a 77 869
101 34760.01 Facility Rental - Regular 74,021 74,021 38,549 (35,472) 52%36,644 1,905
101 34761.00 Studio/Pavilion Rental 15,000 15,000 19,430 4,430 130%11,534 7,896
101 34762.00 Park Shelter Rental 42,500 42,500 33,222 (9,278) 78%12,627 20,595
101 34763.13 Facility Usage Fee (not taxable)15,300 15,300 - (15,300) 0%- -
101 34765.01 Tower Leases 267,966 267,966 214,475 (53,491) 80%154,169 60,306
101 34780.00 Park Admission Fees 18,000 18,000 5,850 (12,150) 33%10,071 (4,221)
101 34783.00 City Contract Services 42,000 42,000 30,017 (11,983) 71%21,084 8,933
101 36220.16 Prof Services Fee Deposit Bldg Inspectio - - 9,517 9,517 n/a - 9,517
Charges for Services 1,776,311 1,776,311 752,870 (1,023,441) 42%762,216 (9,346)
Fines and Forfeitures
101 35101.00 County Court Fines - - 100 100 n/a 400 (300)
101 35104.00 Prosecution Restitution - - 251 251 n/a 3,712 (3,461)
Fines and Forfeitures - - 351 351 n/a 4,112 (3,761)
COMPARATIVE
City of Prior Lake
General Fund Revenues
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive ( Negative)USED 6/30/2016 Positive (Negative)
COMPARATIVE
Interest (losses) on investments
101 36210.00 Interest Earnings 85,750 85,750 41,432 (44,318) 48%45,472 (4,040)
101 36225.00 Unrealized Inv.Gain(Loss)- - (9,621) (9,621) n/a 58,385 (68,006)
Interest (losses) on investments 85,750 85,750 31,811 (53,939) 37%103,857 (72,046)
Other Miscellaneous Revenues
101 36101.00 City Assess. Collection - - 17,482 17,482 n/a 2,004 15,478
101 36102.00 County Assess. Collection 2,500 2,500 2,128 (372) 85%2,735 (607)
101 36211.00 Developer Agreements 60,000 60,000 140,116 80,116 234%13,500 126,616
101 36212.00 Miscellaneous Revenue 29,550 29,550 78,062 48,512 264%12,864 65,198
101 36230.00 Contributions & Donations - - 5,747 5,747 n/a 3,000 2,747
101 39102.00 Sale of Property - - 3,440 3,440 n/a 10,069 (6,629)
Other Miscellaneous Revenues 92,050 92,050 246,975 154,925 268%44,172 202,803
Other financing sources
101 39310.00 G.O. Bond Proceeds 300,000 - - - n/a - -
101 39203.00 Transfer from Other Funds 430,000 430,000 215,000 (215,000) 50%181,320 33,680
Other financing sources 730,000 430,000 215,000 (215,000) 50%181,320 33,680
Total Revenues 13,020,878 12,720,878 6,344,228 (6,376,650) 50%6,359,600 (15,372)
City of Prior Lake
General Fund Expenditures
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance from
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 6/30/2016 Positive (Negative)
Function: General Government
41110.00 MAYOR & COUNCIL 58,193 58,193 36,388 21,805 63%25,653 (10,735)
41130.00 ORDINANCE 7,500 7,500 3,010 4,490 40%3,053 43
41320.00 ADMINISTRATION 409,228 409,228 203,325 205,903 50%211,459 8,134
41330.00 BOARDS & COMMISSIONS 10,689 10,689 5,629 5,060 53%4,880 (749)
41410.00 ELECTIONS - - - - n/a 311 311
41520.00 FINANCE 459,966 459,966 210,936 249,030 46%202,814 (8,122)
41540.00 INTERNAL AUDITING 28,150 28,150 23,090 5,060 82%22,690 (400)
41550.00 ASSESSING 187,250 187,250 185,000 2,250 99%167,500 (17,500)
41610.00 LEGAL 200,000 200,000 105,098 94,902 53%67,115 (37,983)
41820.00 HUMAN RESOURCES 163,605 191,625 103,840 87,785 54%69,450 (34,390)
41830.00 COMMUNICATIONS 119,708 119,708 51,742 67,966 43%52,726 984
41910.00 COMMUNITY DEVELOPMENT 347,273 347,273 165,216 182,057 48%138,917 (26,299)
41920.00 INFORMATION TECHNOLOGY 345,585 373,585 202,022 171,563 54%109,184 (92,838)
41940.00 FACILITIES - CITY HALL 485,854 488,854 297,846 191,008 61%229,015 (68,831)
Total - Function General Government 2,823,001 2,882,021 1,593,142 1,288,879 55%1,304,767 (288,375)
Function: Public Safety
42100.00 POLICE 3,730,730 3,744,730 1,797,762 1,946,968 48%1,659,914 (137,848)
42200.00 FIRE 905,149 905,149 301,705 603,444 33%299,524 (2,181)
42400.00 BUILDING INSPECTION 638,325 638,325 309,687 328,638 49%262,846 (46,841)
42500.00 EMERGENCY MANAGEMENT 11,802 11,802 8,784 3,018 74%781 (8,003)
42700.00 ANIMAL CONTROL 26,448 26,448 11,000 15,448 42%12,800 1,800
Total - Function Public Safety 5,312,454 5,326,454 2,428,938 2,897,516 46%2,235,865 (193,073)
Function: Public Works
43050.00 ENGINEERING 385,272 385,272 157,925 227,347 41%158,109 184
43100.00 STREET 1,393,754 1,119,524 460,464 659,060 41%359,880 (100,584)
43400.00 CENTRAL GARAGE 404,554 404,554 196,899 207,655 49%150,986 (45,913)
Total - Function Public Works 2,183,580 1,909,350 815,288 1,094,062 43%668,975 (146,313)
Function: Culture and Recreation
45100.00 RECREATION 388,352 388,352 166,093 222,259 43%154,813 (11,280)
45200.00 PARKS 1,292,709 1,292,709 547,157 745,552 42%478,914 (68,243)
45500.00 LIBRARIES 52,763 52,763 29,393 23,370 56%18,770 (10,623)
Total - Function Culture and Recreation 1,733,824 1,733,824 742,643 991,181 43%652,497 (90,146)
00000.00 Transfer to Other Funds 1,018,019 1,018,019 249,600 768,419 25%84,684 (164,916)
Total Expenditures 13,070,878 12,869,668 5,829,611 7,040,057 45%4,946,788 (882,823)
COMPARATIVE
City of Prior Lake
Debt Service Funds
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 6/30/2016 Positive (Negative)
Revenues
Property Taxes
Current Property Taxes 2,628,937 2,628,937 1,354,085 (1,274,852) 52%1,204,660 149,425
Special Assessments
City Assess. Collections - - 470,712 470,712 n/a 90,599 380,113
County Assess. Collection 457,517 457,517 196,696 (260,821) 43%219,157 (22,461)
Interest (losses) on investments
Interest Earnings 40,117 40,117 83,869 43,752 209%19,647 64,222
Unrealized Inv.Gain(Loss)- - (51,075) (51,075) n/a 15,629 (66,704)
Miscellaneous Revenues
Miscellaneous Revenues - - - - n/a (70) (70)
Other Financing Sources
Transfer from Other Funds 1,613,635 1,613,635 213,694 (1,399,941) 13%504,659 (290,965)
Bond Proceeds - - - - n/a 1,656,086 (1,656,086)
Total Revenues 4,740,206 4,740,206 2,267,981 (2,472,225) 48%3,710,367 (1,442,526)
Expenditures
Debt Service
Principal 3,987,634 3,987,634 275,651 3,711,983 7%263,683 (11,968)
Interest and Other 1,031,684 1,031,860 601,610 430,250 58%551,214 (50,396)
Bond Issuance Costs - - - - n/a 44,155 44,155
Bond Discount/Premium - - - - n/a (70,270) (70,270)
Total Expenditures 5,019,318 5,019,494 877,261 4,142,233 17%788,782 (88,479)
Net Change (279,112) (279,288) 1,390,720 2,921,585
COMPARATIVE
City of Prior Lake
Cable Fund
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 6/30/2016 Positive (Negative)
Revenues
Charges for Services
210-41340.00-34304.00 PEG Access Fees 37,133 37,133 13,016 (24,117) 35%5,133 7,883
Total Revenues 37,133 37,133 13,016 (24,117) 35%5,133 7,883
Expenditures
Current Expenditures
210-41340.00-52400.20 Small Equipment - Technology 11,250 11,250 - 11,250 0%- -
Total Expenditures 11,250 11,250 - 11,250 0%- -
Net Change 25,883 25,883 13,016 5,133
COMPARATIVE
City of Prior Lake
Capital Park Fund
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 6/30/2016 Positive (Negative)
Revenues
Charges for Services
225-45200.00-34760.01 Facility Rental - Regular 24,000 24,000 14,000 (10,000) 58%11,950 2,050
225-45200.00-34791.00 Dedication Fees 405,000 405,000 416,308 11,308 103%450,000 (33,692)
Charges for Services 429,000 429,000 430,308 1,308 100%461,950 (31,642)
Interest (losses) on investments
225-00000.00-36210.00 Interest Earnings 9,000 9,000 6,436 (2,564) 72%5,130 1,306
225-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (1,593) (1,593) n/a 4,882 (6,475)
Interest (losses) on investments 9,000 9,000 4,843 (4,157) 54%10,012 (5,169)
Contributions and donations
225-00000.00-36230.00 Contributions & Donations - - 3,200 3,200 n/a 3,880 (680)
Contributions and donations - - 3,200 3,200 n/a 3,880 (680)
Total Revenues 438,000 438,000 438,351 351 100%475,842 (37,491)
Expenditures
54320.00 Miscellaneous - - - - n/a 3,712 3,712
59203.00 Transfers to Other Funds - - 21,052 (21,052) n/a - (21,052)
53100.80 Professional Services-General - - - - n/a 3,699 3,699
55530.00 Infrastructure - - 6,949 (6,949) n/a 318,455 311,506
Total Expenditures - - 28,001 (28,001) n/a 325,866 294,153
Net Change 438,000 438,000 410,350 149,976
COMPARATIVE
City of Prior Lake
Revolving Equipment Fund
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 6/30/2016 Positive (Negative)
Revenues
Taxes
410-00000.00-31010.00 Current Property Taxes 375,000 375,000 192,972 (182,028) 51%169,425 23,547
Taxes 375,000 375,000 192,972 (182,028) 51%169,425 23,547
Interest (losses) on investments
410-00000.00-36210.00 Interest Earnings 10,594 10,594 3,769 (6,825) 36%5,855 (2,086)
410-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (741) (741) n/a 7,714 (8,455)
Interest (losses) on investments 10,594 10,594 3,028 (7,566) 29%13,569 (10,541)
Transfers in
410-00000.00-39203.00 Transfer from Other Funds 341,000 341,000 170,500 (170,500) 50%70,500 100,000
Transfers in 341,000 341,000 170,500 (170,500) 50%70,500 100,000
OTHER FINANCING SOURCES
Debt Issued
410-00000.00-39310.00 G.O. Bond Proceeds - - - - n/a 410,000 (410,000)
- - - - n/a 410,000 (410,000)
Total Revenues 726,594 726,594 366,500 (360,094) 50%663,494 (296,994)
Expenditures
Public Safety
Police
410-42100.00-55550.00 Vehicles 124,700 124,700 72,788 51,912 58%92,186 19,398
Fire
410-42200.00-55550.00 Vehicles - - - - n/a 441 441
Total Public Safety 124,700 124,700 72,788 51,912 58%92,627 19,839
Public Works
Street
410-43100.00-55070.00 Projects - Bond Issuance Costs - - - - n/a 11,039 11,039
410-43100.00-55110.00 Projects - Bond Discount/Premium - - - - n/a (16,305) (16,305)
410-43100.00-55550.00 Vehicles 213,210 213,210 - 213,210 0%200 200
410-43100.00-55570.00 Machinery & Equipment 11,124 11,124 12,374 (1,250) 111%41,024 28,650
Central Garage
410-43400.00-55550.00 Vehicles 20,000 20,000 13,053 6,947 65%365 (12,688)
Total Public Works 244,334 244,334 25,427 218,907 10%36,323 10,896
Culture and Recreation
410-45200.00-55550.00 Vehicles 32,960 32,960 110,650 (77,690) 336%52,813 (57,837)
410-45200.00-55570.00 Machinery and Equipment 59,225 59,225 73,157 (13,932) 124%227,956 154,799
Total Culture & Recreation 92,185 92,185 183,807 (91,622) 199%280,769 96,962
Water
410-49400.00-55550.00 Vehicles 4,635 4,635 - 4,635 0%- -
Sewer
410-49450.00-55550.00 Vehicles 406,850 406,850 1,064 405,786 0%- (1,064)
Total Utility 411,485 411,485 1,064 410,421 0%- (1,064)
OTHER FINANCING USES
Transfers out
410-80000.00-59203.00 Transfers to Other Funds - - - - n/a 4,533 4,533
- - - - n/a 4,533 4,533
Total Expenditures 872,704 872,704 283,086 589,618 32%414,252 131,166
Net Change (146,110) (146,110) 83,414 249,242
COMPARATIVE
City of Prior Lake
Facilities Management Fund
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 6/30/2016 Positive (Negative)
Revenues
Interest (losses) on investments
440-00000.00-36210.00 Interest Earnings 5,000 5,000 4,987 (13) 100%5,215 (228)
440-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (1,172) (1,172) n/a 5,384 (6,556)
Interest (losses) on investments 5,000 5,000 3,815 (1,185) 76%10,599 (6,784)
Transfers in
440-00000.00-39203.00 Transfer from Other Funds 56,650 56,650 28,325 (28,325) 50%27,500 825
Transfers in 56,650 56,650 28,325 (28,325) 50%27,500 825
Debt Issued
440-00000.00-39310.00 G.O. Bond Proceeds 620,000 620,000 370,000 (250,000) 60%- 370,000
Debt Issued 620,000 620,000 370,000 (250,000) 60%- (370,000)
Total Revenues 681,650 681,650 402,140 (279,510) 59%38,099 (375,959)
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 20,614 20,614 10,307 10,307 50%22,807 12,500
41960.00 GESP - - - - n/a 101,294 101,294
Total - Function General Government 20,614 20,614 10,307 10,307 50%124,101 113,794
Function: Public Safety
42200.00 FIRE 17,484 17,484 9,505 7,979 54%- (9,505)
Total - Function Public Safety 17,484 17,484 9,505 7,979 54%- (9,505)
Function: Streets
55070.00 Projects - Bond Issuance Costs - - 7,472 (7,472) n/a - (7,472)
55110.00 Projects - Bond Discount/Premium - - (9,913) 9,913 n/a - 9,913
Total - Function Streets - - (2,441) 2,441 n/a - 2,441
Function: Culture and Recreation
45500.00 LIBRARIES 79,961 79,961 - 79,961 0%- -
Total - Function Culture and Recreation 79,961 79,961 - 79,961 0%- -
Function: Water
49400.00 Building & Building Improvements 114,081 734,081 - 734,081 0%- -
Total - Function Culture and Recreation 114,081 734,081 - 734,081 0%- -
Total Expenditures 232,140 852,140 17,371 834,769 2%124,101 106,730
Net Change 449,510 (170,490) 384,769 (86,002)
COMPARATIVE
City of Prior Lake
Water Fund
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 6/30/2016 Positive (Negative)
Revenues
Water Charges
601-49400.00-37100.00 Utility Receipts - Water 3,740,806 3,740,806 1,197,429 (2,543,377) 32%1,167,844 29,585
601-49400.00-37160.00 Penalties 11,000 11,000 7,415 (3,585) 67%6,906 509
Water Charges 3,751,806 3,751,806 1,204,844 (2,546,962) 32%1,174,750 30,094
Capital Facility charges
601-49400.00-37110.00 Capital Facility Revenue 264,540 264,540 129,854 (134,686) 49%128,120 1,734
Capital Facility charges 264,540 264,540 129,854 (134,686) 49%128,120 1,734
Meter Sales
601-49400.00-37170.00 Water Meter Sales 73,150 73,150 27,318 (45,832) 37%35,558 (8,240)
601-49400.00-37175.00 Pressure Reducers 26,700 26,700 6,908 (19,792) 26%11,350 (4,442)
601-49400.00-37180.00 Frost Plates - - - - n/a 8 (8)
Meter Sales 99,850 99,850 34,226 (65,624) 34%46,916 (12,690)
Interest (losses) on investments
601-00000.00-36210.00 Interest Earnings 40,000 40,000 21,605 (18,395) 54%20,424 1,181
601-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (4,446) (4,446) n/a 22,410 (26,856)
Interest (losses) on investments 40,000 40,000 17,159 (22,841) 43%42,834 (25,675)
Miscellaneous Revenues
601-00000.00-36212.00 Miscellaneous Revenue - - 235 235 n/a 400 (165)
601-00000.00-36102.00 County Assess Collection - - 78 78 n/a 581 (503)
601-49400.00-37190.00 Miscellaneous Revenue Adj - - 74 74 n/a 23 51
Miscellaneous Revenues - - 387 387 n/a 1,004 (617)
Transfers in
39203.00 Transfer from Other Funds 250,000 250,000 - (250,000) 0%- -
250,000 250,000 - (250,000) 0%- -
Debt Issued
601-00000.00-39310.00 G.O. Bond Proceeds 850,000 850,000 - (850,000) 0%- -
Debt Issued 850,000 850,000 - (850,000) 0%- -
Total Revenues 5,256,196 5,256,196 1,386,470 (3,869,726) 26%1,393,624 (7,154)
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 941,147 941,147 334,792 606,355 36%1,113,963 779,171
41520.00 FINANCE 86,977 86,977 39,226 47,751 45%42,025 2,799
Total - Function General Government 1,028,124 1,028,124 374,018 654,106 36%1,155,988 781,970
Function: Water
49400.00 WATER 4,997,773 5,015,808 779,706 4,236,102 16%730,122 (49,584)
Total - Function Water 4,997,773 5,015,808 779,706 4,236,102 16%730,122 (49,584)
Total Expenditures 6,025,897 6,043,932 1,153,724 4,890,208 19%1,886,110 732,386
Net Change (769,701) (787,736) 232,746 (492,486)
COMPARATIVE
City of Prior Lake
Sewer Fund
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 6/30/2016 Positive (Negative)
Revenues
Sewer Charges
604-49450.00-37102.00 Utility Receipts - Sewer 1,452,600 1,452,600 671,846 (780,754) 46%588,531 83,315
604-49450.00-37104.00 Utility Recpt-Sewer MCES 1,387,800 1,387,800 639,538 (748,262) 46%554,232 85,306
Sewer Charges 2,840,400 2,840,400 1,311,384 (1,529,016) 46%1,142,763 168,621
Capital Facility charges
604-49450.00-37110.00 Capital Facility Revenue 260,130 260,130 129,857 (130,273) 50%128,125 1,732
Capital Facility charges 260,130 260,130 129,857 (130,273) 50%128,125 1,732
Water Charges
604-49450.00-37160.00 Penalties 9,000 9,000 8,265 (735) 92%6,755 1,510
Water Charges 9,000 9,000 8,265 (735) 92%6,755 1,510
Interest (losses) on investments
604-00000.00-36210.00 Interest Earnings 22,810 22,810 12,186 (10,624) 53%11,005 1,181
604-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (2,462) (2,462) n/a 12,225 (14,687)
Interest (losses) on investments 22,810 22,810 9,724 (13,086) 43%23,230 (13,506)
Debt Issued
604-00000.00-39310.00 G.O. Bond Proceeds 850,000 850,000 - (850,000) 0%- -
Debt Issued 850,000 850,000 - (850,000) 0%- -
Total Revenues 3,982,340 3,982,340 1,459,230 (2,523,110) 37%1,300,873 158,357
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 355,300 355,300 209,976 145,324 59%490,115 280,139
41520.00 FINANCE 86,977 86,977 37,919 49,058 44%41,996 4,077
Total - Function General Government 442,277 442,277 247,895 194,382 56%532,111 284,216
Function: Sewer
49450.00 SEWER 4,019,121 4,037,156 1,066,468 2,970,688 26%1,091,552 25,084
Total - Function Sewer 4,019,121 4,037,156 1,066,468 2,970,688 26%1,091,552 25,084
Total Expenditures 4,461,398 4,479,433 1,314,363 3,165,070 29%1,623,663 309,300
Net Change (479,058) (497,093) 144,867 (322,790)
COMPARATIVE
City of Prior Lake
Water Quality Fund
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance from
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 6/30/2016 Positive (Negative)
Revenues
Storm Water Charges
602-49420.00-37120.00 Storm Water Revenue 876,921 876,921 439,666 (437,255) 50%444,263 (4,597)
Storm Water Charges 876,921 876,921 439,666 (437,255) 50%444,263 (4,597)
Water Charges
602-49420.00-37160.00 Penalties - - 1,721 1,721 n/a 1,584 137
Water Charges - - 1,721 1,721 n/a 1,584 137
Intergovernmental
602-00000.00-33422.10 State Aids/Grants 34,790 34,790 - (34,790) 0%- -
Intergovernmental 34,790 34,790 - (34,790) 0%- -
Interest (losses) on investments
602-00000.00-36210.00 Interest Earnings 8,080 8,080 7,354 (726) 91%6,212 1,142
602-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (1,667) (1,667) n/a 6,275 (7,942)
Interest (losses) on investments 8,080 8,080 5,687 (2,393) 70%12,487 (6,800)
Transfers In
602-00000.00-39203.00 Transfers from other funds - - 42,093 42,093 n/a - 42,093
Transfers In - - 42,093 42,093 n/a - 42,093
Total Revenues 919,791 919,791 489,167 (430,624) 53%458,334 30,833
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 81,000 81,000 40,500 40,500 50%67,268 26,768
Total - Function General Government 81,000 81,000 40,500 40,500 50%67,268 26,768
Function: Water Quality
49420.00 WATER QUALITY 1,307,206 1,307,206 222,417 1,084,789 17%173,818 (48,599)
Total - Function Water Quality 1,307,206 1,307,206 222,417 1,084,789 17%173,818 (48,599)
Total Expenditures 1,388,206 1,388,206 262,917 1,125,289 19%241,086 (21,831)
Net Change (468,415) (468,415) 226,250 217,248
COMPARATIVE
City of Prior Lake
Economic Development Authority Special Revenue Fund
As of 6/30/2017
(Preliminary & Unaudited)
Variance from Variance from
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 6/30/2016 Positive (Negative)
Revenues
Taxes
240-00000.00-31010.00 Current Property Taxes 140,000 140,000 71,969 (68,031) 51%79,841 (7,872)
Taxes 140,000 140,000 71,969 (68,031) 51%79,841 (7,872)
Intergovernmental
240-46500.00-33610.14 County-City Aids/Grants - Operating EDA - - - - n/a 7,278 (7,278)
Intergovernmental - - - - n/a 7,278 (7,278)
Charges for Services
240-46503.00-34760.02 Facility Rental - EDA 8,500 8,500 3,742 (4,758) 44%5,195 (1,453)
Charges for Services 8,500 8,500 3,742 (4,758) 44%5,195 (1,453)
Interest (losses) on investments
240-00000.00-36210.00 Interest Earnings 2,500 2,500 1,336 (1,164) 53%1,034 302
240-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (297) (297) n/a 1,094 (1,391)
240-46500.00-36220.14 Prof Service Fee Deposit - EDA - - 5,000 5,000 n/a - 5,000
Interest (losses) on investments 2,500 2,500 6,039 3,539 242%2,128 (3,911)
Total Revenues 151,000 151,000 81,750 (69,250) 54%94,442 (12,692)
Expenditures
Function: Economic Development
46500.00 ECONOMIC DEVELOPMENT 151,325 151,325 49,207 102,118 33%70,675 21,468
46503.00 TECH VILLAGE INCUBATOR 9,500 9,500 1,092 8,408 11%3,291 2,199
Total Expenditures 160,825 160,825 50,299 110,526 31%73,966 23,667
Net Change (9,825) (9,825) 31,451 20,476
COMPARATIVE