HomeMy WebLinkAbout05(B) - Approval of the Preliminary 1st Quarter 2023 Financial Reports ReportCITY COUNCIL AGENDA REPORT
MEETING DATE:
PREPARED BY:
PRESENTED BY:
May 1, 2023
Jason Etter, Senior Accountant
Cathy Erickson, Finance Director
ITEM: 5B
AGENDA ITEM: Approval of the Preliminary 1st Quarter 2023 Financial Reports
RECOMMENDED ACTION:
Approve the 1st Quarter Financial Report as submitted.
BACKGROUND:
Staff has prepared preliminary summary financial reports (attached) as of March 31, 2023, 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 2023. 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.
ALTERNATIVES:
1... Motion and second as part of the consent agenda to approve the 1st Quarter Financial
Reports as submitted.
2... Motion and second to remove the Financial Report from the consent agenda for
additional discussion.
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1.. 1st Q 2023 IMemorand111111 •····· Attacll11111ent 1
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City of Prior Lake I 4646 Dakota Street SE I Prior Lake MN 55372
City of Prior Lake
General Fund Summary - Comparison to Prior Year
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive (Negative) USED 3/31/2022 Positive (Negative)
Revenues
Taxes 12,161,475 12,161,475 - (12,161,475) 0% (29) 29
Licenses and Permits 894,370 894,370 100,892 (793,478) 11% 198,959 (98,067)
Intergovernmental 2,833,610 2,833,610 902,296 (1,931,314) 32% 796,306 105,990
Charges for Services 2,041,444 2,041,444 445,278 (1,596,166) 22% 184,083 261,195
Fines and Forfeitures - - 557 557 n/a 200 357
Interest (losses) on investments 104,500 104,500 110,471 5,971 106% (231,992) 342,463
Other 188,000 188,000 23,755 (164,245) 13% 22,276 1,479
Transfers in 555,000 555,000 138,750 (416,250) 25% 402,567 (263,817)
Total Revenues 18,778,399 18,778,399 1,721,999 (17,056,400) 9% 1,372,370 349,629
Expenditures
General Government 3,706,429 3,801,987 755,813 3,046,174 20% 696,027 (59,786)
Public Safety 9,454,620 9,501,418 1,658,917 7,842,501 17% 1,595,974 (62,943)
Public Works 2,491,244 2,609,592 514,869 2,094,723 20% 458,159 (56,710)
Culture and Recreation 2,524,218 2,567,813 372,306 2,195,507 14% 382,690 10,384
Transfer to other funds 633,888 633,888 - 633,888 0% - -
Total Expenditures 18,810,399 19,114,698 3,301,905 15,812,793 17% 3,132,850 (169,055)
Net Change (32,000) (336,299) (1,579,906) (1,243,607) (1,760,480)
COMPARATIVE
City of Prior Lake
General Fund Revenues
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Taxes
101 31010.00 Current Property Taxes - General Purpos 11,073,754 11,073,754 - (11,073,754) 0% (29) 29
101 31040.00 Fiscal Disparities 1,087,721 1,087,721 - (1,087,721) 0% - -
Taxes 12,161,475 12,161,475 - (12,161,475) 0% (29) 29
Licenses and Permits
101 32100.00 Business Licenses 1,050 1,050 1,050 - 100% 1,050 -
101 32110.00 Liquor Licenses 73,790 73,790 2,014 (71,776) 3% 150 1,864
101 32160.00 Refuse Haulers 4,500 4,500 - (4,500) 0% - -
101 32175.00 Public Private Gathering Permit 600 600 90 (510) 15% 90 -
101 32180.00 Cigarette Licenses 1,785 1,785 2,295 510 129% 2,040 255
101 32190.00 Community Event Application 1,750 1,750 1,980 230 113% 1,905 75
101 32210.00 Building Permits 636,900 636,900 72,893 (564,007) 11% 161,431 (88,538)
101 32211.00 Retainage Forfeiture - - - - n/a (3,000) 3,000
101 32215.00 Mechanical Permits 92,400 92,400 9,786 (82,614) 11% 13,409 (3,623)
101 32230.00 Plumbing Permits 66,435 66,435 8,976 (57,459) 14% 14,408 (5,432)
101 32231.00 Sewer/Water Inspection 8,475 8,475 763 (7,712) 9% 6,076 (5,313)
101 32232.00 Plumbing Registrations 1,250 1,250 - (1,250) 0% - -
101 32260.00 Burning Permits 4,000 4,000 840 3,000 21% 1,400 (560)
101 32270.00 Short-term Rental Fee 1,435 1,435 205 (1,230) 14% - 205
Licenses and Permits 894,370 894,370 100,892 (793,478) 11% 198,959 (98,067)
Intergovernmental
101 33416.01 State Aid - Police Train 30,000 30,000 - (30,000) 0% - -
101 33416.02 State Police Aid-Ins Prem 267,000 267,000 - (267,000) 0% - -
101 33417.00 State Aid - Fire Training 20,000 20,000 - (20,000) 0% - -
101 33418.00 State Road & Bridge Aid 463,000 463,000 227,206 (235,794) 49% 272,134 (44,928)
101 33420.00 State Fire Aid-Ins. Prem. 260,000 260,000 - (260,000) 0% - -
101 33422.11 State Aids/Grants - Operating Police 3,500 3,500 - (3,500) 0% - -
101 33620.00 Township Fire & Resc Aid 722,760 722,760 375,090 (347,670) 52% 274,172 100,918
101 33621.00 Liaison Aid 67,350 67,350 - (67,350) 0% - -
101 33631.00 Payment in Lieu of Taxes 1,000,000 1,000,000 300,000 (700,000) 30% 250,000 50,000
Intergovernmental 2,833,610 2,833,610 902,296 (1,931,314) 32% 796,306 105,990
COMPARATIVE
City of Prior Lake
General Fund Revenues
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
COMPARATIVE
Charges for Services
101 31810.00 Franchise Taxes 599,000 599,000 - (599,000) 0% - -
101 34103.00 Zoning & Subdivision Fees 34,100 34,100 2,955 (31,145) 9% 4,050 (1,095)
101 34104.00 Plan Check Fees 413,942 413,942 37,780 (376,162) 9% 94,806 (57,026)
101 34105.00 Sale of Maps/Publications - Reports 500 500 20 (480) 4% 14 6
101 34107.00 Assessment Searches - Reports 600 600 100 (500) 17% 50 50
101 34109.00 Project Admin/Eng Fees 280,000 280,000 65,011 (214,989) 23% 54,458 10,553
101 34203.00 Accident/Warrant Reports - Reports 200 200 317 117 159% 184 133
101 34731.00 Adult League Fees 4,800 4,800 8,165 3,365 170% 5,111 3,054
101 34735.00 Recreation Program Fees 60,000 60,000 70,076 10,076 117% 53,280 16,796
101 34735.01 Recreation Program Fees Regular 9,000 9,000 1,216 (7,784) 14% 1,847 (631)
101 34760.01 Facility Rental - Regular 59,675 59,675 18,377 (41,298) 31% 9,334 9,043
101 34761.00 Studio/Pavilion Rental 24,000 24,000 22,370 (1,630) 93% 16,661 5,709
101 34762.00 Park Shelter Rental 79,200 79,200 66,669 (12,531) 84% 69,646 (2,977)
101 34765.01 Tower Leases 252,775 252,775 127,986 (124,789) 51% (148,444) 276,430
101 34780.00 Park Admission Fees 35,000 35,000 - (35,000) 0% - -
101 34783.00 City Contract Services 188,652 188,652 24,236 (164,416) 13% 23,086 1,150
Charges for Services 2,041,444 2,041,444 445,278 (1,596,166) 22% 184,083 261,195
Fines and Forfeitures
101 35101.00 County Court Fines - - - - n/a 200 (200)
101 35104.00 Prosecution Restitution - - 557 557 n/a - 557
Fines and Forfeitures - - 557 557 n/a 200 357
Interest (losses) on investments
101 36210.00 Interest Earnings 124,500 124,500 72,756 (51,744) 58% 38,658 34,098
101 36215.00 Amortization - Premium/Discount (20,000) (20,000) (6,155) 13,845 31% (28,470) 22,315
101 36225.00 Unrealized Inv.Gain(Loss) - - 43,870 43,870 n/a (242,180) 286,050
Interest (losses) on investments 104,500 104,500 110,471 5,971 106% (231,992) 342,463
Other Miscellaneous Revenues
101 36101.00 City Assess. Collection - - - - n/a 492 (492)
101 36102.00 County Assess. Collection 4,000 4,000 - (4,000) 0% - -
101 36211.00 Developer Agreements 130,000 130,000 - (130,000) 0% - -
101 36212.00 Miscellaneous Revenue 54,000 54,000 20,789 (33,211) 38% 15,771 5,018
101 36230.00 Contributions & Donations - - 2,443 2,443 n/a 4,703 (2,260)
101 39102.00 Sale of Property - - 523 523 n/a 1,310 (787)
Other Miscellaneous Revenues 188,000 188,000 23,755 (164,245) 13% 22,276 1,479
Other financing sources
101 39335.87 Lease Proceeds - - - - n/a 266,067 (266,067)
101 39203.00 Transfer from Other Funds 555,000 555,000 138,750 (416,250) 25% 136,500 2,250
Other financing sources 555,000 555,000 138,750 (416,250) 25% 402,567 (263,817)
Total Revenues 18,778,399 18,778,399 1,721,999 (17,056,400) 9% 1,372,370 349,629
City of Prior Lake
General Fund Expenditures
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Function: General Government
41110.00 MAYOR & COUNCIL 81,421 81,421 17,719 63,702 22% 15,850 (1,869)
41130.00 ORDINANCE 6,000 6,000 718 5,282 12% 882 164
41320.00 ADMINISTRATION 366,822 366,822 100,544 266,278 27% 93,099 (7,445)
41330.00 BOARDS & COMMISSIONS 15,471 15,471 1,184 14,287 8% 538 (646)
41400.00 CITY CLERK 128,217 128,217 25,161 103,056 20% 27,527 2,366
41410.00 ELECTIONS 43,240 43,240 457 42,783 1% 77 (380)
41520.00 FINANCE 688,150 709,700 118,901 590,799 17% 99,760 (19,141)
41540.00 INTERNAL AUDITING 43,700 43,700 4,500 39,200 10% 4,990 490
41550.00 ASSESSING 239,135 239,135 - 239,135 0% - -
41610.00 LEGAL 210,000 210,000 40,335 169,665 19% 26,133 (14,202)
41820.00 HUMAN RESOURCES 346,102 381,223 69,436 311,787 18% 62,364 (7,072)
41830.00 COMMUNICATIONS 170,008 170,008 32,875 137,133 19% 35,934 3,059
41910.00 COMMUNITY DEVELOPMENT 369,784 369,784 63,918 305,866 17% 45,460 (18,458)
41920.00 INFORMATION TECHNOLOGY 447,224 477,111 140,646 336,465 29% 128,564 (12,082)
41940.00 FACILITIES - CITY HALL 551,155 560,155 139,419 420,736 25% 154,849 15,430
Total - Function General Government 3,706,429 3,801,987 755,813 3,046,174 20% 696,027 (59,786)
Function: Public Safety
42100.00 POLICE 6,548,159 6,582,064 1,247,956 5,334,108 19% 1,258,852 10,896
42200.00 FIRE 1,972,848 1,980,883 242,262 1,738,621 12% 182,009 (60,253)
42400.00 BUILDING INSPECTION 885,893 885,751 162,967 722,784 18% 150,075 (12,892)
42500.00 EMERGENCY MANAGEMENT 18,920 23,920 932 22,988 4% 238 (694)
42700.00 ANIMAL CONTROL 28,800 28,800 4,800 24,000 17% 4,800 -
Total - Function Public Safety 9,454,620 9,501,418 1,658,917 7,842,501 17% 1,595,974 (62,943)
Function: Public Works
43050.00 ENGINEERING 447,188 447,171 74,675 372,496 17% 91,168 16,493
43100.00 STREET 1,490,433 1,608,798 319,741 1,289,057 20% 254,746 (64,995)
43400.00 CENTRAL GARAGE 553,623 553,623 120,079 433,544 22% 111,944 (8,135)
43600.00 DEVELOPMENT PROJECTS - - 374 (374) n/a 301 (73)
Total - Function Public Works 2,491,244 2,609,592 514,869 2,094,723 20% 458,159 (56,710)
Function: Culture and Recreation
45100.00 RECREATION 545,771 545,771 79,418 466,353 15% 79,450 32
45200.00 PARKS 1,893,220 1,936,815 275,675 1,661,140 14% 283,546 7,871
45500.00 LIBRARIES 85,227 85,227 17,213 68,014 20% 19,694 2,481
Total - Function Culture and Recreation 2,524,218 2,567,813 372,306 2,195,507 14% 382,690 10,384
00000.00 Transfer to Other Funds 633,888 633,888 - 633,888 0% - -
Total Expenditures 18,810,399 19,114,698 3,301,905 15,812,793 17% 3,132,850 (169,055)
COMPARATIVE
City of Prior Lake
Expenditures- Personal Services Category Only (Payroll/Taxes/Benefits)
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
GENERAL FUND
Function: General Government
41110.00 MAYOR & COUNCIL 74,621 74,621 15,766 58,855 21% 14,352 (1,414)
41320.00 ADMINISTRATION 295,857 295,857 58,466 237,391 20% 50,425 (8,041)
41330.00 BOARDS & COMMISSIONS 15,071 15,071 1,184 13,887 8% 538 (646)
41400.00 CITY CLERK FUNCTIONS 122,467 122,467 23,792 98,675 19% 27,527 3,735
41410.00 ELECTIONS - - - - n/a 77 77
41520.00 FINANCE 659,335 659,335 108,007 551,328 16% 94,945 (13,062)
41820.00 HUMAN RESOURCES 299,852 299,852 59,533 240,319 20% 56,419 (3,114)
41830.00 COMMUNICATIONS 134,228 134,228 25,849 108,379 19% 13,346 (12,503)
41910.00 COMMUNITY DEVELOPMENT 322,084 322,084 63,019 259,065 20% 44,716 (18,303)
41920.00 INFORMATION TECHNOLOGY 247,744 247,744 47,220 200,524 19% 46,284 (936)
41940.00 FACILITIES - CITY HALL 91,849 91,849 21,289 70,560 23% 18,855 (2,434)
Total - Function General Government 2,263,108 2,263,108 424,125 1,838,983 19% 367,484 (56,641)
Function: Public Safety
42100.00 POLICE 5,716,961 5,716,961 1,069,893 4,647,068 19% 1,043,833 (26,060)
42200.00 FIRE 1,557,399 1,557,399 118,233 1,439,166 8% 110,345 (7,888)
42400.00 BUILDING INSPECTION 847,991 847,991 157,964 690,027 19% 145,311 (12,653)
Total - Function Public Safety 8,122,351 8,122,351 1,346,090 6,776,261 17% 1,299,489 (46,601)
Function: Public Works
43050.00 ENGINEERING 370,818 370,818 70,853 299,965 19% 65,010 (5,843)
43100.00 STREET 483,276 483,276 117,968 365,308 24% 97,804 (20,164)
43400.00 CENTRAL GARAGE 276,848 276,848 57,618 219,230 21% 50,428 (7,190)
Total - Function Public Works 1,130,942 1,130,942 246,439 884,503 22% 213,242 (33,197)
Function: Culture and Recreation
45100.00 RECREATION 381,021 381,021 47,477 333,544 12% 52,927 5,450
45200.00 PARKS 1,184,708 1,184,708 216,441 968,267 18% 206,330 (10,111)
Total - Function Culture and Recreation 1,565,729 1,565,729 263,918 1,301,811 17% 259,257 (4,661)
General Fund Payroll Only Expenditures Total 13,082,130 13,082,130 2,280,572 10,801,558 17% 2,139,472 (141,100)
EDA FUND
Function: Economic Development
46500.00 ECONOMIC DEVELOPMENT 148,115 148,115 28,843 119,272 19% 24,837 (4,006)
EDA Fund Payroll Only Expenditures Total 148,115 148,115 28,843 119,272 19% 24,837 (4,006)
COMPARATIVE
City of Prior Lake
Expenditures- Personal Services Category Only (Payroll/Taxes/Benefits)
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
COMPARATIVE
WATER FUND
Function: Water
41520.00 Finance 85,574 85,574 16,536 69,038 19% 15,875 (661)
49400.00 Water 990,379 990,379 169,919 820,460 17% 169,212 (707)
Water Fund Payroll Only Expenditures Total 1,075,953 1,075,953 186,455 889,498 17% 185,087 (1,368)
SEWER FUND
Function: Sewer
41520.00 Finance 85,574 85,574 16,533 69,041 19% 15,872 (661)
49450.00 Sewer 649,388 649,388 176,587 472,801 27% 151,408 (25,179)
Sewer Fund Payroll Only Expenditures Total 734,962 734,962 193,120 541,842 26% 167,280 (25,840)
STORM WATER FUND
Function: Storm Water
49420.00 Water Quality 366,805 366,805 70,164 296,641 19% 72,801 2,637
Storm Water Fund Payroll Only Expenditures Total 366,805 366,805 70,164 296,641 19% 72,801 2,637
City-Wide Total Payroll Expenditures 15,407,965 15,407,965 2,759,154 12,648,811 18% 2,589,477 (169,677)
City of Prior Lake
Debt Service Funds
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Property Taxes
Current Property Taxes 3,357,481 3,357,481 - (3,357,481) 0% - -
Special Assessments
City Assess. Collections - - 3,202 3,202 n/a 3,547 (345)
County Assess. Collection 476,798 476,798 - (476,798) 0% - -
Interest (losses) on investments
Interest Earnings 30,700 30,700 16,743 (13,957) 55% 9,541 7,202
Unrealized Inv.Gain(Loss) - - 10,343 10,343 n/a (62,680) 73,023
Other Financing Sources
Transfer from Other Funds 1,094,701 1,094,701 - (1,094,701) 0% - -
Total Revenues 4,959,680 4,959,680 30,288 (4,929,392) 1% (49,592) 79,880
Expenditures
Debt Service
Principal 4,261,693 4,261,693 - 4,261,693 0% - -
Interest and Other 1,016,813 1,016,813 4,500 1,012,313 0% 750 (3,750)
Transfers to Other Funds 25,000 25,000 - 25,000 0% - -
Total Expenditures 5,303,506 5,303,506 4,500 5,299,006 0% 750 (3,750)
Net Change (343,826) (343,826) 25,788 (50,342)
COMPARATIVE
City of Prior Lake
Cable Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Charges for Services
210-41340.00-34304.00 PEG Access Fees 22,000 22,000 - (22,000) 0% - -
Interest (losses) on investments
210-41340.00-36210.00 Interest Earnings - - 632 632 n/a 439 193
210-41340.00-36225.00 Unrealized Inv. Gain (Loss) - - 391 391 n/a (2,880) 3,271
Total Revenues 22,000 22,000 1,023 (20,977) 5% (2,441) 3,464
Expenditures
Current Expenditures
210-41340.00-52400.20 Small Equipment - Technology 4,000 4,000 - 4,000 0% - -
210-41340.00-54020.00 Software Service Contract 7,000 7,000 3,576 3,424 51% - (3,576)
Total Expenditures 11,000 11,000 3,576 7,424 33% - (3,576)
Net Change 11,000 11,000 (2,553) (2,441)
COMPARATIVE
City of Prior Lake
Capital Park Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Charges for Services
225-45200.00-34760.01 Facility Rental - Regular 24,000 24,000 6,000 (18,000) 25% (15,900) 21,900
225-45200.00-34791.00 Dedication Fees 562,500 562,500 90,540 (471,960) 16% - 90,540
Charges for Services 586,500 586,500 96,540 (489,960) 16% (15,900) 112,440
Intergovernmental
225-45200.00-33700.20 Miscellaneous - Capital Grants 250,000 250,000 - (250,000) 0% - -
Intergovernmental 250,000 250,000 - (250,000) 0% - -
Interest (losses) on investments
225-00000.00-36210.00 Interest Earnings 20,400 20,400 12,180 (8,220) 60% 6,129 6,051
225-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 7,531 7,531 n/a (40,027) 47,558
Interest (losses) on investments 20,400 20,400 19,711 (689) 97% (33,898) 53,609
Contributions and donations
225-00000.00-36230.00 Contributions & Donations - - - - n/a 11,675 (11,675)
Contributions and donations - - - - n/a 11,675 (11,675)
Debt Issued
225-00000.00-39335.87 Lease Proceeds - - - - n/a 21,716 (21,716)
Debt Issued - - - - n/a 21,716 (21,716)
Total Revenues 856,900 856,900 116,251 (740,649) 14% (16,407) 132,658
Expenditures
53100.80 Professional Services-General 3,400 3,400 4,872 (1,472) 143% 3,402 (1,470)
55020.00 Projects - Engineering - - - - n/a 1,468 1,468
55050.00 Projects - Professional Services - - 992 (992) n/a
55530.00 Infrastructure 650,000 650,000 4,642 645,358 1% - (4,642)
Total Expenditures 653,400 653,400 10,506 642,894 2% 4,870 (4,644)
Net Change 203,500 203,500 105,745 (21,277)
COMPARATIVE
City of Prior Lake
Revolving Equipment Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Taxes
410-00000.00-31010.00 Current Property Taxes 750,000 750,000 - (750,000) 0% - -
Taxes 750,000 750,000 - (750,000) 0% - -
Interest (losses) on investments
410-00000.00-36210.00 Interest Earnings 10,000 10,000 6,142 (3,858) 61% 3,291 2,851
410-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 3,655 3,655 n/a (21,895) 25,550
Interest (losses) on investments 10,000 10,000 9,797 (203) 98% (18,604) 28,401
Sale of assets
410-00000.00-39102.00 Sale of Property - - - - n/a 27,000 (27,000)
Sale of assets - - - - n/a 27,000 (27,000)
Transfers in
410-00000.00-39203.00 Transfer from Other Funds 217,500 217,500 54,375 (163,125) 25% 54,375 -
Transfers in 217,500 217,500 54,375 (163,125) 25% 54,375 -
Total Revenues 977,500 977,500 64,172 (913,328) 7% 62,771 1,401
COMPARATIVE
City of Prior Lake
Revolving Equipment Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
COMPARATIVE
Expenditures
General Government
Public Safety
Police
410-42100.00-55550.00 Vehicles 267,500 267,500 175,499 92,001 66% 8,770 (166,729)
410-42100.00-55570.00 Machinery & Equipment 46,600 46,600 - 46,600 0% - -
Fire
410-42200.00-55550.00 Vehicles 246,000 344,738 20,373 324,365 6% 3,265 (17,108)
410-42200.00-55570.00 Machinery & Equipment 53,000 98,300 - 98,300 0% - -
Building Inspection
410-42400.00-55550.00 Vehicles 38,000 38,000 - - 0% - -
Total Public Safety 651,100 795,138 195,872 561,266 25% 12,035 (183,837)
Public Works
Street
410-43100.00-55550.00 Vehicles 57,000 57,000 - 57,000 0% - -
410-43100.00-55570.00 Machinery & Equipment 40,000 40,000 17,721 22,279 44% - (17,721)
Central Garage
410-43400.00-55550.00 Vehicles 20,000 20,000 - 20,000 0% - -
Total Public Works 117,000 117,000 17,721 99,279 15% - (17,721)
Culture and Recreation/Parks
410-45200.00-55550.00 Vehicles 146,500 416,500 797 415,703 0% - (797)
410-45200.00-55570.00 Machinery and Equipment 458,000 458,000 235,759 222,241 51% 69,144 (166,615)
Total Culture & Recreation 604,500 874,500 236,556 637,944 27% 69,144 (167,412)
Sewer
410-49450.00-55570.00 Machinery and Equipment - - 1,375 (1,375) n/a - (1,375)
Total Utility - - 1,375 (1,375) n/a - (1,375)
Total Expenditures 1,372,600 1,786,638 451,524 1,297,114 25% 81,179 (370,345)
Net Change (395,100) (809,138) (387,352) (18,408)
City of Prior Lake
Revolving Park Equipment Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Taxes
430-00000.00-31010.00 Current Property Taxes 440,000 440,000 - (440,000) 0% - -
Taxes 440,000 440,000 - (440,000) 0% - -
Intergovernmental
430-45200.00-33700.20 Miscellaneous Grants - Capital Grants 299,000 299,000 - (299,000) 0% - -
Intergovernmental 299,000 299,000 - (299,000) - - -
Interest (losses) on investments
430-00000.00-36210.00 Interest Earnings 13,700 13,700 10,146 (3,554) 74% 4,202 5,944
430-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 6,218 6,218 n/a (27,586) 33,804
Interest (losses) on investments 13,700 13,700 16,364 2,664 119% (23,384) 39,748
Transfers in
410-00000.00-39203.00 Transfer from Other Funds - - - - n/a 49,358 (49,358)
Transfers in - - - - n/a 49,358 (49,358)
Total Revenues 752,700 752,700 16,364 (736,336) 2% 25,974 (9,610)
Expenditures
Culture and Recreation
Dept 45200.00 - PARKS
430-45200.00-55020.00 Projects - Engineering - - 42,750 (42,750) n/a 1,107 (41,643)
430-45200.00-55050.00-PRK22-000001 Projects - Professional Services - - - - n/a 10,299 10,299
430-45200.00-55530.00 Infrastructure 1,155,000 1,155,000 - 1,155,000 0% - -
Total Culture & Recreation 1,155,000 1,155,000 42,750 1,112,250 4% 11,406 (31,344)
Total Expenditures 1,155,000 1,155,000 42,750 1,112,250 4% 11,406 (31,344)
Net Change (402,300) (402,300) (26,386) 14,568
COMPARATIVE
City of Prior Lake
Facilities Management Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Taxes
440-00000.00-31010.00 Current Property Taxes 155,000 155,000 - (155,000) 0% - -
Taxes 155,000 155,000 - (155,000) 0% - -
Intergovernmental
440-42200.00-33620.00 Township Fire & Resc Aid - - - - n/a 67,500 (67,500)
n/a 67,500 (67,500)
Interest (losses) on investments
440-00000.00-36210.00 Interest Earnings 14,600 14,600 9,874 (4,726) 68% 4,996 4,878
440-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 6,147 6,147 n/a (32,805) 38,952
Interest (losses) on investments 14,600 14,600 16,021 1,421 110% (27,809) 43,830
Transfers in
440-00000.00-39203.00 Transfer from Other Funds - - - - n/a 6,150 (6,150)
Transfers in - - - - n/a 6,150 (6,150)
Total Revenues 169,600 169,600 16,021 (153,579) 9% 45,841 (29,820)
Expenditures
Function: General Government
41940-55050.00 Projects Professional Svcs- FACILITIES - CITY HALL - - 11,648 (11,648) n/a 11,309 (339)
41940-55520.00 Building & Building Improvements-FACILITIES - CITY HAL 70,000 70,000 - 70,000 0% - -
Total - Function General Government 70,000 70,000 11,648 58,352 17% 11,309 (339)
Function: Public Safety
42100-55520.00 Building & Building Improvements-POLICE 233,000 233,000 - 233,000 0% - -
42200-55050.00 Projects-Professional Services-FIRE - - - - n/a 16,821 16,821
42200-55520.00 Building & Building Improvements-FIRE 185,500 185,500 20,244 165,256 11% - (20,244)
Total - Function Public Safety 418,500 418,500 20,244 398,256 5% 16,821 (3,423)
Function: Culture and Recreation
45100.00 RECREATION - 86,000 - 86,000 0% - -
45500.00 LIBRARIES 125,000 125,000 - 125,000 0% - -
Total - Function Culture and Recreation 125,000 211,000 - 211,000 0% - -
Total Expenditures 613,500 699,500 31,892 667,608 5% 28,130 (3,762)
Net Change (443,900) (529,900) (15,871) 17,711
COMPARATIVE
City of Prior Lake
Permanent Improvement Revolving Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Taxes
450-00000.00-31810.00 Franchise Taxes 1,068,000 1,068,000 - (1,068,000) 0% - -
Taxes 1,068,000 1,068,000 - (1,068,000) 0% - -
Special Assessments
450-00000.00-36101.00 City Assess. Collections 110,535 110,535 253 (110,282) 0% 698 (445)
110,535 110,535 253 (110,282) 0% 698 (445)
Interest (losses) on investments
450-00000.00-36210.00 Interest Earnings 5,700 5,700 8,518 2,818 149% 1,239 7,279
450-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 5,266 5,266 n/a (8,138) 13,404
Interest (losses) on investments 5,700 5,700 13,784 8,084 242% (6,899) 20,683
Total Revenues 1,184,235 1,184,235 14,037 (1,170,198) 1% (6,201) 20,238
Expenditures
OTHER FINANCING USES
Transfers out
450-80000.00-59203.00 Transfers to Other Funds 203,100 203,100 - 203,100 0% - -
Total Expenditures 203,100 203,100 - 203,100 0% - -
Net Change 981,135 981,135 14,037 (6,201)
COMPARATIVE
City of Prior Lake
Water Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Operating Revenue
Water Charges
601-49400.00-37100.00 Utility Receipts - Water 3,971,228 3,971,228 111,468 (3,859,760) 3% 131,082 (19,614)
601-49400.00-37160.00 Penalties 20,000 20,000 1,136 (18,864) 6% 969 167
3,991,228 3,991,228 112,604 (3,878,624) 3% 132,051 (19,447)
Utility Base Fee
601-49400.00-37110.00 Utility Base Fee Revenue 1,312,991 1,312,991 71,483 (1,241,508) 5% 69,777 1,706
1,312,991 1,312,991 71,483 (1,241,508) 5% 69,777 1,706
Meter Sales
601-49400.00-37170.00 Water Meter Sales 79,825 79,825 10,034 (69,791) 13% 23,815 (13,781)
601-49400.00-37175.00 Pressure Reducers 25,000 25,000 2,673 (22,327) 11% 5,634 (2,961)
104,825 104,825 12,707 (92,118) 12% 29,449 (16,742)
Total Operating Revenue 5,409,044 5,409,044 196,794 (5,212,250) 4% 231,277 (34,483)
Non-Operating Revenue
Intergovernmental
601-00000.00-33422.15 State Aids/Grants - Operating Public Wor - - - - n/a 142 (142)
n/a 142 (142)
Interest (losses) on investments
601-00000.00-36210.00 Interest Earnings 72,900 72,900 48,073 (24,827) 66% 22,155 25,918
601-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 27,674 27,674 n/a (145,629) 173,303
72,900 72,900 75,747 2,847 104% (123,474) 199,221
Miscellaneous Revenues
601-00000.00-36212.00 Miscellaneous Revenue - - 10 10 n/a 130 (120)
601-49400.00-37190.00 Miscellaneous Revenue Adj - - - - n/a (3) 3
10 10 - 127 (117)
Total Non-Operating Revenue 72,900 72,900 75,757 2,857 104% (123,205) 198,962
Total Revenues 5,481,944 5,481,944 272,551 (5,209,393) 5% 108,072 164,479
COMPARATIVE
City of Prior Lake
Water Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
COMPARATIVE
Total Expenditures
Personnel and current expenditures (excluding depreciation)
41520.00 Finance 121,121 121,121 20,868 100,253 17% 28,249 7,381
49400.00 Water 2,834,696 2,840,793 493,596 2,347,197 17% 448,995 (44,601)
2,955,817 2,961,914 514,464 2,447,450 17% 477,244 (37,220)
Principal
49400.00 Water 130,000 130,000 - 130,000 0% - -
130,000 130,000 - 130,000 0% - -
Interest & other
49400.00 Water 39,850 39,850 - 39,850 0% - -
39,850 39,850 - 39,850 0% - -
Capital improvements
55530.00 Infrastructure 797,700 797,700 - 797,700 0% - -
55570.00 Machinery and equipment 135,500 209,312 - 209,312 0% - -
933,200 1,007,012 - 1,007,012 0% - -
Total Expenditures 4,058,867 4,138,776 514,464 3,624,312 477,244 (37,220)
0.0% 0.0%
Other Financing Uses
59203.00 Transfers to other funds 938,963 938,963 82,938 856,025 915,977 833,039
Total Other Financing Uses 938,963 938,963 82,938 856,025 915,977 833,039
Total Revenues/ Other Financing Sources 5,481,944 5,481,944 272,551 (5,209,393) 5% 108,072 164,479
Total Expenditures/Other Financing Uses 4,997,830 5,077,739 597,402 4,480,337 12% 1,393,221 795,819
Net Change 484,114 404,205 (324,851) (729,056) (1,285,149) (631,340)
City of Prior Lake
Sewer Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Sewer Charges
604-49450.00-37102.00 Utility Receipts - Sewer 2,287,093 2,287,093 (106,612) (2,393,705) -5% (107,888) 1,276
604-49450.00-37104.00 Utility Recpt-Sewer MCES 2,002,180 2,002,180 292,036 (1,710,144) 15% 297,471 (5,435)
604-49450.00-37160.00 Penalties 20,000 20,000 881 (19,119) 4% 1,129 (248)
4,309,273 4,309,273 186,305 (4,122,968) 4% 190,712 (4,407)
Capital Facility charges
604-49450.00-37110.00 Utility Base Fee Revenue 1,131,684 1,131,684 62,063 (1,069,621) 5% 60,580 1,483
1,131,684 1,131,684 62,063 (1,069,621) 5% 60,580 1,483
Total Operating Revenue 5,440,957 5,440,957 248,368 (5,192,589) 5% 251,292 (2,924)
Non-Operating Revenue
Interest (losses) on investments
604-00000.00-36210.00 Interest Earnings 38,400 38,400 28,367 (10,033) 74% 12,482 15,885
604-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 14,987 14,987 n/a (81,768) 96,755
38,400 38,400 43,354 4,954 113% (69,286) 112,640
Miscellaneous Revenues
604-00000.00-36212.00 Miscellaneous Revenue - - - - n/a (2) 2
n/a (2) 2
Total Non-Operating Revenue 38,400 38,400 43,354 4,954 113% (69,288) 112,642
Total Revenue 5,479,357 5,479,357 291,722 (5,187,635) 5% 182,004 109,718
COMPARATIVE
City of Prior Lake
Sewer Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
COMPARATIVE
Total Expenditures
Personnel and current expenditures (excluding depreciation)
41520.00 Finance 120,598 120,598 20,864 99,734 17% 28,247 7,383
49450.00 Sewer 3,021,564 3,027,660 763,049 2,264,611 25% 674,287 (88,762)
3,142,162 3,148,258 783,913 2,364,345 25% 702,534 (81,379)
Principal
49450.00 Sewer 130,000 130,000 - 130,000 0% - -
130,000 130,000 - 130,000 0% - -
Interest & other
49450.00 Sewer 39,850 39,850 - 39,850 0% - -
39,850 39,850 - 39,850 0% - -
Capital improvements
55530.00 Infrastructure 724,000 724,000 - 724,000 0% 621 621
55570.00 Machinery and equipment 247,000 320,813 - 320,813 0% - -
971,000 1,044,813 - 1,044,813 0% 621 621
Total Expenditures 4,283,012 4,362,921 783,913 3,579,008 703,155 (80,758)
Other Financing Uses
59203.00 Transfers to other funds 330,750 330,750 82,687 248,063 25% 596,840 514,153
Total Other Financing Uses 330,750 330,750 82,687 248,063 25% 596,840 514,153
Total Revenues/ Other Financing Sources 5,479,357 5,479,357 291,722 (5,187,635) 5% 182,004 109,718
Total Expenditures/Other Financing Uses 4,613,762 4,693,671 866,600 3,827,071 18% 1,299,995 433,395
Net Change 865,595 785,686 (574,878) (1,360,564) (1,117,991) (323,677)
City of Prior Lake
Water Quality Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Storm Water Charges
602-49420.00-37120.00 Storm Water Revenue 1,356,333 1,356,333 76,062 (1,280,271) 6% 67,409 8,653
1,356,333 1,356,333 76,062 (1,280,271) 6% 67,409 8,653
Water Charges
602-49420.00-37160.00 Penalties 4,000 4,000 253 (3,747) 6% 261 (8)
4,000 4,000 253 (3,747) 6% 261 (8)
Total Operating Revenue 1,360,333 1,360,333 76,315 (1,284,018) 6% 67,670 8,645
Non-Operating Revenue
Interest (losses) on investments
602-00000.00-36210.00 Interest Earnings 25,100 25,100 15,675 (9,425) 62% 7,745 7,930
602-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 9,031 9,031 n/a (50,381) 59,412
25,100 25,100 24,706 (394) 98% (42,636) 67,342
Total Non-Operating Revenue 25,100 25,100 24,706 (394) 98% (42,636) 67,342
Total Revenues 1,385,433 1,385,433 101,021 (1,284,412) 7% 25,034 75,987
COMPARATIVE
City of Prior Lake
Water Quality Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
COMPARATIVE
Total Expenditures
Personnel and current expenditures (excluding depreciation)
49420.00 Water Quality 665,655 665,655 127,951 537,704 19% 103,316 (24,635)
665,655 665,655 127,951 537,704 19% 103,316 (24,635)
Capital improvements
55530.00 Infrastructure 711,000 711,000 94,532 616,468 13% 169,601 75,069
711,000 711,000 94,532 616,468 13% 169,601 75,069
Total Expenditures 1,376,655 1,376,655 222,483 1,154,172 16% 272,917 50,434
Other Financing Uses
59203.00 Transfers to other funds 110,000 110,000 27,500 82,500 25% 33,359 5,859
Total Other Financing Uses 110,000 110,000 27,500 82,500 25% 33,359 5,859
Total Revenues/ Other Financing Sources 1,385,433 1,385,433 101,021 (1,284,412) 7% 25,034 75,987
Total Expenditures/Other Financing Uses 1,486,655 1,486,655 249,983 1,236,672 17% 306,276 56,293
Net Change (101,222) (101,222) (148,962) (47,740) (281,242) 132,280
City of Prior Lake
Economic Development Authority Special Revenue Fund
As of 3/31/2023
Preliminary & Unaudited)
Variance from Variance
2023 2023 2023 Amended Budget - % BDGT Actual from 2022
Budget Amended Actual Positive ( Negative) USED 3/31/2022 Positive (Negative)
Revenues
Taxes
240-00000.00-31010.00 Current Property Taxes 370,000 370,000 - (370,000) 0% - -
Taxes 370,000 370,000 - (370,000) 0% - -
Charges for Services
240-46500.00-34760.02 Facility Rental - EDA 24,588 24,588 8,196 (16,392) 33% 6,147 2,049
Charges for Services 24,588 24,588 8,196 (16,392) 33% 6,147 2,049
Interest (losses) on investments
240-00000.00-36210.00 Interest Earnings 2,600 2,600 1,972 (628) 76% 166 1,806
240-00000.00-36225.00 Unrealized Inv.Gain(Loss) - - 1,132 1,132 n/a (993) 2,125
Interest (losses) on investments 2,600 2,600 3,104 504 119% (827) (3,931)
Total Revenues 397,188 397,188 11,300 (385,888) 3% 5,320 5,980
Expenditures
Function: Economic Development
46500.00 ECONOMIC DEVELOPMENT 627,615 627,615 50,259 577,356 8% 37,671 (12,588)
Total Expenditures 627,615 627,615 50,259 577,356 8% 37,671 (12,588)
Net Change (230,427) (230,427) (38,959) (32,351)
COMPARATIVE
MEMORANDUM
DATE: May 1, 2023
TO: Prior Lake City Council
FROM: Cathy Erickson, Finance Director
RE: Financial Report dated 03/31/2023
The financial reports presented as part of this agenda item reflect activity during the first quarter
of2023. The significant issues identified at this time are summarized below.
General Fund Summary
Key points for 2023:
Preliminary financial information reflects expenditures exceeding revenues by
st1,579,906; This is expected since the primary funding source 1 half property tax
revenue will be received in June.
Intergovernmental revenues are higher than this same period in 2022 by $105,000
mainly due township fire and rescue is up $100k and the first quarter payment from the
SMSC is $50k more than 2022.
Interest on investments is significantly higher than this same period in 2022 due to the
decrease in unrealized losses. Unrealized losses in Q1 2022 were $242k compared to
unrealized gains in Q1 2023 of $44k. This isa paper gain for Q1 2023; no actual gain is
realized because the City holds the securities until maturity. Actual interest earned is
higher compared to this period last year by $34k.
Expenditures are slightly higher than the same period in 2022 primarily due to an
increase in personal services and supplies in the fire and streets departments.
General Fund Revenues
Property taxes are received in June, December, and January. Revenue from taxes is
recognized on a cash basis for the General Fund. Therefore, tax revenue will not be reflected in
the financial report until June.
Building permits (single family and townhomes) were budgeted at 150 for 2023. Revenues
associated with building permits and plan check fees are approximately $145k lower than in the
st1 quarter 2022. The following table provides a breakdown of the first quarter activity by year.
Year Single Townhomes Commercial / Other Total Change
Family Industrial Permits from PY
2023 14 0 0 315 329 -44%
2022 39 0 0 551 590 2%
2021 34 0 1 541 576 18%
2020 27 4 0 457 488 33%
2019 25 0 1 342 368 3%
The first half payments were received for Municipal State Aid and the township fire agreements.
SMSC Police Aid of $300k was received in the first quarter which equal to 30% of the
1,000,000 budget for this line item.
First quarter franchise fees collected inApril are not included in this report.
Project engineering fees are currently at23% of its annual budget. The 2023 project admin/eng.
fee isthe cost for internal work done on city construction projections. City staff time on the projects
is charged over the life of the project, which is typically three years and includes planning,
construction, and project closeout.
stRecreationrevenues (including Park admission fees and facility rental) are higher than the 1
quarter of 2022 primarily due to the increase in facility rentals and Recreation program fees.
Interest earnings are 58% ofits budget. The report also reflects a $286k increase in the fair
value of the securities. This is a paper gain; no actual gain is realized because the City holds
the securities until maturity.
General Fund Expenditures/Transfers
General Fund expenditures for 2023 represent 17% of the $19,114,698 amended budget. The
level of expenditures (as a percent of budget) is consistent with 2022. Some key points related
sttoexpendituresforthe1 quarter of 2023 are:
Fire operating expenditures have increased slightly, when compared to the same period
last year, due to preparation of adding the full-time fire personnel this summer.
Streets snow and ice management has increased by almost $40k compared to this
same time last year.
Engineering is favorable compared to this time last year due to less need of outside
engineering consultants.
At this point in the year, there are no other significant variances to report.
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.
Scheduled bond payments (interest) will be made in June. Other bond payments (principal and
interest) will be due mid-December.
Cable Fund
First quarter franchise fees collected in April have not been included in this report.
Capital Park Fund
Park Dedication Fees are more than compared to the same time in 2022 by $90k. Engineering
and general professional service expenditures have remained steady compared to this period in
2022.
Revolving Equipment Fund
Property taxes, the primary funding source, are received in June, December, and January (final
tax settlement).
The approved squads for Police and sidewalk machines for Parks were purchased in the first
quarter of 2023. Vehicle and equipment purchases were approved at council meetings earlier in
ndrdtheyear, but most of the equipment will be purchased and received in the 2 and 3 quarters.
Revolving Park Equipment Fund
stEngineeringexpendituresof $42k have been incurred in the 1 Q 2023 as Ponds Park Phase I
gets underway.
Facilities Management Fund
Page 2
The planned City Hall, Police, Fire, Club Prior and Library facility work will be completed in the
ndrd2and3 quarters.
Permanent Improvement Revolving Fund
There are no approved street overlay projects scheduled for 2023.
Water Fund
The financial report for the Water Fund reflects one billing cycle. Consumption decreased
slightly from 2022, and operating revenues are down from the prior year by $34k. Water
revenues are about 5% of the 2023 budget which is consistent with first quarter 2022.
Operating expenditures and transfers for 2023 are lower than in the first quarter of 2022 due to
stthetransferinthe1 Q of 2022 for the water utility portion of the Downtown South street project.
Operating expenditures and transfers at 12% of the approved budget.
Sewer Fund
The financial report for the Sewer Fund reflects one billing cycle. Consumption decreased
slightly from 2022 and operating revenues are down from the prior year by $3k. Overall sewer
revenues are at 5% of the budget and slightly higher compared to the first quarter 2022.
Operating expenditures and transfers for 2023 are lower than in the first quarter of 2022 due to
stthetransferinthe1 Q of2022 for the sewer utility portion ofthe Downtown South street
project. Operating expenditures and transfers at 18% of the approved budget.
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 2022 and are at 7%
of the budget.
Operational expenditures and transfers are lower compared to the first quarter 2022 at 17% of
budget.
Economic Development Authority Special Revenue Fund
Property taxes are received in June, December, and January (final tax settlement).
Facility rental payments have been received from Sebastian Automotive.
Personnel, commissioner per diems, and professional services expenditures comprise most of
the expenditures and are at 8% of budget as of the end of the first quarter.
Page 3