HomeMy WebLinkAbout20071015 - VI-06
VI-6
MEMO
TO:
FROM:
RE:
DATE:
Honorable Mayor and City Council
Charlene A. Stark, Finance Director
3rd Quarter Financial Report -2007
October 10, 2007
For your review I have prepared a comparison of 3rd quarter's actual revenues and
expenditures to the 2007 budget and to 2006's 3rd quarter. When comparing to the
budget we are below the expected 75% for all expenditure categories with the exception
of debt service. All ofthe cities' general obligation debt is due on Feb 1st and Aug 1st so
that line item shows 100% of principal and interest at this time. One item to note in
revenues is in January of 2007 we issued bonds to refinance some of the outstanding
bonds, thus when comparing to 2006 we have an inflated revenue number by about 2.2
million, but revenues are still up over 2006 as of September 30th.
In this report there are graphs of the City's investment portfolio. The total portfolio for
September 30, 2007 is valued at $24,707,503. Interest earned for the third quarter is
$332,113 which is up from this years 2nd quarter and up $70,672 that was earned in the
3rd quarter of 2006.
If there is any other information you would like to see or for more details on this
summary report, please feel free to call me at 651-480-2354.
Council Action:
No action is needed.
City of Hastings
Comparison of 3rd Qtr Financial Report for Years 2006 and 2007
Governmental Funds (Admin, Parks & Recreation, Public Safety, Public Works)
Actual Actual Amended Percentage
Year to Date Year to Date Budget of 2007
as of 913012006 as of 913012007 2007 Budget
Tax levy $ 4,783,127 $ 3,140,459 10,685,171 29.391%
Total other revenues 5,095,236 9,112,244 * 10,390,986 87.694%
Total all revenues $ 9,878,363 $ 12,252,703 $21,076,157
Salaries and benefits 5,281,626 5,770,897 8,571,448 67.327%
Charges for services 1,976,701 2,417,018 3,522,729 68.612%
Supplies 455,057 480,001 650,959 73.737%
Capital 1,387,147 1 ,729,966 2,829,599 61.138%
Debt service
Principal 8,070,000 5,590,000 5,590,000 100.000%
Interest and fees 1,187,901 1,202,151 1,215,659 98.889%
Total expenditures $ 18,358,432 $ 17,190,034 $22,380,394 76.808%
. In 2007 the City refunded 2.2 million of bonds and thus and additional revenue of 2.2 is recorded in 2007.
Enterprise Funds (Hydro, Trac, Water, Sewer)
Actual Actual Amended Percentage
Year to Date Year to Date Budget of 2007
as of 913012006 as of 913012007 2007 Budget
Total Revenues $ 4,729,024 $ 3,826,943 . $ 7,459,899 51.300%
Salaries and Benefits 548,273 758,126 1,078,037 70.325%
Charges for Services 1,379,592 1,378,279 1,887,436 73.024%
Supplies 121,405 84,309 294,580 28.620%
Capital 870,816 2,574,731 1,899,275 135.564%
Debt Service
Principal 40,000 340,000 11.765%
Interest and Fees 131,366 253,475 265,117 95.609%
Transfer Out 3,456 3,456 100.000%
Total Expenditures $ 3,051,452 $ 5,092,376 $ 5,767,901 88.288%
WAC and SAC revenues continue to decline as the development market has slowed considerable.
CITY OF HASTINGS INVESTMENTS as of 09/30/2007
12000000
8000000
OMM
IJ 1 Yr and Under
o 1yr-3 yr
.3-5 yr
.5-10 yr
.10-15 yr
10000000
G)
.:! 6000000
Cll
>
4000000
2000000
o
Length of Maturity
CITY OF HASTINGS INVESTMENTS BY BROKER
3%
DWells Fargo
.. UBS Financial
II US Bank/Piper
.. Wachovia
. Smith Barney
II Minnesota 4M
. Dain Bosworth
18%
8%
17%
I
i
I
[IiClYs I I
! _ Money Market II
i_Commercial Paper I !
i 0 Federal Home loan Bank I II
I_ Fannie Mae I
i II Federal Home loan Note i
, I
i 0 Freddie Mac ! !
. I i
-_J
CITY OF HASTINGS INVESTMENTS BY SECURITY