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Home My WebLink About5B - Treasurer's Report TO: FROM: DATE: RE: Mayor and City Council Ralph Teschner, Finance Director October 6, 1998, 1998 October 1, 1998, City of Prior Lake Treasurer's Rep0l1 9/l/98 10/1/98 FUNDS BALANCE RECEIPTS DISBURSEMENTS BALANCE General 1,368,766.48 349,846.25 630,113.17 1,088,499.56 Sewer & Wate.. 2,297,935.97 79,528.09 112,907.91 2,264,556.15 Storm Water 141,966.16 5,594.57 8,136,79 139,423.94 City Store Fund -452.07 0.00 0.00 -452.07 Capital Park 307,397.71 11,805.96 8,850.72 310,352.95 Seve..ance Compo 200,854.85 1,602.13 0.00 202,456.98 EDA Loan Fund 15,088.96 40,491.59 0.00 55,580.55 DAG Special Rev. Fund 53,327.84 422.26 390.00 53,360.10 Tax Increment Fund 108,769.20 867.61 0.00 109,636.81 TrF #2-1 (keyland) 92,554.81 738.27 0.00 93,293.08 TIF #2-2 (becke.') 29,624.52 236.30 0.00 29,860.82 TIF #2-3 (amer/metro) 22,580.88 180.12 0.00 22,761.00 TIF #2-4 (commercial) 81,311.08 648.58 0.00 81,959,66 TIF #2-5 (e.m. products) 41,859.25 333.89 0.00 42,193.14 TIF #2-6 (nbc) 26,192.43 208.93 0.00 26,401.36 TIF #2-7 (award print'g) 16,700.32 133.21 0.00 16,833.53 TIF #2-8 (dave hansen) -340.40 0.00 0.00 -340.40 Equipment Fund 956,870.10 7,632.55 0.00 964,502.65 Building Fund -14,500.29 0.00 0.00 -14,500.29 Construction Fund -131,932.90 659,578,58 281,721.51 245,924.17 Trunk Reserve 2,139,828.62 23,232.98 61,199.65 2,101,861.95 Collector Street 1 , 1 57,961 .02 9,236.56 0.00 1,167,197.58 Park Ref. Imp. '97 7,097,773.32 56,393.06 27,940.84 7,126,225.54 Debt Service 3,651,166.95 38,790.02 158,922.50 3,531,034.47 Agency Fund 322,000.00 13,000.00 61,000.00 274,000,00 Totals 19,983,304.81 1,300,501.51 1,351,183,09 19,932,623.23 INVESTMENT POOL... $19,749,013.00 Un allocated Interest... $0.00 Investment Ratio... 99.08% 16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER TO: FROM: DATE: RE: Mayor and City Council Ralph Teschner, Finance Director October 6, 1998, 1998 October 1, 1998, City of Prior Lake EDA Treasurer's Report 9/1/98 1011/98 FUNDS BALANCE RECE1PTS DiSBURSEMENTS BALANCE EDA Special Revenue 80,832.46 66.44 0.00 80,898.90 Totals 80,832.46 66.44 0.00 80,89S.90 INVESTMENT POO L... $80,898.90 16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph, (612) 447-4230 / Fax (612) 447-4245 AN EQUAL OPPORTUNITY EMPLOYER TREASURER'S REPORT FUND DESCRIPTIONS General Fund - The General Fund represents the necessary 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 as a result of cumulative budgetary revenue surpluses and expenditure under runs. The City Council has designated a portion of this amount, equal to 30% of the current operating budget, for working capital to finance city operations. Sewer & Water Fund - The Sewer and Water Fund accounts for the collection of sewer and water billing utility revenue. This enklpl~se fund balance is allocated for the operational costs of the Water/Sewer departments and normally reserved for large capital municipal system expenses. Storm Water Fund - The Storm Water Fund is funded by the $3.75 storm water charge on the water bills and is dedicated to finance water quality improvements including departmental administration, storm water maintenance operations and improvement projects such as water quality ponds. City Store Funq - The City Store Fund was established recently to provide city logo merchandise to the residents as a public relations effort to promote the community. These funds are designated to purchase such stock as clothing, mugs and souvenirs. Capital Park Fund. - Capital Park funds are dedicated funds generated by the 10% park dedication fee as a result of new development and by park support fees on new construction building permits 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 plan. Severatl.C!~ Compensation Funq - This fund was established to partially fund the City's compensated absence liability which is associated with the accrued vacation and sick leave for employees upon employment termination. The State Auditor's Office has recommended that local governments set aside a certain percentage on the basis of foreseeable turnover. EDC 1.oan Fund - This fund was created to account for the proceeds of an economic development grant which was received from the State of Minnesota to provide seed money for a revolving loan account. The purpose is to provide economic incentive for new business expansion within the community. Tax Increment Fun(l~ - The Tax Increment Fund 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. H:\INVES1\IRDOC " a -- " >I ... Revolving Ro.ui~ment Fund - A regular replacement schedule for equipmenLneeds of the City in excess of $5,000 has been adopted. Periodic fund transfers are appropriated to provide supplemental revenue to finance the acquisition and purchase of new and replacement vehicles and equipment. The long term effect of contributing occasional fund contributions is to mitigate property tax increases and eliminate debt financing. J3uildin,? Fund - The funds within the Building Fund are bond proceeds from the issuance of water revenue bonds necessary for the construction of the maintenance facility. The CF AC (capital facility) charge of $7.50 on each utility bill is reserved to pay the bond principal and interest installments. Construction Fund. - Construction Fund dollars represent unexpended bond proceeds which are reserved to pay for improvement projects that have been approved by the City Council on an annual basis. For the most part, these moneys are necessary to complete outstanding construction contracts and related engineering and professional services. Park Referendum Fund - Park Referendum Fund dollars represent unexpended bond proceeds which are reserved to pay for improvement projects that have been authorized by the City Council and approved by the voters as a result of the referendum election conducted during 1997. For the most part, these moneys are necessary to complete outstanding construction contracts and related engineering and professional services associated with those identified park improvements. Trunk Reserve Fund - The 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 purpose of recovering 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. Collector Street Fund - The Collector Street Fund consists of dedicated revenue generated by fees associated with new development and new construction building permits for the purpose of funding pedestrian related improvements i.e., bikeways, sidewalks, trail systems plus right of way acquisition along collector streets and occasional collector street links. Deht Service Fund - The Debt Service Fund represents prepayments of special assessments, property tax collections and special levies needed to amortize the outstanding bonded indebtedness of the City, This fund balance is 100% reserved for the payment of bond principal and interest.. DAG S!,>ecial Revenue Fund, - The DAG Fund is a special revenue fund to account for project engineering and inspection fees that are collected as a result of a developer's agreement contract. The fees are paid to the City by the developer when the contract is executed at the time of final plat approval. These revenues are used to pay for legal expenses and inspection services on developer installed utilities including sewer, water and street installation for newly approved subdivisions within the City of Prior Lake. H:\INVES1\IR.DOC Allencv Fund - The Agency Fund accounts for the $1500 residentiaLbuilding permit deposit that is refunded to the building contractor upon final inspection. This provides the City the required financial assurance that the property site will be adequately cleaned up and debris free before an occupancy permit is granted. Because city funds are pooled for investment purposes, interest is allocated to each fund on a quarterly basis, and is based upon each individual fund's proportionate share of the total amount. Overall the total investment pool does not represent excess reserves but rather available financial resources. In most instances these funds were established and restricted for specific and designated purposes by either Minnesota Statutes or City Code to accomplish the goals and objectives ofthe City of Prior Lake. H:\INVEST\IR.DOC , A'.