HomeMy WebLinkAbout5D 2017 3rd Quarter Financial Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: NOVEMBER 06, 2017
AGENDA #: 5D
PREPARED BY: DANIELLE AMIRA, ACCOUNTANT
PRESENTER: CATHY ERICKSON, FINANCE DIRECTOR
AGENDA ITEM: CONSIDER APPROVAL OF THE PRELIMINARY 3rd QUARTER 2017
FINANCIAL REPORTS
DISCUSSION: Introduction
Staff has prepared preliminary summary financial reports (attached) as of
September 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 third
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
September 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: November 6th 2017
TO: Prior Lake City Council
FROM: Cathy Erickson, Finance Director
RE: Financial Report dated 9/30/2017
The financial reports presented as part of this agenda item reflect activity during the first three
quarters of 2017. The significant issues identified are summarized below.
General Fund Summary
Key points for 2017:
• Preliminary financial information reflects expenditures exceeding revenues by $555,611;.
• 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.
• 3rd quarter franchise fees of ~ $150,000 are not included in the 3rd quarter YTD revenue,
as they will not be received until 4th quarter of 2017.
• Licenses and Permits are lower than in this same period in 2016 due to receipt of ~
$88,000 for the Gateway Street 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 $49,835 while in
2017 there is an unrealized loss of $14,570. 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 by ~$180,000. This is due to
an increase in Developer Agreement revenue of ~$128,000 as compared to the prior
year. Total 2017 Developer Agreement revenue of $202,000 is primarily from the
Summit Preserve and Trillium Cove projects.
• Expenditures are higher than in this same period in 2016 due to staffing of open
positions, and some one-time expenditures for the community survey and the comp
plan.
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 $93k lower than in the 3rd quarter 2016.
The following table provides a breakdown of the third quarter year-to-date activity by year. As
mentioned above, 2016 included ~$88,000 for the Gateway St. building permits. Based on
current level of activity, staff is projecting 2017 single family permits will be ~85. There is also
potential for permits for the Lake Ridge Apartments and about ten townhomes prior to year-end.
Year Single
Family
Townhomes Multiple
Units
Commercial /
Industrial
Other
Permits
Total Change
from PY
2017 58 0 1 23 1091 1173 (25%)
2016 82 4 2 14 1458 1560 (6%)
2015 86 10 35 1527 1658 10%
2014 83 4 29 1386 1502 (14%)
2013 108 35 30 1569 1742
Page 3
The second half payments were received for Municipal State Aid and the township fire
agreements.
Franchise fees revenue is received each quarter. This report does not include approximately
$150,000 for 3rd quarter franchise fees, as they are collected on a one quarter lag, and recorded
on a cash basis. YTD fees collected are comparable to the same time period last year.
Project engineering fees are 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. As the 2017 projects move forward, staff engineering
time charged to projects will increase.
Recreation revenues (including Studio/Pavilion and Park Shelter rental) are slightly higher than
the 3rd quarter of 2016.
Interest earnings are at 74% of the budget. The report also reflects a $14,570 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.
Third quarter miscellaneous revenue includes Developer Fees of ~202,000, mainly from the
Summit Preserve and Trillium Cove projects
General Fund Expenditures
General Fund expenditures for 2017 represents 68% of the $12,869,668 amended budget. The
level of expenditures (as a percent of budget) is higher compared to the same period in 2016.
Some key points related to expenditures for 2017 through the 3d quarter are:
General Government:
• Administration includes $24k for the community survey.
• Community Development includes $45k for the Comp Plan.
• IT includes ~$40,000 for expenditures for building permit software.
• There have been various open positions and promotions that have impacted the 2017
personnel budget (Finance, Community Development).
Public Safety:
• Police personal services is higher than 2016 as open positions have been staffed and
due to additional police overtime.
• Building Department expenditures include ~$15,000 for professional service
expenditures for retaining wall work. The city received resident deposits for these
services (revenues equal expenditures).
Public Works:
• The Public Works Director position is recorded in Professional Services, and not in
Payroll, as the position has been filled on a contract vs. employee basis.
• Street overlay expenditures are accounted for in the Permanent Improvement Revolving
(PIR) Fund in 2017. In 2016, these expenditures were included in the General Fund.
2017 Street expenditures includes ~26,000 for the Lords Street bridge maintenance. A
2017 budget amendment was done to reflect this as a 2017 expenditure carried forward
from 2016.
• Central Garage includes expenditures for an employee who was converted from a
seasonal mechanic in 2016 to a permanent PT employee in 2017. Repairs are running
higher than the same time period last year, but still within the 2017 budget.
Culture and Recreation:
• Overall expenditures are consistent with prior year September YTD expenditures.
There are no other significant variances to report.
Page 4
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
253% of the budget.
Scheduled bond payments through September have been made. Other bond payments will be
due on the 1st and 15th of December.
Cable Fund
Second quarter franchise fees collected in July have been included in this report. There were
no expenditures in the third quarter for planned technology upgrades.
Capital Park Fund
Park Dedication Fees of ~$416,000 were received through 3rd quarter 2017. These fees were
for the Pike Lake Marsh and Summit Preserve developments. Interest earnings are at 115% 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 55% 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.
Approved police vehicle, public works equipment, and parks equipment have taken place in the
third quarter of 2017. Vehicle and equipment purchases were approved at council meetings
earlier in the year.
Facilities Management Fund
Interest earnings are at 144% 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 four billing cycles. Consumption has remained
consistent from 2016. Water revenues are about 58% of the 2017 budget.
Interest earnings are at 74% 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 four billing cycles. Consumption remained
consistent from 2016. Sewer revenues are at 64% of the budget and slightly higher compared
Page 5
to third quarter 2016. The estimated level of discharge is reevaluated annually in conjunction
with the preparation of the Capital Improvement Program.
Interest earnings are at 69% 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 63% 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 four billing cycles. Water Quality
revenues are based on flat rates per billing cycle. Revenues are slightly higher than 2016 at
68% of the budget.
Interest earnings are at 130% 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 third quarter YTD 2016 primarily due to an
transfers for the storm water portion of street improvement projects. Operating budgetary
transfers through 3rd quarter 2017 are reflected in the report.
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 44% of budget as of the
third 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 9/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive ( Negative)USED 9/30/2016 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%900 -
101 32110.00 Liquor Licenses 73,290 73,290 70,865 (2,425) 97%70,465 400
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%3,100 (3,100)
101 32180.00 Cigarette Licenses 2,500 2,500 2,250 (250) 90%2,500 (250)
101 32210.00 Building Permits 398,420 398,420 359,214 (39,206) 90%410,593 (51,379)
101 32211.00 Retainage Forfeiture - - - - n/a 6,332 (6,332)
101 32215.00 Mechanical Permits 45,165 45,165 39,028 (6,137) 86%43,251 (4,223)
101 32230.00 Plumbing Permits 42,690 42,690 37,368 (5,323) 88%43,918 (6,551)
101 32231.00 Sewer/Water Inspection 6,180 6,180 10,133 3,953 164%5,525 4,608
101 32232.00 Plumbing Registrations 1,200 1,200 800 (400) 67%675 125
101 32240.00 Animal Licenses 3,750 3,750 3,750 - 100%3,500 250
101 32260.00 Burning Permits 2,625 2,625 2,430 (195) 93%1,875 555
101 32270.00 Short-term Rental Fee 2,000 2,000 800 (1,200) 40%800 -
101 32175.00 Public Private Gathering Permit - - 575 575 n/a - 575
101 32190.00 Community Event Application - - 350 350 n/a - 350
Licenses and Permits 583,220 583,220 532,862 (50,358) 91%596,884 (64,022)
Intergovernmental
101 33160.10 Fed Aids/Grants - Operating Grants - - - - n/a - -
101 33160.11 Fed Aids/Grants - Operating Police 18,000 18,000 4,745 (13,255) 26%9,917 (5,172)
101 33401.00 Local Government Aid 15,180 15,180 5,953 (9,228) 39%5,953 (1)
101 33416.01 State Aid - Police Train 7,800 7,800 7,948 148 102%6,253 1,695
101 33416.02 State Police Aid-Ins Prem 175,000 175,000 202,935 27,935 116%188,115 14,820
101 33417.00 State Aid - Fire Training 7,000 7,000 12,435 5,435 178%8,910 3,525
101 33418.00 State Road & Bridge Aid 316,827 316,827 301,569 (15,258) 95%292,692 8,877
101 33420.00 State Fire Aid-Ins. Prem.206,000 206,000 216,182 10,182 105%214,891 1,291
101 33422.10 State Aids/Grants - Operating Grants - - - - n/a - -
102 33422.11 State Aids/Grants - Operating Police - - - - n/a 1,957 (1,957)
101 33620.00 Township Fire & Resc Aid 311,068 311,068 298,076 (12,992) 96%311,068 (12,992)
101 33621.00 Liaison Aid 45,860 45,860 48,072 2,212 105%- 48,072
100 33630.00 Metro Council Grants - - - - n/a - -
101 33631.00 Payment in Lieu of Taxes 440,000 440,000 400,000 (40,000) 91%322,500 77,500
101 33700.23 Miscellaneous Grants - Capital Parks - - - - n/a - -
Intergovernmental 1,542,735 1,542,735 1,497,914 (44,821) 97%1,362,256 135,658
Charges for Services
101 31810.00 Franchise Taxes 603,000 603,000 310,623 (292,377) 52%307,290 3,333
101 34103.00 Zoning & Subdivision Fees 20,650 20,650 46,746 26,096 226%22,577 24,169
101 34104.00 Plan Check Fees 243,474 243,474 195,267 (48,207) 80%237,005 (41,738)
101 34105.00 Sale of Maps/Publications - Reports 1,000 1,000 315 (685) 32%974 (659)
101 34107.00 Assessment Searches - Reports 400 400 100 (300) 25%520 (420)
101 34109.00 Project Admin/Eng Fees 343,000 343,000 217,341 (125,659) 63%145,403 71,938
101 34203.00 Accident/Warrant Reports - Reports - - 110 110 n/a 68 42
101 34304.00 PEG Access Fees 32,000 32,000 - (32,000) 0%16,178 (16,178)
101 34731.00 Softball Fees 11,000 11,000 14,573 3,573 132%13,199 1,374
101 34735.00 Recreation Program Fees 47,000 47,000 50,367 3,367 107%48,481 1,886
101 34740.00 Concessions - Park Fees - - 1,074 1,074 n/a 72 1,002
101 34760.01 Facility Rental - Regular 74,021 74,021 55,773 (18,248) 75%55,026 747
101 34761.00 Studio/Pavilion Rental 15,000 15,000 23,459 8,459 156%16,542 6,917
101 34762.00 Park Shelter Rental 42,500 42,500 36,688 (5,812) 86%17,871 18,817
101 34763.13 Facility Usage Fee (not taxable)15,300 15,300 - (15,300) 0%- -
101 34765.01 Tower Leases 267,966 267,966 281,252 13,286 105%244,686 36,566
101 34780.00 Park Admission Fees 18,000 18,000 20,866 2,866 116%23,668 (2,802)
101 34783.00 City Contract Services 42,000 42,000 60,551 18,551 144%47,112 13,439
101 36220.16 Prof Services Fee Deposit Bldg Inspectio - - 16,801 16,801 n/a 28,177 (11,376)
Charges for Services 1,776,311 1,776,311 1,331,905 (444,406) 75%1,224,849 107,056
Fines and Forfeitures
101 35101.00 County Court Fines - - 100 100 n/a 500 (400)
101 35104.00 Prosecution Restitution - - 413 413 n/a 4,243 (3,830)
Fines and Forfeitures - - 513 513 n/a 4,743 (4,230)
COMPARATIVE
City of Prior Lake
General Fund Revenues
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive ( Negative)USED 9/30/2016 Positive (Negative)
COMPARATIVE
Interest (losses) on investments
101 36210.00 Interest Earnings 85,750 85,750 63,481 (22,269) 74%67,251 (3,770)
101 36225.00 Unrealized Inv.Gain(Loss)- - (14,570) (14,570) n/a 49,835 (64,405)
Interest (losses) on investments 85,750 85,750 48,911 (36,839) 57%117,086 (68,175)
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%2,664 (536)
101 36211.00 Developer Agreements 60,000 60,000 202,328 142,328 337%74,261 128,067
101 36212.00 Miscellaneous Revenue 29,550 29,550 21,940 (7,610) 74%44,884 (22,944)
101 36230.00 Contributions & Donations - - 6,682 6,682 n/a 4,500 2,182
101 39102.00 Sale of Property - - 3,440 3,440 n/a 10,129 (6,689)
Other Miscellaneous Revenues 92,050 92,050 254,000 161,950 276%138,442 115,558
Other financing sources
101 39310.00 G.O. Bond Proceeds 300,000 - - - n/a - -
101 39203.00 Transfer from Other Funds 430,000 430,000 322,500 (107,500) 75%271,980 50,520
Other financing sources 730,000 430,000 322,500 (107,500) 75%271,980 50,520
Total Revenues 13,020,878 12,720,878 8,212,807 (4,508,071) 65%7,982,730 230,077
City of Prior Lake
General Fund Expenditures
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance from
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 9/30/2016 Positive (Negative)
Function: General Government
41110.00 MAYOR & COUNCIL 58,193 58,193 50,383 7,810 87%38,684 (11,699)
41130.00 ORDINANCE 7,500 7,500 5,478 2,022 73%4,940 (538)
41320.00 ADMINISTRATION 409,228 409,228 328,962 80,266 80%301,851 (27,111)
41330.00 BOARDS & COMMISSIONS 10,689 10,689 7,998 2,692 75%7,033 (965)
41410.00 ELECTIONS - - - - n/a 9,105 9,105
41520.00 FINANCE 459,966 459,966 306,015 153,951 67%320,321 14,306
41530.00 ACCOUNTING - - - - n/a 249 249
41540.00 INTERNAL AUDITING 28,150 28,150 31,240 (3,090) 111%31,733 493
41550.00 ASSESSING 187,250 187,250 185,000 2,250 99%167,500 (17,500)
41610.00 LEGAL 200,000 200,000 149,235 50,765 75%105,655 (43,580)
41820.00 HUMAN RESOURCES 163,605 191,625 151,994 39,631 79%107,570 (44,424)
41830.00 COMMUNICATIONS 119,708 119,708 85,608 34,100 72%79,382 (6,226)
41910.00 COMMUNITY DEVELOPMENT 347,273 347,273 262,614 84,659 76%224,022 (38,592)
41920.00 INFORMATION TECHNOLOGY 345,585 373,585 261,067 112,518 70%208,221 (52,846)
41940.00 FACILITIES - CITY HALL 485,854 488,854 358,588 130,266 73%329,222 (29,366)
Total - Function General Government 2,823,001 2,882,021 2,184,181 697,840 76%1,935,488 (248,693)
Function: Public Safety
42100.00 POLICE 3,730,730 3,744,730 2,684,076 1,060,654 72%2,538,608 (145,468)
42200.00 FIRE 905,149 905,149 447,018 458,131 49%462,824 15,806
42400.00 BUILDING INSPECTION 638,325 638,325 450,935 187,390 71%417,844 (33,091)
42500.00 EMERGENCY MANAGEMENT 11,802 11,802 9,168 2,634 78%1,212 (7,956)
42700.00 ANIMAL CONTROL 26,448 26,448 17,600 8,848 67%17,200 (400)
Total - Function Public Safety 5,312,454 5,326,454 3,608,798 1,717,656 68%3,437,688 (171,110)
Function: Public Works
43050.00 ENGINEERING 385,272 385,272 282,373 102,899 73%242,393 (39,980)
43100.00 STREET 1,393,754 1,119,524 720,265 399,259 64%772,565 52,300
43400.00 CENTRAL GARAGE 404,554 404,554 314,128 90,426 78%247,606 (66,522)
Total - Function Public Works 2,183,580 1,909,350 1,316,766 592,584 69%1,262,564 (54,202)
Function: Culture and Recreation
45100.00 RECREATION 388,352 388,352 310,796 77,556 80%308,650 (2,146)
45200.00 PARKS 1,292,709 1,292,709 938,362 354,347 73%942,562 4,200
45500.00 LIBRARIES 52,763 52,763 39,914 12,849 76%31,090 (8,824)
46100.00 NATURAL RESOURCES - - - - n/a 149 149
Total - Function Culture and Recreation 1,733,824 1,733,824 1,289,072 444,752 74%1,282,451 (6,621)
00000.00 Transfer to Other Funds 1,018,019 1,018,019 369,600 648,419 36%159,190 (210,410)
Total Expenditures 13,070,878 12,869,668 8,768,418 4,101,250 68%8,077,381 (691,037)
COMPARATIVE
City of Prior Lake
Debt Service Funds
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 9/30/2016 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 - - 513,407 513,407 n/a 165,601 347,806
County Assess. Collection 457,517 457,517 196,696 (260,821) 43% 219,157 (22,461)
Interest (losses) on investments
Interest Earnings 40,117 40,117 101,688 61,571 253% 83,782 17,906
Unrealized Inv.Gain(Loss) - - (65,635) (65,635) n/a (11,134) (54,501)
Miscellaneous Revenues
Miscellaneous Revenues - - - - n/a (70) (70)
Other Financing Sources
Transfer from Other Funds 1,613,635 1,613,635 267,556 (1,346,079) 17% 504,659 (237,103)
Bond Proceeds - - - - n/a 1,656,086 (1,656,086)
Total Revenues 4,740,206 4,740,206 2,367,797 (2,372,409) 50%3,822,741 (1,455,084)
Expenditures
Debt Service
Principal 3,987,634 3,987,634 275,651 3,711,983 7% 263,031 (12,620)
Interest and Other 1,031,684 1,031,860 601,610 430,250 58% 618,928 17,318
Bond Issuance Costs - - - - n/a 44,155 44,155
Bond Discount/Premium - - - - n/a (70,270) (70,270)
Transfers to Other Funds - - 239,171 (239,171) n/a - (239,171)
Total Expenditures 5,019,318 5,019,494 1,116,432 3,903,062 22%855,844 (21,417)
Net Change (279,112) (279,288) 1,251,366 2,966,897
COMPARATIVE
City of Prior Lake
Cable Fund
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 9/30/2016 Positive (Negative)
Revenues
Franchise Taxes
210-41340.00.31810.00 Franchise Taxes - - - - n/a 50,873 (50,873)
Charges for Services
210-41340.00-34304.00 PEG Access Fees 37,133 37,133 21,991 (15,142) 59%6,296 15,695
Interest (losses) on investments
210-41340.00-36210.00 Interest Earnings - - 289 289 n/a - 289
210-41340.00-36225.00 Unrealized Inv.Gain(Loss)- - (90) (90) n/a - (90)
Total Revenues 37,133 37,133 22,190 (14,943) 60%57,169 (34,979)
Expenditures
Current Expenditures
210-41340.00-52400.20 Small Equipment - Technology 11,250 11,250 - 11,250 0%5,261 (5,261)
Capital Outlay
210-41340.00-55530.00 Infrastructure - - - - n/a - -
Total Expenditures 11,250 11,250 - 11,250 0%5,261 (5,261)
Net Change 25,883 25,883 22,190 51,908
COMPARATIVE
City of Prior Lake
Capital Park Fund
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 9/30/2016 Positive (Negative)
Revenues
Charges for Services
225-45200.00-34760.01 Facility Rental - Regular 24,000 24,000 18,000 (6,000) 75% 17,950 50
225-45200.00-34791.00 Dedication Fees 405,000 405,000 416,308 11,308 103% 542,650 (126,342)
Charges for Services 429,000 429,000 434,308 5,308 101% 560,600 (126,292)
Interest (losses) on investments
225-00000.00-36210.00 Interest Earnings 9,000 9,000 10,306 1,306 115% 7,105 3,201
225-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - (2,503) (2,503) n/a 4,137 (6,640)
Interest (losses) on investments 9,000 9,000 7,803 (1,197) 87% 11,242 (3,439)
Contributions and donations
225-00000.00-36230.00 Contributions & Donations - - 5,675 5,675 n/a 6,080 (405)
Contributions and donations - - 5,675 5,675 n/a 6,080 (405)
Total Revenues 438,000 438,000 447,786 9,786 102%577,922 (130,136)
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 9,147 9,147
55530.00 Infrastructure - - 25,049 (25,049) n/a 387,168 362,119
Total Expenditures - - 46,101 (46,101) n/a 400,027 350,214
Net Change 438,000 438,000 401,685 177,895
COMPARATIVE
City of Prior Lake
Revolving Equipment Fund
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 9/30/2016 Positive (Negative)
Revenues
Taxes
410-00000.00-31010.00 Current Property Taxes 375,000 375,000 192,972 (182,028) 51% 167,096 25,876
Taxes 375,000 375,000 192,972 (182,028) 51% 167,096 25,876
Interest (losses) on investments
410-00000.00-36210.00 Interest Earnings 10,594 10,594 5,851 (4,743) 55% 8,596 (2,745)
410-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - (1,290) (1,290) n/a 6,545 (7,835)
Interest (losses) on investments 10,594 10,594 4,560 (6,034) 43% 15,141 (10,581)
Transfers in
410-00000.00-39203.00 Transfer from Other Funds 341,000 341,000 255,750 (85,250) 75% 105,750 150,000
Transfers in 341,000 341,000 255,750 (85,250) 75% 105,750 150,000
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 726,594 726,594 453,282 (273,312) 62%697,987 (244,705)
Expenditures
Public Safety
Police
410-42100.00-55550.00 Vehicles 124,700 124,700 101,657 23,043 82% 92,186 (9,471)
Fire
410-42200.00-55550.00 Vehicles - - - - n/a 441 441
Total Public Safety 124,700 124,700 101,657 23,043 82% 92,627 (9,030)
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 213,210 213,210 228 212,982 0% 300,744 300,516
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 19,999 1 100% 365 (19,634)
Total Public Works 244,334 244,334 32,602 211,732 13% 336,867 304,265
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 406,850 406,850 366,453 40,397 90% - (366,453)
Total Utility 411,485 411,485 366,453 45,032 89% - (366,453)
OTHER FINANCING USES
Transfers out
410-80000.00-59203.00 Transfers to Other Funds - - - - n/a 148,021 148,021
- - - - n/a 148,021 148,021
Total Expenditures 872,704 872,704 684,519 188,185 78%858,284 173,765
Net Change (146,110) (146,110) (231,237) (160,297)
COMPARATIVE
City of Prior Lake
Facilities Management Fund
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 9/30/2016 Positive (Negative)
Revenues
Interest (losses) on investments
440-00000.00-36210.00 Interest Earnings 5,000 5,000 7,185 2,185 144%7,494 (309)
440-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (1,685) (1,685) n/a 4,683 (6,368)
Interest (losses) on investments 5,000 5,000 5,501 501 110%12,177 (6,676)
Transfers in
440-00000.00-39203.00 Transfer from Other Funds 56,650 56,650 42,488 (14,163) 75%41,250 1,238
Transfers in 56,650 56,650 42,488 (14,163) 75%41,250 1,238
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 681,650 681,650 417,988 (263,662) 61%53,427 (375,439)
Expenditures
Function: General Government
41940.00 FACILITIES-CITY HALL - - 10,690 (10,690) n/a - (10,690)
- - 10,690 (10,690) n/a - (10,690)
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)
42100.00 POLICE - - 10,690 (10,690) n/a - (10,690)
Total - Function Public Safety 17,484 17,484 20,195 (2,711) 116%- (20,195)
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 114,081 734,081 341,503 392,578 47%- (341,503)
Total - Function Culture and Recreation 114,081 734,081 341,503 392,578 47%- (341,503)
Total Expenditures 232,140 852,140 380,254 471,886 45%124,101 (245,463)
Net Change 449,510 (170,490) 37,734 (70,674)
COMPARATIVE
City of Prior Lake
Water Fund
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 9/30/2016 Positive (Negative)
Revenues
Water Charges
601-49400.00-37100.00 Utility Receipts - Water 3,740,806 3,740,806 2,154,686 (1,586,120) 58%2,118,515 36,171
601-49400.00-37160.00 Penalties 11,000 11,000 12,406 1,406 113%11,455 951
Water Charges 3,751,806 3,751,806 2,167,092 (1,584,714) 58%2,129,970 37,122
Capital Facility charges
601-49400.00-37110.00 Capital Facility Revenue 264,540 264,540 173,292 (91,248) 66%170,886 2,406
Capital Facility charges 264,540 264,540 173,292 (91,248) 66%170,886 2,406
Meter Sales
601-49400.00-37170.00 Water Meter Sales 73,150 73,150 37,572 (35,578) 51%53,401 (15,829)
601-49400.00-37175.00 Pressure Reducers 26,700 26,700 10,344 (16,356) 39%16,915 (6,571)
601-49400.00-37180.00 Frost Plates - - - - n/a 7 (7)
Meter Sales 99,850 99,850 47,916 (51,934) 48%70,323 (22,407)
Interest (losses) on investments
601-00000.00-36210.00 Interest Earnings 40,000 40,000 29,460 (10,540) 74%27,666 1,794
601-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (6,072) (6,072) n/a 19,444 (25,516)
Interest (losses) on investments 40,000 40,000 23,388 (16,612) 58%47,110 (23,722)
Miscellaneous Revenues
601-00000.00-36212.00 Miscellaneous Revenue - - 7,690 7,690 n/a 1,608 6,082
601-00000.00-36102.00 County Assess Collection - - 78 78 n/a 126 (48)
601-49400.00-37190.00 Miscellaneous Revenue Adj - - 91 91 n/a 32 59
Miscellaneous Revenues - - 7,859 7,859 n/a 1,766 6,093
Intergovernmental
33422.15 State Aids/Grants-Operating Public Works - - 2,770 2,770 n/a 3,333 (563)
33610.10 County-City Aids/Grants-Operating Grants - - 500 500 n/a 10,000 (9,500)
- - 3,270 3,270 0%13,333 (10,063)
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 2,422,818 (2,836,648) 46%2,433,388 (507)
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 941,147 941,147 1,647,843 (706,696) 175%1,185,543 (462,300)
41520.00 FINANCE 86,977 86,977 59,703 27,274 69%62,000 2,297
Total - Function General Government 1,028,124 1,028,124 1,707,546 (679,422) 166%1,247,543 (460,003)
Function: Water
49400.00 WATER 4,997,773 5,015,808 1,236,927 3,778,881 25%1,158,211 (78,716)
49400.00 Capital Outlay 3,026,391 3,044,426 8,940 3,035,487 0%104,718 95,779
Total - Function Water 4,997,773 5,015,808 1,245,866 3,769,942 25%1,262,929 17,063
Total Expenditures 6,025,897 6,043,932 2,953,413 3,090,519 49%2,510,472 (442,941)
Net Change (769,701) (787,736) (530,595) (77,084)
COMPARATIVE
City of Prior Lake
Sewer Fund
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 9/30/2016 Positive (Negative)
Revenues
Sewer Charges
604-49450.00-37102.00 Utility Receipts - Sewer 1,452,600 1,452,600 937,388 (515,212) 65%841,275 96,113
604-49450.00-37104.00 Utility Recpt-Sewer MCES 1,387,800 1,387,800 892,735 (495,065) 64%777,282 115,453
Sewer Charges 2,840,400 2,840,400 1,830,124 (1,010,276) 64%1,618,557 211,567
Capital Facility charges
604-49450.00-37110.00 Capital Facility Revenue 260,130 260,130 173,297 (86,833) 67%170,892 2,405
Capital Facility charges 260,130 260,130 173,297 (86,833) 67%170,892 2,405
Water Charges
604-49450.00-37160.00 Penalties 9,000 9,000 12,780 3,780 142%10,214 2,566
Water Charges 9,000 9,000 12,780 3,780 142%10,214 2,566
Interest (losses) on investments
604-00000.00-36210.00 Interest Earnings 22,810 22,810 15,810 (7,000) 69%14,756 1,054
604-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (3,035) (3,035) n/a 10,574 (13,609)
Interest (losses) on investments 22,810 22,810 12,775 (10,035) 56%25,330 (12,555)
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 2,028,976 (1,953,364) 51%1,824,993 203,983
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 355,300 355,300 1,144,085 (788,785) 322%552,945 (591,140)
41520.00 FINANCE 86,977 86,977 58,320 28,657 67%61,969 3,649
Total - Function General Government 442,277 442,277 1,202,405 (760,128) 272%614,914 (587,491)
Function: Sewer
49450.00 SEWER 4,019,121 4,037,156 1,619,326 2,417,830 40%1,502,911 (116,415)
Total - Function Sewer 4,019,121 4,037,156 1,619,326 2,417,830 40%1,502,911 (116,415)
Total Expenditures 4,461,398 4,479,433 2,821,731 1,657,702 63%2,117,825 (703,906)
Net Change (479,058) (497,093) (792,754) (292,832)
COMPARATIVE
City of Prior Lake
Water Quality Fund
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance from
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 9/30/2016 Positive (Negative)
Revenues
Storm Water Charges
602-49420.00-37120.00 Storm Water Revenue 876,921 876,921 599,803 (277,118) 68%588,960 10,843
Storm Water Charges 876,921 876,921 599,803 (277,118) 68%588,960 10,843
Water Charges
602-49420.00-37160.00 Penalties - - 2,591 2,591 n/a 2,322 269
Water Charges - - 2,591 2,591 n/a 2,322 269
Intergovernmental
602-00000.00-33422.10 State Aids/Grants 34,790 34,790 1,379 (33,411) 4%- 1,379
602-49420.00-33610.20 County-City Aids/Grants - - - - n/a (10,175) 10,175
Intergovernmental 34,790 34,790 1,379 (33,411) 4%(10,175) 11,554
Interest (losses) on investments
602-00000.00-36210.00 Interest Earnings 8,080 8,080 10,526 2,446 130%9,032 1,494
602-0000.00-36212.00 Miscellaneous Revenue - - 120 120 n/a - 120
602-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (2,255) (2,255) n/a 5,177 (7,432)
Interest (losses) on investments 8,080 8,080 8,391 311 104%14,209 (5,818)
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 919,791 919,791 654,258 (265,533) 71%595,316 58,942
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 81,000 81,000 434,965 (353,965) 537%72,518 (362,447)
Total - Function General Government 81,000 81,000 434,965 (353,965) 537%72,518 (362,447)
Function: Water Quality
49420.00 WATER QUALITY 1,307,206 1,307,206 340,319 966,887 26%270,379 (69,940)
49420.00 Capital Outlay Water 756,417 756,417 12,762 743,655 2%- (12,762)
Total - Function Water Quality 1,307,206 1,307,206 353,081 954,125 27%270,379 (82,702)
Total Expenditures 1,388,206 1,388,206 788,046 600,160 57%342,897 (445,149)
Net Change (468,415) (468,415) (133,788) 252,419
COMPARATIVE
City of Prior Lake
Economic Development Authority Special Revenue Fund
As of 9/30/2017
(Preliminary & Unaudited)
Variance from Variance from
2017 2017 2017 Amended Budget - % BDGT Actual from 2016
Budget Amended Actual Positive (Negative)USED 9/30/2016 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 6,043 (2,457) 71%7,852 (1,809)
Charges for Services 8,500 8,500 6,043 (2,457) 71%7,852 (1,809)
Interest (losses) on investments
240-00000.00-36210.00 Interest Earnings 2,500 2,500 2,069 (431) 83%1,605 464
240-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (458) (458) n/a 884 (1,342)
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 6,611 4,111 264%2,489 (4,122)
Total Revenues 151,000 151,000 84,622 (66,378) 56%97,460 (12,838)
Expenditures
Function: Economic Development
46500.00 ECONOMIC DEVELOPMENT 151,325 151,325 69,820 81,505 46%113,430 43,610
46503.00 TECH VILLAGE INCUBATOR 9,500 9,500 1,139 8,361 12%5,169 4,030
Total Expenditures 160,825 160,825 70,959 89,867 44%118,599 47,641
Net Change (9,825) (9,825) 13,664 (21,139)
COMPARATIVE