HomeMy WebLinkAbout20070716 - VI-06MEMO °46
TO: Honorable Mayor and City Council members
FROM: Charlene A. Stark, Finance Direc#or
RE: 2nd Quarterly Financial Report -2007
DATE: July 12, 2007
For your review I have prepared a comparison of 2nd quarter's actual revenues and
expenditures to the 2007 budget and to 2006's 2nd quarter. When comparing to the
budget we are at 50% or below in the summarized categories for expenditures with the
exception of Debt service. All of the cities' general obligation debt is due on Feb 1 ~ so
that line item shows 100% principal paid and 50% of the interes# plus other fees. The
2"d half of interest is due August 1St. 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 June 30. This is largely due to the amount of taxes levied and collected
as of this date.
!n this report there are a few graphs of the City's Investment portfolio. The total portfolio
for June 30, 2007 is valued at $ 27,766,653. Interest earned for the second quarter is
$302,459 which is down $ 50,695 that was earned in the 2nd quarter of 2006.
If there is any other information you would like to see or for more details on this
summary report, please feet free to call me at 651-480-2354.
Council Action:
No action is needed.
City of Hastings
Comparison of 2nd Qtr Financial Report for Years 2006 and 2007
Governmental Funds (Admin, Parks & Recreation, Public Safety, Public Works)
Total Revenues
Salaries and Benefits
Charges for Services
Supplies
Capital
Debt Service
Principal
Interest and Fees
Total Expenditures
Actuals Actuals Amended Percentage
Year to Date Year to Date Budget of 2007
as of 6/30/2006 as of 6/30/2007 2007 Budget
$ 5,773,273 $ 8,563,131 $19,220,979 21.747%
1,464,961 3,708,109 8,571,445 43.261
550,377 1,605,598 3,504,984 45.809%
124,363 303,276 649,419 46.700%
56,757 1,625,839 2,812,648 57.805%
8,070,000 5,590,000 5,590,000 100.000%
517,982 622,587 1,215,659 51.214%
$ 10,784,440 $ 13,455,410 $ 22,344,155 60.219%
* In January of 2007 the City refinanced some bonds so revenues include 2.2 of bond issuance that didn't occur in 2006.
Enterprise Funds (Hydro, Trac, Water, Sewer)
Total Revenues
Salaries and Benefits
Charges for Services
Supplies
Capital
Debt Service
Principal
Interest and Fees
Transfer Out
Totaf Expenditures
Actuals Actuals Amended Percentage
Year to Date Year to Date Budget of 2007
as of 3/31/2006 as of 6/30/2007 2007 Budget
$ 2,086,799 $ 1,900,388 $ 5,809,899 32.709%
460,120 504,987 1,078,037 46.843%
1,118,815 887,755 1,887,436 47.035%
97,944 33,232 294,580 11.281
161,092 2,061,414 1,899,275 108.537%
45,000 40,000 340,000 11.765%
114,731 132,671 265,117 50.042%
- 3,456 3,456 100.000%
$ 1,997,702 $ 3,663,515 $ 5,767,901 63.516%
CITY OF HASTINGS INVESTMENTS as of 06/30/2007
12000000
~
`
10000000
----- ~ i
8000000 - _ _ _ ~ O MM
_
~ - -' ^ 1 Yr and Under
6000000 --- -
~ --- -
--- - ~ 1 yr-3 yr '
4000000 - ~ ^ 3-5 yr
- __ --~ ^5-10 yr
2000000 ~ ~ ^ 10-15 yr
Y
~ ..
Length of Maturity
CITY OF HASTINGS INVESTMENTS BY BROKER
3%
18%
i
O Wells Fargo
~ UBS Financial
^ US Bank/Piper
~ Wachovia
11 % ~ ~ Smith Barney
®Minnesota 4M ~ !
_~Dain Bosworth
~~oi ~, ~,
CITY OF HASTINGS INVESTMENTS BY SECURITY
3% w