HomeMy WebLinkAbout5J 2018 1st Quarter Financial Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: MAY 21, 2018
AGENDA #: 5J
PREPARED BY: JASON ETTER, ACCOUNTING MANAGER
PRESENTER: CATHY ERICKSON, FINANCE DIRECTOR
AGENDA ITEM: CONSIDER APPROVAL OF THE PRELIMINARY 1st QUARTER 2018
FINANCIAL REPORTS
DISCUSSION: Introduction
Staff has prepared preliminary summary financial reports (attached) as of
March 31, 2018, for the following funds:
• General Fund
• Debt Service Funds
• Cable Fund
• Capital Park Fund
• Revolving Equipment Fund
• Facilities Management Fund
• Permanent Improvement Revolving Fund
• Water Fund
• Sewer Fund
• Water Quality Fund
• Economic Development Authority Special Revenue Fund
The reports reflect revenue and expenditure activity during first quarter
2018. 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
March 31, 2018 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: May 21, 2018
TO: Prior Lake City Council
FROM: Cathy Erickson, Finance Director
RE: Financial Report dated 3/31/2018
The financial reports presented as part of this agenda item reflect activity during the first quarter
of 2018. The significant issues identified at this time are summarized below.
General Fund Summary
Key points for 2018:
• Preliminary financial information reflects expenditures exceeding revenues by
$1,383,420; This is expected since the primary funding source of property tax revenue
will not be received until June.
• The 2018 approved budget included use of reserves of $18,990 for the Cartegraph
software upgrade. The budget has been amended to use additional reserves of $51,556
($15,000 for carryforward of fire gear expenditures from 2017 and $36,556 for the
Laserfiche software upgrade). Through the 1st quarter of 2018, the total amended
budget use of reserves totals $70,546.
• Charges for Services, Licenses and Permits, and Developer Agreements are higher than
in this same period in 2017 due to receipt of ~ $140,000 for the Cedarwood and Tower
Street tower leases and ~$40,000 for Summit Preserve 2nd addition in 2018.
• Expenditures are roughly the same as in this same period in 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. Therefore, tax revenues will not be reflected
in the financial report until June.
Single family building permits were budgeted at 105 for 2018. Revenues associated with
building permits and plan check fees are approximately $111k higher than in the 1st quarter
2017. The following table provides a breakdown of the first quarter activity by year.
Year Single
Family
Townhomes Commercial /
Industrial
Other
Permits
Total Change
from PY
2018 20 12 0 229 357 14%
2017 10 0 0 302 312 (10%)
2016 17 4 3 325 349 (16%)
2015 32 0 3 380 418 65%
2014 13 0 0 239 252 (43%)
Liquor License renewals occur in June, so the revenue will be reflected in the financial report in
June.
The first half payments were received for Municipal State Aid and the township fire agreements.
First quarter franchise fees collected in April have not been included in this report.
Page 3
Project engineering fees are currently only 15% of its annual budget. Staff has historically used
a percentage of construction costs for estimating engineering time. As the outstanding projects
move forward, engineering costs charged to the projects will increase.
Recreation revenues (including Park admission fees and facility rental) are slightly lower than
the 1st quarter of 2017, primarily due to the decrease in studio/pavilion rentals.
Interest earnings are at 39% of its budget. The report also reflects a $46k decrease in the fair
value of the securities. As rates increased, the market value of the existing securities has
decreased. This is a paper loss; no actual loss is realized because the City holds the securities
until maturity.
First quarter miscellaneous revenue includes the developer agreement fees of ~$40,000 for
Summit Preserve 2nd Addition.
General Fund Expenditures
General Fund expenditures for 2018 represents 20% of the $12,819,324 amended budget. The
level of expenditures (as a percent of budget) is consistent to the same period in 2017.
Expenditures in public safety are higher than the first quarter of 2017 due mainly to a new police
officer added mid-year 2017, and the drug taskforce officer added in the 4th quarter of 2017.
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
36% of the budget.
Most of our bond payments are due on the 1st and 15th of June and December.
Cable Fund
First quarter franchise fees collected in April have not been included in this report. There were
no expenditures in the first quarter for planned technology upgrades.
Capital Park Fund
Park Dedication Fees were received for the Summit Preserve in the 1st quarter of 2018. Interest
earnings are at 41% of the budget which is slightly higher than 2017.
Revolving Equipment Fund
Property taxes, the primary funding source, are received in June, December and January (final
tax settlement). Interest earnings are at 33% 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 purchases have taken place in the first quarter of 2018. Vehicle and
equipment purchases were approved at council meetings earlier in the year.
Facilities Management Fund
Interest earnings are at 49% 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
Permanent Improvement Revolving Fund
Approved expenditures for the 2018 street overlay project will occur in the 2nd quarter of 2018.
Interest earnings are at 85% 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.
Water Fund
The financial report for the Water Fund reflects only one billing cycle. Consumption increased
slightly from 2017. Water revenues are about 11% of the 2018 budget.
Interest earnings are at 39% of the budget which is higher than the same period in 2017. 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 higher than 2017. In first quarter 2018, operational
budgetary transfers have been made according to the approved budget.
Sewer Fund
The financial report for the Sewer Fund reflects just one billing cycle. Consumption decreased
slightly from 2018. Sewer revenues are at 15% of the budget and slightly higher compared to
first quarter 2017. The estimated level of discharge is reevaluated annually in conjunction with
the preparation of the Capital Improvement Program.
Interest earnings are at 29% 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 2018 are at 14% of the approved budget. Operational budgetary
transfers for first quarter are reflected in the report.
Water Quality Fund
The financial report for the Water Quality Fund reflects one billing cycle. Water Quality revenues
are based on flat rates per billing cycle. Revenues are slightly higher than 2017 at 18% of the
budget.
Interest earnings are at 41% 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 lower than first quarter 2017. Operational budgetary transfers for
first quarter 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 21% of budget as of the
first quarter end.
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COMPARATIVE
City of Prior Lake
General Fund Revenues
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive ( Negative)USED 3/31/2017 Positive (Negative)
Taxes
101 31010.00 Current Property Taxes - General Purpos 7,116,875 7,116,875 - (7,116,875) 0%- -
101 31040.00 Delinquent Property Taxes - General Purp - - - - n/a - -
101 31040.00 Fiscal Disparities 889,859 889,859 - (889,859) 0%11 (11)
101 33423.00 Market Value Credit Aid - - - - n/a - -
Taxes 8,006,734 8,006,734 - (8,006,734) 0%11 (11)
Licenses and Permits
101 32100.00 Business Licenses 900 900 600 (300) 67%900 (300)
101 32110.00 Liquor Licenses 74,790 74,790 175 (74,615) 0%- 175
101 32160.00 Refuse Haulers 4,150 4,150 - (4,150) 0%250 (250)
101 32170.00 Outdoor Concert Permits - - - - n/a - -
101 32180.00 Cigarette Licenses 2,500 2,500 2,250 (250) 90%2,250 -
101 32210.00 Building Permits 421,498 421,498 115,861 (305,637) 27%49,027 66,834
101 32211.00 Retainage Forfeiture - - - - n/a - -
101 32215.00 Mechanical Permits 47,408 47,408 18,269 (29,139) 39%5,363 12,906
101 32230.00 Plumbing Permits 39,983 39,983 12,189 (27,795) 30%9,853 2,336
101 32231.00 Sewer/Water Inspection 6,994 6,994 1,352 (5,642) 19%566 786
101 32232.00 Plumbing Registrations 1,200 1,200 60 (1,140) 5%650 (590)
101 32240.00 Animal Licenses 3,750 3,750 2,890 (860) 77%2,585 305
101 32260.00 Burning Permits 2,625 2,625 790 (1,835) 30%690 100
101 32270.00 Short-term Rental Fee 2,000 2,000 815 (1,185) 41%400 415
101 32175.00 Public Private Gathering Permit - - 30 30 n/a 100 (70)
101 32190.00 Community Event Application - - 3,050 3,050 n/a 50 3,000
Licenses and Permits 607,798 607,798 158,330 (449,468) 26%72,683 85,647
Intergovernmental
101 33160.10 Fed Aids/Grants - Operating Grants - - - - n/a - -
101 33160.11 Fed Aids/Grants - Operating Police 17,850 17,850 - (17,850) 0%- -
101 33401.00 Local Government Aid 11,905 11,905 - (11,905) 0%- -
101 33416.01 State Aid - Police Train 10,600 10,600 - (10,600) 0%- -
101 33416.02 State Police Aid-Ins Prem 192,000 192,000 - (192,000) 0%- -
101 33417.00 State Aid - Fire Training 7,000 7,000 - (7,000) 0%- -
101 33418.00 State Road & Bridge Aid 325,213 325,213 188,105 (137,108) 58%167,538 20,567
101 33420.00 State Fire Aid-Ins. Prem.215,000 215,000 2,000 (213,000) 1%1,000 1,000
101 33422.10 State Aids/Grants - Operating Grants - - - - n/a - -
102 33422.11 State Aids/Grants - Operating Police 3,850 3,850 - (3,850) 0%- -
101 33610.11 County Aids/Grants - Operating Police - - 10,783 10,783 n/a - 10,783
101 33620.00 Township Fire & Resc Aid 297,775 297,775 148,280 (149,496) 50%149,038 (759)
101 33621.00 Liaison Aid 48,793 48,793 - (48,793) 0%- -
100 33630.00 Metro Council Grants - - - - n/a - -
101 33631.00 Payment in Lieu of Taxes 510,000 510,000 110,000 (400,000) 22%110,000 -
101 33700.11 Miscellaneous Grants - Operating Police 36,000 36,000 - (36,000) 0%- -
101 33700.23 Miscellaneous Grants - Capital Parks - - - - n/a - -
Intergovernmental 1,675,986 1,675,986 459,168 (1,216,818) 27%427,576 31,592
Charges for Services
101 31810.00 Franchise Taxes 615,000 615,000 - (615,000) 0%- -
101 34103.00 Zoning & Subdivision Fees 20,650 20,650 9,190 (11,460) 45%9,243 (53)
101 34104.00 Plan Check Fees 255,028 255,028 69,594 (185,434) 27%25,454 44,140
101 34105.00 Sale of Maps/Publications - Reports 1,000 1,000 105 (895) 11%1,020 (915)
101 34107.00 Assessment Searches - Reports 400 400 70 (330) 18%- 70
101 34109.00 Project Admin/Eng Fees 236,000 236,000 51,110 (184,890) 22%21,952 29,158
101 34203.00 Accident/Warrant Reports - Reports 200 200 33 (167) 17%5 28
101 34304.00 PEG Access Fees - - - - n/a - -
101 34731.00 Softball Fees 13,000 13,000 12,623 (377) 97%14,061 (1,438)
101 34735.00 Recreation Program Fees 47,000 47,000 23,814 (23,186) 51%23,623 191
101 34735.01 Recreation Program Fees Regular - - 3,275 3,275 n/a - 3,275
101 34740.00 Concessions - Park Fees - - - - n/a - -
101 34760.01 Facility Rental - Regular 74,941 74,941 16,527 (58,414) 22%18,457 (1,930)
101 34761.00 Studio/Pavilion Rental 18,000 18,000 9,205 (8,795) 51%14,349 (5,144)
101 34762.00 Park Shelter Rental 42,500 42,500 25,189 (17,311) 59%22,001 3,188
101 34763.13 Facility Usage Fee (not taxable)3,000 3,000 - (3,000) 0%- -
101 34765.01 Tower Leases 277,596 277,596 140,628 (136,968) 51%90,375 50,253
101 34780.00 Park Admission Fees 39,000 39,000 - (39,000) 0%- -
101 34783.00 City Contract Services 59,000 59,000 40,860 (18,140) 69%3,696 37,164
101 36220.16 Prof Services Fee Deposit Bldg Inspectio - - 6,098 6,098 n/a - 6,098
Charges for Services 1,702,315 1,702,315 408,322 (1,293,993) 24%244,236 164,086
Fines and Forfeitures
101 35101.00 County Court Fines - - - - n/a 100 (100)
101 35104.00 Prosecution Restitution - - - - n/a - -
Fines and Forfeitures - - - - n/a 100 (100)
COMPARATIVE
City of Prior Lake
General Fund Revenues
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive ( Negative)USED 3/31/2017 Positive (Negative)
COMPARATIVE
Interest (losses) on investments
101 36210.00 Interest Earnings 86,000 86,000 33,356 (52,644) 39%21,277 12,079
101 36215.00 Amortization - Premium/Discount - - (8,136) (8,136) n/a - (8,136)
101 36225.00 Unrealized Inv.Gain(Loss)- - (46,142) (46,142) n/a (4,452) (41,690)
Interest (losses) on investments 86,000 86,000 (20,923) (106,923) -24%16,825 (37,748)
Other Miscellaneous Revenues
101 36102.00 County Assess. Collection 2,500 2,500 - (2,500) 0%- -
101 36211.00 Developer Agreements 195,000 195,000 64,177 (130,823) 33%4,500 59,677
101 36212.00 Miscellaneous Revenue 29,445 29,445 9,473 (19,972) 32%3,483 5,990
101 36230.00 Contributions & Donations - - 4,151 4,151 n/a 100 4,051
101 39102.00 Sale of Property - - 862 862 n/a 3,440 (2,578)
Other Miscellaneous Revenues 226,945 226,945 78,663 (148,282) 35%11,523 67,140
Other financing sources
101 39310.00 G.O. Bond Proceeds - - - - n/a - -
101 39203.00 Transfer from Other Funds 443,000 443,000 110,750 (332,250) 25%107,500 3,250
Other financing sources 443,000 443,000 110,750 (332,250) 25%107,500 3,250
Total Revenues 12,748,778 12,748,778 1,194,310 (11,554,468) 9%880,454 313,856
City of Prior Lake
General Fund Expenditures
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance from
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
Function: General Government
41110.00 MAYOR & COUNCIL 58,196 58,196 14,121 44,075 24%15,472 1,351
41130.00 ORDINANCE 7,500 7,500 342 7,158 5%933 591
41320.00 ADMINISTRATION 428,305 436,970 109,111 327,859 25%117,394 8,283
41330.00 BOARDS & COMMISSIONS 10,689 10,689 - 10,689 0%2,384 2,384
41410.00 ELECTIONS 23,984 23,984 15 23,969 0%- (15)
41520.00 FINANCE 464,052 464,052 105,330 358,722 23%103,690 (1,640)
41530.00 ACCOUNTING - - - - n/a - -
41540.00 INTERNAL AUDITING 30,700 30,700 4,690 26,010 15%3,090 (1,600)
41550.00 ASSESSING 194,700 194,700 - 194,700 0%- -
41610.00 LEGAL 212,000 212,000 32,986 179,014 16%37,407 4,421
41820.00 HUMAN RESOURCES 184,443 184,443 38,815 145,628 21%41,091 2,276
41830.00 COMMUNICATIONS 124,717 124,717 29,073 95,644 23%27,102 (1,971)
41910.00 COMMUNITY DEVELOPMENT 326,475 326,475 72,412 254,063 22%70,183 (2,229)
41920.00 INFORMATION TECHNOLOGY 317,145 345,036 118,771 226,265 34%112,317 (6,454)
41940.00 FACILITIES - CITY HALL 461,287 461,287 105,481 355,806 23%96,005 (9,476)
Total - Function General Government 2,844,193 2,880,749 631,146 2,249,603 22%627,068 (4,078)
Function: Public Safety
42100.00 POLICE 4,172,825 4,172,825 973,248 3,199,577 23%871,314 (101,934)
42200.00 FIRE 929,460 944,460 154,074 790,386 16%143,910 (10,164)
42400.00 BUILDING INSPECTION 593,926 593,926 169,543 424,383 29%144,511 (25,032)
42500.00 EMERGENCY MANAGEMENT 10,830 10,830 128 10,702 1%441 313
42700.00 ANIMAL CONTROL 26,448 26,448 4,400 22,048 17%4,400 -
Total - Function Public Safety 5,733,489 5,748,489 1,301,393 4,447,096 23%1,164,576 (136,817)
Function: Public Works
43050.00 ENGINEERING 466,739 463,065 69,588 393,476 15%73,738 4,150
43100.00 STREET 1,175,385 1,175,385 187,592 987,793 16%232,466 44,874
43400.00 CENTRAL GARAGE 421,679 421,679 84,558 337,121 20%86,475 1,917
Total - Function Public Works 2,063,803 2,060,129 341,738 1,718,390 17%392,679 50,941
Function: Culture and Recreation
45100.00 RECREATION 427,696 427,696 82,341 345,355 19%69,758 (12,583)
45200.00 PARKS 1,407,937 1,411,611 211,128 1,200,484 15%219,834 8,706
45500.00 LIBRARIES 63,098 63,098 9,984 53,114 16%13,529 3,545
46100.00 NATURAL RESOURCES - - - - n/a - -
Total - Function Culture and Recreation 1,898,731 1,902,405 303,453 1,598,953 16%303,121 (332)
00000.00 Transfer to Other Funds 227,552 227,552 - 227,552 0%85,767 85,767
Function: Contingent Reserve
49999.00 CONTINGENT RESERVE - - - - n/a - -
Total - Function Contingent Reserve - - - - n/a - -
Total Expenditures 12,767,768 12,819,324 2,577,731 10,241,593 20%2,573,211 (4,520)
COMPARATIVE
City of Prior Lake
Debt Service Funds
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
Revenues
Property Taxes
Current Property Taxes 3,142,620 3,142,620 - (3,142,620) 0%- -
Special Assessments
City Assess. Collections - - 40,465 40,465 n/a 35,741 4,724
County Assess. Collection 586,355 586,355 - (586,355) 0%- -
Interest (losses) on investments
Interest Earnings 30,491 30,491 10,854 (19,637) 36%6,073 4,781
Unrealized Inv.Gain(Loss)- - (12,974) (12,974) n/a (24,708) 11,734
Miscellaneous Revenues
Miscellaneous Revenues - - - - n/a - -
Other Financing Sources
Transfer from Other Funds 870,365 870,365 - (870,365) 0%5,436 (5,436)
Bond Proceeds - - - - n/a - -
Total Revenues 4,629,831 4,629,831 38,344 (4,591,487) 1%22,542 15,802
Expenditures
Debt Service
Principal 3,953,016 3,953,016 - 3,953,016 0%150,000 150,000
Interest and Other 938,256 938,256 1,000 937,256 0%3,675 2,675
Bond Issuance Costs 4,728 4,728 - 4,728 0%- -
Bond Discount/Premium - - - - n/a - -
Total Expenditures 4,896,000 4,896,000 1,000 4,895,000 0%153,675 152,675
Net Change (266,169) (266,169) 37,344 (131,133)
COMPARATIVE
City of Prior Lake
Cable Fund
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
Revenues
Franchise Taxes
210-41340.00.31810.00 Franchise Taxes - - - - n/a - -
Charges for Services
210-41340.00-34304.00 PEG Access Fees 32,000 32,000 - (32,000) 0%- -
Interest (losses) on investments
210-41340.00-36210.00 Interest Earnings - - 455 455 n/a - 455
210-41340.00-36225.00 Unrealized Inv. Gain (Loss)- - (602) (602) n/a - (602)
Total Revenues 32,000 32,000 (146) (32,146) 0%- (146)
Expenditures
Current Expenditures
210-41340.00-52400.20 Small Equipment - Technology - - 870 (870) n/a - 870
Capital Outlay
210-41340.00-55530.00 Infrastructure - - - - n/a - -
210-41340.00-55570.00 Machinery and Equipment 80,000 80,000 - 80,000 0%- -
Total Expenditures 80,000 80,000 870 79,130 1%- 870
Net Change (48,000) (48,000) (1,016) -
COMPARATIVE
City of Prior Lake
Capital Park Fund
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
Revenues
Charges for Services
225-45200.00-34760.01 Facility Rental - Regular 24,000 24,000 6,000 (18,000) 25%6,000 -
225-45200.00-34791.00 Dedication Fees 405,000 405,000 165,000 (240,000) 41%- 165,000
Charges for Services 429,000 429,000 171,000 (258,000) 40%6,000 165,000
Interest (losses) on investments
225-00000.00-36210.00 Interest Earnings 17,000 17,000 6,925 (10,075) 41%2,833 4,092
225-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (8,816) (8,816) n/a (674) (8,142)
Interest (losses) on investments 17,000 17,000 (1,892) (18,892) -11%2,159 (4,051)
Contributions and donations
225-00000.00-36230.00 Contributions & Donations - - 1,725 1,725 n/a 2,100 (375)
Contributions and donations - - 1,725 1,725 n/a 2,100 (375)
Total Revenues 446,000 446,000 170,833 (275,167) 38%10,259 160,574
Expenditures
54320.00 Miscellaneous 3,700 3,700 - 3,700 0%- -
59203.00 Transfers to Other Funds - - - - n/a - -
53100.80 Professional Services-General - - 3,614 (3,614) n/a - (3,614)
55530.00 Infrastructure - - - - n/a - -
Total Expenditures 3,700 3,700 3,614 86 98%- (3,614)
Net Change 442,300 442,300 167,219 10,259
COMPARATIVE
City of Prior Lake
Revolving Equipment Fund
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
Revenues
Taxes
410-00000.00-31010.00 Current Property Taxes 550,000 550,000 - (550,000) 0%- -
Taxes 550,000 550,000 - (550,000) 0%- -
Intergovernmental
410-00000.00-33422.10 State Aids/Grants - Operating Grants 30,000 30,000 - (30,000) 0%- -
Intergovernmental 30,000 30,000 - (30,000) 0%- -
Interest (losses) on investments
410-00000.00-36210.00 Interest Earnings 6,000 6,000 1,964 (4,036) 33%2,081 (117)
410-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (2,546) (2,546) n/a (342) (2,204)
Interest (losses) on investments 6,000 6,000 (582) (6,582) -10%1,739 (2,321)
Sale of assets
410-00000.00-39102.00 Sale of Property - - - - n/a - -
Sale of assets - - - - n/a - -
Other
410-42100.06-39104.00 Forfeiture Property Sales 12,000 12,000 - (12,000) 0%- -
Other 12,000 12,000 - (12,000) 0%- -
Transfers in
410-00000.00-39203.00 Transfer from Other Funds 155,000 155,000 38,750 (116,250) 25%85,250 (46,500)
Transfers in 155,000 155,000 38,750 (116,250) 25%85,250 (46,500)
OTHER FINANCING SOURCES
Debt Issued
410-00000.00-39310.00 G.O. Bond Proceeds 665,000 665,000 - (665,000) 0%- -
Premium on debt issued
410-43100.00-55110.00 Projects - Bond Discount/Premium - - - - n/a - -
665,000 665,000 - (665,000) 0%- -
Total Revenues 1,418,000 1,418,000 38,168 (1,379,832) 3%86,989 (48,821)
Expenditures
Public Safety
Police
410-42100.00-55550.00 Vehicles 191,690 191,690 15,423 176,267 8%66,681 51,258
410-42100.00-55570.00 Machinery & Equipment 46,350 46,350 - 46,350 0%- -
410-42100.06-54350.00 Agency Forfeit Proceeds - - - - n/a - -
Fire
410-42200.00-55550.00 Vehicles 678,770 678,770 3,569 675,201 1%- (3,569)
410-42200.00-55570.00 Machinery & Equipment - - - - n/a - -
Total Public Safety 916,810 916,810 18,992 897,818 2%66,681 47,689
Public Works
Street
410-43100.00-55550.00 Vehicles - - - - n/a - -
410-43100.00-55570.00 Machinery & Equipment - - - - n/a 12,354 12,354
Central Garage
410-43400.00-55550.00 Vehicles 20,000 20,000 - 20,000 0%- -
Total Public Works 20,000 20,000 - 20,000 0%12,354 12,354
Culture and Recreation
410-45200.00-55550.00 Vehicles 218,154 218,154 - 218,154 0%32,404 32,404
410-45200.00-55570.00 Machinery and Equipment 18,849 18,849 - 18,849 0%37,297 37,297
Total Culture & Recreation 237,003 237,003 - 237,003 0%69,701 69,701
Water
410-49400.00-55550.00 Vehicles - - - - n/a - -
410-49400.00-55570.00 Machinery and Equipment 10,094 10,094 - 10,094 0%- -
Water Quality
410-49420.00-55550.00 Vehicles 210,120 210,120 - 210,120 0%- -
Sewer
410-49450.00-55550.00 Vehicles - - - - n/a - -
Total Utility 220,214 220,214 - 220,214 0%- -
OTHER FINANCING USES
Interest and Other
410-43100.00-55070.00 Projects - Bond Issuance Costs - - - - n/a - -
Transfers out
410-80000.00-59203.00 Transfers to Other Funds - - - - n/a - -
- - - - n/a - -
Total Expenditures 1,394,027 1,394,027 18,992 1,375,035 1%148,736 129,744
Net Change 23,973 23,973 19,176 (61,747)
COMPARATIVE
City of Prior Lake
Facilities Management Fund
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
Revenues
Interest (losses) on investments
440-00000.00-36210.00 Interest Earnings 5,400 5,400 2,660 (2,740) 49%2,388 272
440-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (3,517) (3,517) n/a (516) (3,001)
Interest (losses) on investments 5,400 5,400 (857) (6,257) -16%1,872 (2,729)
Transfers in
440-00000.00-39203.00 Transfer from Other Funds 58,350 58,350 14,588 (43,763) 25%14,163 425
Transfers in 58,350 58,350 14,588 (43,763) 25%14,163 425
Debt Issued
440-00000.00-39310.00 G.O. Bond Proceeds 620,000 620,000 - (620,000) 0%- -
Debt Issued 620,000 620,000 - (620,000) 0%- -
Total Revenues 683,750 683,750 13,731 (670,019) 2%16,035 (2,304)
Expenditures
Function: General Government
00000.00 Transfers to Other Funds - - - - n/a - -
41940.00 FACILITIES - CITY HALL - - 10,048 (10,048) n/a - (10,048)
41960.00 GESP - - - - n/a - -
Total - Function General Government - - 10,048 (10,048) n/a - (10,048)
Function: Public Safety
42100.00 POLICE 8,000 8,000 - 8,000 0%- -
42200.00 FIRE 843,204 843,204 - 843,204 0%- -
Total - Function Public Safety 851,204 851,204 - 851,204 0%- -
Function: Culture and Recreation
45100.00 RECREATION - - - - n/a - -
45500.00 LIBRARIES - 79,961 - 79,961 0%- -
Total - Function Culture and Recreation - 79,961 - 79,961 0%- -
Function: Water
49400.00 Building & Building Improvements 22,500 22,500 - 22,500 0%- -
Total - Function Culture and Recreation 22,500 22,500 - 22,500 0%- -
Total Expenditures 873,704 953,665 10,048 943,617 1%- (10,048)
Net Change (189,954) (269,915) 3,683 16,035
COMPARATIVE
City of Prior Lake
Permanent Improvement Revolving Fund
As of 3/31/2018
(Preliminary & Unaudited)
2018 2018
Budget Amended
Revenues
Special Assessments
450-00000.00-36101.00 City Assess. Collections - -
450-00000.00-36102.00 County Assess. Collection 83,314 83,314
83,314 83,314
Interest (losses) on investments
450-00000.00-36210.00 Interest Earnings 1,538 1,538
450-00000.00-36225.00 Unrealized Inv.Gain(Loss)- -
Interest (losses) on investments 1,538 1,538
Transfers in
450-00000.00-39203.00 Transfer from Other Funds - -
Transfers in - -
Debt Issued
450-00000.00-39310.00 G.O. Bond Proceeds 600,000 600,000
Debt Issued 600,000 600,000
Total Revenues 684,852 684,852
Expenditures
Function: Public Works
43100.00 STREET 650,000 650,000
Total - Function Public Works 650,000 650,000
OTHER FINANCING USES
Transfers out
450-80000.00-59203.00 Transfers to Other Funds 75,374 75,374
Total Expenditures 725,374 725,374
Net Change (40,522) (40,522)
Variance from Variance
2018 Amended Budget - % BDGT Actual from 2017
Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
3,840 3,840 n/a - 3,840
- (83,314) 0%- -
3,840 (79,474) 5%- 3,840
1,301 (237) 85%- 1,301
(1,715) (1,715) n/a - (1,715)
(414) (1,952) -27%- (414)
- - n/a - -
- - n/a - -
- (600,000) 0%- -
- (600,000) 0%- -
3,426 (681,426) 1%- 3,426
- 650,000 0%- -
- 650,000 0%- -
- 75,374 0%- -
- 725,374 0%- -
3,426 -
COMPARATIVE
City of Prior Lake
Water Fund
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
Revenues
Water Charges
601-49400.00-37100.00 Utility Receipts - Water 3,691,044 3,691,044 406,526 (3,284,518) 11%395,531 10,995
601-49400.00-37160.00 Penalties - - 3,970 3,970 n/a 3,329 641
Water Charges 3,691,044 3,691,044 410,496 (3,280,548) 11%398,860 11,636
Capital Facility charges
601-49400.00-37110.00 Capital Facility Revenue 268,680 268,680 43,541 (225,139) 16%43,231 310
Capital Facility charges 268,680 268,680 43,541 (225,139) 16%43,231 310
Meter Sales
601-49400.00-37170.00 Water Meter Sales 82,750 82,750 18,777 (63,973) 23%9,888 8,889
601-49400.00-37175.00 Pressure Reducers 32,700 32,700 5,253 (27,447) 16%1,675 3,578
601-49400.00-37180.00 Frost Plates - - - - n/a - -
Meter Sales 115,450 115,450 24,030 (91,420) 21%11,563 12,467
Intergovernmental
601-00000.00-33422.15 State Aids/Grants - Operating Public Wor - - - - n/a - -
601-00000.00-33422.25 State Aids/Grants - Capital Public Works - - - - n/a - -
Intergovernmental - - - - n/a - -
Interest (losses) on investments
601-00000.00-36210.00 Interest Earnings 35,900 35,900 13,964 (21,936) 39%11,179 2,785
601-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (18,753) (18,753) n/a (2,376) (16,377)
Interest (losses) on investments 35,900 35,900 (4,789) (40,689) -13%8,803 (13,592)
Miscellaneous Revenues
601-00000.00-36212.00 Miscellaneous Revenue - - 100 100 n/a 30 70
601-00000.00-36102.00 County Assess Collection - - - - n/a - -
601-00000.00-36231.00 PERA Pension Contributions - - - - n/a - -
601-49400.00-37190.00 Miscellaneous Revenue Adj - - 12 12 n/a 3 9
601-00000.00-37901.00 Contribution (Other Fund)- - - - n/a - -
601-00000.00-37902.00 Contribution (Developers)- - - - n/a - -
Miscellaneous Revenues - - 112 112 n/a 33 79
Transfers in
39203.00 Transfer from Other Funds 1,500,000 1,500,000 - (1,500,000) 0%- -
1,500,000 1,500,000 - (1,500,000) 0%- -
Debt Issued
601-00000.00-39310.00 G.O. Bond Proceeds 1,180,000 1,180,000 - (1,180,000) 0%- -
Debt Issued 1,180,000 1,180,000 - (1,180,000) 0%- -
Total Revenues 6,791,074 6,791,074 473,390 (6,317,684) 7%462,490 10,900
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 845,545 845,545 77,060 768,485 9%97,838 20,778
41520.00 FINANCE 82,682 82,682 20,580 62,102 25%20,143 (437)
Total - Function General Government 928,227 928,227 97,640 830,587 11%117,981 20,341
Function: Water
49400.00 WATER 5,731,297 5,732,570 442,803 5,289,767 8%332,660 (110,143)
Total - Function Water 5,731,297 5,732,570 442,803 5,289,767 8%332,660 (110,143)
Total Expenditures 6,659,524 6,660,797 540,443 6,120,354 8%450,641 (89,802)
Net Change 131,550 130,277 (67,053) 11,849
COMPARATIVE
City of Prior Lake
Sewer Fund
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
Revenues
Sewer Charges
604-49450.00-37102.00 Utility Receipts - Sewer 1,664,040 1,664,040 246,740 (1,417,300) 15%227,874 18,866
604-49450.00-37104.00 Utility Recpt-Sewer MCES 1,511,220 1,511,220 223,551 (1,287,669) 15%216,955 6,596
Sewer Charges 3,175,260 3,175,260 470,291 (2,704,969) 15%444,829 25,462
Capital Facility charges
604-49450.00-37110.00 Capital Facility Revenue 268,680 268,680 43,542 (225,138) 16%43,232 310
Capital Facility charges 268,680 268,680 43,542 (225,138) 16%43,232 310
Water Charges
604-49450.00-37160.00 Penalties 10,000 10,000 5,322 (4,678) 53%3,754 1,568
Water Charges 10,000 10,000 5,322 (4,678) 53%3,754 1,568
Intergovernmental
604-00000.00-33422.25 State Aids/Grants - Capital Public Works - - - - n/a - -
Intergovernmental - - - - n/a - -
Interest (losses) on investments
604-00000.00-36210.00 Interest Earnings 18,500 18,500 5,281 (13,219) 29%6,432 (1,151)
604-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (7,222) (7,222) n/a (1,326) (5,896)
Interest (losses) on investments 18,500 18,500 (1,940) (20,440) -10%5,106 (7,046)
Miscellaneous Revenues
604-00000.00-36212.00 Miscellaneous Revenue - - - - n/a - -
604-00000.00-36231.00 PERA Pension Contributions - - - - n/a - -
604-00000.00-37901.00 Contribution (Other Fund)- - - - n/a - -
604-00000.00-37902.00 Contribution (Developers)- - - - n/a - -
Miscellaneous Revenues - - - - n/a - -
Debt Issued
604-00000.00-39310.00 G.O. Bond Proceeds 1,400,000 1,400,000 - (1,400,000) 0%- -
Debt Issued 1,400,000 1,400,000 - (1,400,000) 0%- -
Transfers in
39203.00 Transfer from Other Funds - - - - n/a - -
- - - - n/a - -
Total Revenues 4,872,440 4,872,440 517,215 (4,355,225) 11%496,921 20,294
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 271,109 271,109 67,777 203,332 25%88,825 21,048
41520.00 FINANCE 82,682 82,682 20,578 62,104 25%19,646 (932)
Total - Function General Government 353,791 353,791 88,355 265,436 25%108,471 20,116
Function: Sewer
49450.00 SEWER 4,389,176 4,418,451 590,889 3,827,562 13%538,988 (51,900)
Total - Function Sewer 4,389,176 4,418,451 590,889 3,827,562 13%538,988 (51,900)
Total Expenditures 4,742,967 4,772,242 679,244 4,092,998 14%647,459 (31,784)
Net Change 129,473 100,198 (162,029) (150,538)
COMPARATIVE
City of Prior Lake
Water Quality Fund
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance from
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
Revenues
Storm Water Charges
602-49420.00-37120.00 Storm Water Revenue 916,326 916,326 161,738 (754,588) 18%120,130 41,608
Storm Water Charges 916,326 916,326 161,738 (754,588) 18%120,130 41,608
Water Charges
602-49420.00-37160.00 Penalties - - 882 882 n/a 772 110
Water Charges - - 882 882 n/a 772 110
Intergovernmental
602-00000.00-33160.10 Fed Aids/Grants - - - - n/a - -
602-00000.00-33422.10 State Aids/Grants - - - - n/a - -
602-49420.00-33610.20 County-City Aids/Grants - - - - n/a - -
602-49420.00-33633.00 Watershed Dist Grants/Aid - 130,000 - (130,000) 0%- -
Intergovernmental - 130,000 - (130,000) 0%- -
Interest (losses) on investments
602-00000.00-36210.00 Interest Earnings 12,000 12,000 4,895 (7,105) 41%3,426 1,469
602-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (6,503) (6,503) n/a (832) (5,671)
Interest (losses) on investments 12,000 12,000 (1,608) (13,608) -13%2,594 (4,202)
Miscellaneous Revenues
602-00000.00-36212.00 Miscellaneous Revenue - - - - n/a - -
602-00000.00-36231.00 PERA Pension Contributions - - - - n/a - -
602-00000.00-37901.00 Contribution (Other Fund)- - - - n/a - -
Miscellaneous Revenues - - - - n/a - -
Total Revenues 928,326 1,058,326 161,011 (897,315) 15%123,496 37,515
Expenditures
Function: General Government
00000.00 Transfers to Other Funds 77,000 77,000 19,250 57,750 25%20,250 1,000
Total - Function General Government 77,000 77,000 19,250 57,750 25%20,250 1,000
Function: Water Quality
49420.00 WATER QUALITY 921,669 1,218,120 82,242 1,135,878 7%111,415 29,173
Total - Function Water Quality 921,669 1,218,120 82,242 1,135,878 7%111,415 29,173
Total Expenditures 998,669 1,295,120 101,492 1,193,628 8%131,665 30,173
Net Change (70,343) (236,794) 59,519 (8,169)
COMPARATIVE
City of Prior Lake
Economic Development Authority Special Revenue Fund
As of 3/31/2018
(Preliminary & Unaudited)
Variance from Variance from
2018 2018 2018 Amended Budget - % BDGT Actual from 2017
Budget Amended Actual Positive (Negative)USED 3/31/2017 Positive (Negative)
Revenues
Taxes
240-00000.00-31010.00 Current Property Taxes 140,000 140,000 - (140,000) 0%(11) 11
240-00000.00-33423.00 Market Value Credit Aid - - - - n/a - -
Taxes 140,000 140,000 - (140,000) 0%(11) 11
Intergovernmental
240-46500.00-33610.14 County-City Aids/Grants - Operating EDA - - - - n/a - -
Intergovernmental - - - - n/a - -
Charges for Services
240-46503.00-34760.02 Facility Rental - EDA 7,820 7,820 3,637 (4,183) 47%1,692 1,945
Charges for Services 7,820 7,820 3,637 (4,183) 47%1,692 1,945
Interest (losses) on investments
240-00000.00-36210.00 Interest Earnings 2,700 2,700 1,206 (1,494) 45%662 544
240-00000.00-36225.00 Unrealized Inv.Gain(Loss)- - (1,617) (1,617) n/a (142) (1,475)
Interest (losses) on investments 2,700 2,700 (411) (3,111) -15%520 931
Total Revenues 150,520 150,520 3,225 (147,295) 2%2,201 1,025
Expenditures
Function: Economic Development
46500.00 ECONOMIC DEVELOPMENT 145,777 145,777 30,212 115,565 21%32,787 2,575
46503.00 TECH VILLAGE INCUBATOR 7,820 7,820 16 7,804 0%532 516
Total Expenditures 153,597 153,597 30,228 123,369 20%33,319 3,091
Net Change (3,077) (3,077) (27,002) (31,118)
COMPARATIVE