HomeMy WebLinkAbout05(D) - Approval of August 2024 Treasurer's Report Report City of Prior Lake
Treasurers Report
August 2024
Fund 8/1/2024 8/31/2024
Fund Type & Name No.Balance Receipts Disbursements Balance
Business-Type Funds
Water Fund 601 8,439,683.88$ 851,626.28$ 247,477.55$ 9,043,832.61$
Sewer Fund 604 4,114,029.38 780,906.56 133,571.51 4,761,364.43
Water Quality Fund 602 2,863,493.55 1,468,018.36 66,303.45 4,265,208.46
Total Business-Type Funds 15,417,206.81$ 3,100,551.20$ 447,352.51$ 18,070,405.50$
Governmental-Type Funds
General Fund 101 13,106,325.17$ 658,510.34$ 1,854,053.10$ 11,910,782.41$
Special Revenue Funds
Cable Franchise Fund 210 108,508.26$ 3,722.83$ -$ 112,231.09$
Capital Park Fund 225 1,725,045.89 6,553.63 5,224.23 1,726,375.29
Police Forfeiture Fund 235 116,902.19 290.59 4,551.48 112,641.30
EDA Special Revenue 240 408,407.98 5,138.53 10,200.60 403,345.91
Econ Dev Federal Revolving Loan Fund 250 142,773.57 369.27 - 143,142.84
Developer Agreement Fund 260 1,066,726.19 10,000.00 14,043.88 1,062,682.31
MN Public Safety 270 546,389.25 1,413.20 - 547,802.45
Affordable Housing Aid 275 54,912.34 - - 54,912.34
Total Special Revenue Funds 4,169,665.67$ 27,488.05$ 34,020.19$ 4,163,133.53$
Capital Project Funds
TIF #1-3 413 150,775.53$ 389.97$ -$ 151,165.50$
TIF #5-1 416 12,543.98 32.44 - 12,576.42
TIF #6-1 417 587,513.56 165,446.20 - 752,959.76
TIF #1-5 419 58,805.11 152.10 - 58,957.21
Revolving Equipment Fund 410 654,805.63 121,880.30 47,817.67 728,868.26
Revolving Park Equipment Fund 430 1,102,902.88 32,433.17 55,904.83 1,079,431.22
Facilities Management Fund 440 1,425,475.58 3,536.73 58,058.44 1,370,953.87
Permanent Impr Revolving Fund 450 (586,588.62) 1,629,276.57 18,638.25 1,024,049.70 1
Construction Fund 501 3,966,667.48 9,182.76 416,301.46 3,559,548.78
Trunk Reserve Fund 502 6,705,377.58 27,719.74 - 6,733,097.32
Street Oversize Fund 503 383,875.55 992.87 - 384,868.42
Total Capital Project Funds 14,462,154.26$ 1,991,042.85$ 596,720.65$ 15,856,476.46$
Debt Service Funds
351 & 549-
577 3,765,281.38$ 15,895.55$ -$ 3,781,176.93$
Agency Fund 801 619,125.00$ 32,500.00$ 44,572.00$ 607,053.00$
Total Governmental Type Funds 36,122,551.48$ 2,725,436.79$ 2,529,365.94$ 36,318,622.33$
Internal Service Funds 7xx 813,231.16$ 6,481.26$ -$ 819,712.42$
Total All Funds 52,352,989.45$ 5,832,469.25$ 2,976,718.45$ 55,208,740.25$
Investment Pool & Ratio as of 8/31/2024 102 98.47%54,363,444.84$
This report does not reflect financial obligations from contracts, agreements, purchases, services received, etc.
TREASURER’S REPORT FUND DESCRIPTIONS
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.
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.
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.
EDA 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.
Econ Dev 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.
Developer Agreement 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.
MN Public Safety Special Revenue Fund - Special revenue fund created for 2023 public safety aid revenue
received from the State of MN and eligible expenditures.
Affordable Housing Aid Special Revenue Fund - Special revenue fund created for local affordable housing aid
received from the State of MN and eligible expenditures.
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.
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. This fund also includes funds transfered in from the Water Storage
Fund 505 at the end of 2021 and dedicated to future water storage infrastructure.
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.
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
August 2024
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
MN Public Safety Restricted for eligible Public Safety purchases Contractually obligated
Affordable Housing Aid Restricted for affordable housing expenditures 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
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