HomeMy WebLinkAbout05(D)- Approval of September 2023 Treasurer's Report
City of Prior Lake | 4646 Dakota Street SE | Prior Lake MN 55372
CITY COUNCIL AGENDA REPORT
ITEM: 5D
MEETING DATE: November 06, 2023
PREPARED BY: Jason Etter, Senior Accountant
PRESENTED BY: Cathy Erickson, Finance Director
AGENDA ITEM: Approval of September 2023 Treasurer's Report
RECOMMENDED ACTION:
Adopt the September 2023 Treasurer’s Report as presented.
BACKGROUND:
The purpose of this agenda item is for the Council to consider the approval of the monthly
Treasurer’s Report for September 2023. This information is being provided in a format which
categorizes the balances by fund type. A second page is included to provide the Fund Balance
Classification for each of the funds as well as the restrictions placed upon their usage. Even
though the business-type funds have an “unrestricted” fund balance and the General Fund has
an “unassigned” fund balance, it does not necessarily mean the balance is available to
appropriate to other funds for other uses. There are constraints in place due to the type of fund
or based on the City’s fund balance policy.
FINANCIAL IMPACT:
Staff has prepared a preliminary summary of the activity in the funds for the month of September
2023. The Treasurer’s Report reflects the beginning cash balance, receipts, disbursements, and
the ending cash balance for each fund. As shown on the September 2023 Treasurer’s Report,
the balance of cash and investments is $53.8 million. Of this balance, $51.8 million is investments
and $2 million is cash.
The Report is preliminary, unaudited and will change.
The attached memorandum provides a summary of the fund descriptions.
ALTERNATIVES:
1. Motion and second as part of the consent agenda to approve the September 2023
Treasurer’s Report as presented.
2. Motion and second to remove the Treasurer’s Report from the consent agenda for
additional discussion.
ATTACHMENTS:
1. 2023 Sept Treasurer's Report (attach 1)
2. 2023 Sept Treasurer's Report (attach 2)
3. 2023 Sept Treasurer's Report (attach 3)
City of Prior Lake
Treasurers Report
September 2023
Fund 9/1/2023 9/30/2023
Fund Type & Name No. Balance Receipts Disbursements Balance
Business-Type Funds
Water Fund 601 7,604,718.50$ 108,832.95$ 406,679.74$ 7,306,871.71$
Sewer Fund 604 4,409,284.89 62,834.42 362,350.12 4,109,769.19
Water Quality Fund 602 2,765,070.23 18,958.56 69,290.64 2,714,738.15
Total Business-Type Funds 14,779,073.62$ 190,625.93$ 838,320.50$ 14,131,379.05$
Governmental-Type Funds
General Fund 101 11,403,905.25$ 767,818.98$ 1,502,582.53$ 10,669,141.70$
Special Revenue Funds
Cable Franchise Fund 210 97,454.22$ 213.40$ -$ 97,667.62$
Capital Park Fund 225 1,764,157.28 10,776.79 605.69 1,774,328.38
Police Forfeiture Fund 235 142,209.47 230.04 37,153.40 105,286.11
EDA Special Revenue 240 401,595.05 851.70 12,639.80 389,806.95
Econ Dev Federal Revolving Loan Fund 250 138,559.44 303.41 - 138,862.85
Developer Agreement Fund 260 1,042,855.12 6,192.00 22,600.00 1,026,447.12
Total Special Revenue Funds 3,586,830.58$ 18,567.34$ 72,998.89$ 3,532,399.03$
Capital Project Funds
TIF #1-3 413 140,920.31$ 308.58$ -$ 141,228.89$
TIF #5-1 416 11,949.76 26.17 - 11,975.93
TIF #6-1 417 536,831.91 1,175.51 - 538,007.42
TIF #1-5 419 50,893.29 111.44 - 51,004.73
Revolving Equipment Fund 410 920,076.10 96,739.03 163,688.13 853,127.00
Revolving Park Equipment Fund 430 1,768,807.44 3,835.50 17,212.39 1,755,430.55
Facilities Management Fund 440 1,452,268.10 3,180.06 - 1,455,448.16
Permanent Impr Revolving Fund 450 1,778,841.10 7,444.65 1,560.00 1,784,725.75
Construction Fund 501 7,864,534.92 15,510.76 781,094.83 7,098,950.85
Trunk Reserve Fund 502 5,949,382.46 117,368.27 - 6,066,750.73
Street Oversize Fund 503 373,056.09 816.89 - 373,872.98
Total Capital Project Funds 20,847,561.48$ 246,516.86$ 963,555.35$ 20,130,522.99$
Debt Service Funds
351 & 549-
576 $ 4,169,561.21 22,569.48$ 1,000.00$ 4,191,130.69$
Agency Fund 801 579,075.00$ 15,600.00$ 30,000.00$ 564,675.00$
Total Governmental Type Funds 40,586,933.52$ 1,071,072.66$ 2,570,136.77$ 39,087,869.41$
Internal Service Funds 7xx 642,656.96$ 5,440.88$ -$ 648,097.84$
Total All Funds 56,008,664.10$ 1,267,139.47$ 3,408,457.27$ 53,867,346.30$
Investment Pool & Ratio as of 9/30/2023 96.15% 51,793,745.67$
This report does not reflect financial obligations from contracts, agreements, purchases, services received, etc.
TREASURER’S REPORT FUND DESCRIPTIONS
General Fund - Represents the resources to support general operating budget expenditures of the City. The year-
end fund balance represents dollars that have accumulated over a period of time. The City Council has designated
a minimum of 45% of the current operating budget, for working capital to finance city operations.
Water Fund - For the collection of water billing utility revenue. This enterprise fund balance is allocated for the
operational costs of the Water departments and normally reserved for large capital municipal system expenses.
Sewer Fund - For the collection of sewer billing utility revenue. This enterprise fund balance is allocated for the
operational costs of the Sewer department and normally reserved for large capital municipal system expenses.
Water Quality Fund - An enterprise account funded by the storm water charge that is generated on the bi-monthly
water and sewer utility bills. The funds in the account are dedicated to finance water quality improvements
including departmental administration, storm water maintenance operations and improvement projects related to
water quality.
Cable Franchise Fund - Acts as a clearing house for funds received from the cable franchise company as specified
by ordinance.
Capital Park Fund - Dedicated funds received from developers in accordance with the City’s Park Dedication
requirement when land is platted. Funds are collected for the purpose of developing the City’s neighborhood park
and trail system. These dollars are programmed throughout the course of the City’s Capital Improvement
Program.
Police Forfeiture Fund – Special revenue fund created to track criminal and DWI forfeiture revenues and
expenditures.
ED Special Revenue – Reserved and expended at the direction of the Prior Lake Economic Development
Authority for specific economic development activity as allowed by MN Statute. The purpose is to provide
economic incentives for new business expansion within the community.
ED Fed/MN Loan Funds - Accounts for the proceeds of economic development grants received either from the
federal government or the State of Minnesota to provide seed money for a revolving loan account. This provides
economic incentive for new business expansion within the community.
DAG Special Revenue Fund - Special revenue fund related to costs the City incurs in connection with a
subdivision. Fees are paid to the City by the developer when the Development Contract and Final Plat are
approved by City Council. Revenues are used to pay for legal expenses incurred with review and approval of the
plat and inspection services on developer installed-utilities for newly approved subdivisions within Prior Lake.
Federal ARPA Fiscal Recovery Fund – Special revenue fund created to track American Rescue Plan Act funds
received by the City.
Water Revenue Bond Fund – PW Bldg - Debt service fund to pay bonds issued to construct the public works
maintenance building. The capital facility charge generated on the utility bill provides the funding for the bond
payments which occur semi-annually. Funds are transferred from Sewer and Water Fund.
Water Revenue Bond Fund – WT Plant - Debt service fund to pay bonds issued to construct the water treatment
plant. Revenue from the utility bills provides the funding for the bond payments which occur semi-annually.
Funds are transferred from Sewer and Water Fund.
Tax Increment Funds - Represents an accumulation of funds such as bond proceeds and project administration
fees charged to companies requesting project write-downs in the form of tax increment financing for new and/or
redevelopment. The TIF district property taxes are then deposited in a number of tax increment funds established
to track their respective revenue.
Revolving Equipment Fund - A regular replacement schedule for equipment needs of the City in excess of $5,000
has been adopted. Periodic fund transfers are appropriated to provide a funding source for the acquisition and
purchase of new and replacement vehicles and equipment.
Revolving Park Equipment Fund – Consists of funds reserved for the replacement of park equipment.
Facilities Management Fund – Established in conjunction with the Facilities Management Plan (FMP). The FMP
provides a schedule of major repairs, replacements and upgrades to all of the City facilities.
Permanent Improvement Revolving Fund – Consists of funds available for annual street mill and overlay projects
with any remaining funds to be used to provide upfront funding for future improvements.
Construction Fund - Represent unexpended bond proceeds that are reserved to pay for improvement projects
approved by the City Council on an annual basis. These dollars are necessary to complete outstanding
construction contracts and related engineering and professional services.
Street Oversize Fund - Consists of dedicated revenue generated by fees associated with new development and
new construction building permits for the funding of pedestrian related improvements i.e., bikeways, sidewalks,
trails plus right of way acquisition along collector streets and occasional collector street links.
Trunk Reserve Fund - Consists of dedicated revenue generated from utility connection permits and acreage fees
assessed at time of sewer and water installation for the recovering of trunk oversizing costs and central municipal
system improvements i.e., wells lift stations, force mains, etc. These dollars are programmed throughout the
course of the City’s capital improvement plan.
Water Storage Fund - Accounts for the water tower fee that is charged and collected on building permits. This
fund balance is 100% reserved for the construction of elevated and ground water storage facilities.
Debt Service Funds - Represents prepayments of special assessments, property tax collections and special levies
needed to pay the outstanding bonded indebtedness of the City. This fund balance is 100% reserved for the
payment of bond principal and interest.
Agency Fund - Accounts for the residential building permit deposit that is refunded to the building contractor
upon final inspection. This provides financial assurance that the property site will be adequately cleaned up and
debris free before an occupancy permit is granted.
Severance Compensation Fund – Internal Service Fund established to partially fund the City’s compensated
absence liability associated with the accrued vacation and sick leave for employees upon termination as
recommended by the State Auditor’s Office.
Insurance Fund – Internal Service Fund established to track revenues and expenditures related to insurance funds.
City of Prior Lake
Treasurers Report
September 2023
Fund Type & Name Fund Balance Classification Constraints
Business-Type Funds
Water Fund Unrestricted Identified on utility bill for this purpose
Sewer Fund Unrestricted Identified on utility bill for this purpose
Water Quality Fund Unrestricted Identified on utility bill for this purpose
Governmental-Type Funds
General Fund Unassigned Cash flow, emergencies, one-time opportunities
Special Revenue Funds
Cable Franchise Fund Assigned for communications Statutory obligation to use for PEG access
Capital Park Fund Assigned for capital improvements Contractually obligated; park dedication fees
EDA Special Revenue Assigned for development Economic Development
Econ Dev Federal Revolving Loan Fund Restricted for economic development Economic Development
Econ Dev MN Revolving Loan Fund Restricted for economic development Economic Development
Developer Agreement Fund Assigned for development Contractually obligated;
Federal ARPA Recovery Funds Restricted for equipment and improvements Contractually obligated
Capital Project Funds
TIF #1-3 Restricted for tax increment Contractually obligated by tax increment agreements
TIF #1-5 Restricted for tax increment Contractually obligated by tax increment agreements
TIF #5-1 Restricted for tax increment Contractually obligated by tax increment agreements
TIF #6-1 Restricted for tax increment Contractually obligated by tax increment agreements
Revolving Equipment Fund Assigned for capital improvements Identified for equipment replacement
Revolving Park Equipment Fund Assigned for capital improvements Identified for park equipment replacement
Facilities Management Fund Assigned for capital improvements Identified for funding Facilities Management Plan
Permanent Improvement Revolving Fund Assigned for capital improvements Identified for funding street improvement projects
Construction Fund Restricted for capital improvements Construction projects in progress
Trunk Reserve Fund Assigned for capital improvements Contractually obligated by developer agreements
Street Oversize Fund Assigned for capital improvements Contractually obligated by developer agreements
Water Storage Fund Assigned for capital improvements Contractually obligated by developer agreements
Debt Service Funds Restricted for Debt Service Reserved for contractually obligated debt service
Agency Fund N/A Escrows to be reimbursed to depositors
Internal Service Funds Unrestricted Identified as payment for severance compensation and insurance