HomeMy WebLinkAbout20070507 - VI-17/VI-18MEMO vi-i~
vi-is
TO: Honorable Mayor and City Council members
FROM: Charlene A. Stark, Interim Finance Director
RE: 1 ~` Quarterly Financial Report -2007
DATE: May 1, 2007
For your review I have prepared a comparison of 1S` quarter's actual revenues and
expenditures to the 2007 budget and to the 1S` quarter 2006 actual. When comparing to
the budget we are at 25% 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 1s1
so that line item shows 100% principal paid and 50% of the interest plus other fees. The
2"d half of interest is due August 1S`. 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.
In this report there are a few graphs of the City's Investment portfolio. The total portfolio
for March 31, 2007 is valued at $ 27,875,501. Interest earned for the first quarter is
$319,947 which is up from $ 270,011 that was earned in the 1 S` quarter 2006, an
increase of $ 49,936.
In this report there is an update on the debt limit tests the City is guided by when it
comes to issuing debt. l have updated the numbers to reflect the Feb. i payment and
the upcoming issuance in 2007 for equipment certificates and road construction.
Also in this report is a preliminary summary of the financial report of 2006. The
Comprehensive Financial Annual Report will be completed in May and presented to full
council in June. The Finance committee along with the City's auditars will conduct a
meeting before the Council to go over the numbers in detail.
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 1st Qtr Financial Report for Years 2006 and 2007
Governmental Funds (Admin, Parks ~ Recreation, Public Safety, Public Works)
Actuals Actuals Amended Percentage
Year to Date Year to Date Budget of 2007
as of 3/31f2006 as of 3/31/2007 2007 Budget
Total Revenues
Salaries and Benefits
Charges for Services
Supplies
Capital
Debt Service
Principal
Interest and Fees
Totaf Expenditures
$ 1,123,145 $4,066,162* $18,697,482 21.747%
1,464,961 1,518,109 8,566,745 17.721%
550,377 689,429 3,508,534 19.650%
124,363 130,396 649,919 20.063%
56,757 287,288 2,781,098 10.330%
8,070,000 5,590,000 5,590,000 100.000%
517,982 561,767 994,298 56.499%
$ 10,784,440 $ 8,776,990 $22,090,594 39.732%
In January of 2007 the City refinanced some bonds so revenues include 2.2 of bond issuance that didnY occur in 2005.
Enterprise Funds (Hydro, Trac, Water, Sewer)
Total Revenues
Salaries and Benefits
Charges for Services
Supplies
Capital
Debt Service
Principal
Interest and Fees
Transfer Out
Total Expenditures
Actuals Aduals Amended Percentage
Year to Date Year to Date Budget of 2007
as of 3!31!2006 as of 3/31/2007 2007 Budget
$ 603,513 $ 555,331 $ 5,641,915 9.843%
202,910 222,470 1,078,037 20.637%
568,099 507,921 1,887,436 26.911%
37,636 11,208 294,580 3.805%
36,204 439,759 1,899,275 23.154%
45,000 40,000 340,000 11.765%
3,200 13,200 265,117 4.979%
- 3,456 3,456 100.000%
$ 893,049 $ 1,238,013 $ 5,767,901 21.464%
CITY OF HASTINGS INVESTMENTS as of 3/31/2007
8,000,000.00
7,000,000.00
6,000,000.00
5,000,000.00
d
R 4,000,000.00
3,000,000.00
2,000,000.00
1,000,000.00
0.00
®MM
^ 1 Yr and Under
^ 1 yr3 yr
^ 3-5 yr
^ 5-10 yr
^ 10-15 yr
CITY OF HASTINGS INVESTMENTS BY BROKER
~~°i
2%
11%
^ Wells Fargo
^ UBS Financial
^ US Bank/Pipe~
^ Wachovia
^ Smith Barney
^ Minnesota 4M
^ Dain Bosworth
Length of Maturity
~b% 14% ~~~
CITY OF HASTINGS INVESTMENTS BY SECURITY
da/ ,.,.,
15°
^ Money Market
^ Commercial Paper
®Federal Home Loan Bank
^ Fannie Mae
^ Federal Home Loan Note
~ Freddie Mac
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City of Hastings
Preliminary Financial Report as of December 31, 2006
Governmental Funds (Admin, Parks & Recreation, Public Safety, Public Works)
Amended Actuals Percentage
Budget Year to Date of 2006
2006 2006 Budget
Total Revenues $15,998,018 $ 17,577,030 109.870%
Salaries and Benefds 7,933,019 7,587,229 95.641%
Charges for Services 3,025,512 3,740,524 123.633%
Supplies 544,823 750,077 137.674%
Capital 3,575,534 1,382,343 38.661%
Debt Service
Principal 6,790,000 8,070,000 118.851%
Interest and Fees 1,238,220 1,272,626 102.779%
Total Expenditures $23,107,108 $ 22,802,800 98.683%
Enterprise Funds (Hydro, Trac, Water, Sewer)
Amended Actuats Percentage
Budget Year to Date of budget
2006 2006 2006
Total Revenues $ 6,383,461 $ 6,809,516 106.674%
Salaries and Benefits 1,096,186 993,538 90.636%
Charges for Services 1,906,827 1,747,327 91.635%
Supplies 204,910 145,147 70.835%
Capital 1,124,795 1,875,422 166.735%
Debt Service
Principal 1,260,000 1,260,000 100.000%
Interest and Fees 303,125 336,198 110.911%
Transfer Out 75,000 -
Total Expenditures $ 5,970,843 $ 6,357,632 106.478%