HomeMy WebLinkAbout20100816 - VI-12CITY OF HASTINGS QUARTERLY REPORT OF BUDGETED FUNDS
This report is a preliminary summary of the governmental and enterprise
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funds for the period ending July 31 2010.
Summary of Governmental Funds-Revenues
Revenues for 2010 are on the same level as 2009. No change in the revenues stream that
have been affected by the economy. On a positive note they are on par for the 2010
budget as the budget was decreased to reflect the down turn in the economy when the
2010 budget was adopted.
Summary of Governmental Funds-Expenditures:
Expenditures are on target with the 2010 budget. This summary is for 7
complete months which is more than 50% of the year. One note that is
indicated on the report is the principal payments are a 199% increase over
2009. This reflects the refinancing of some bonds that were done earlier this
year. This shows the payment of the old bonds as well as the annual
payments for 2010.
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Below is a summary of the Enterprise funds for 1 quarter 2010.
Summary of Enterprise Revenues
Revenues are down for the first half of 2010. This is largely due to the
hydro plant running at half capacity for most of the year. The second turbine
was turned on late June. It also has been a very rainy summer. Water
revenues are down because of this.
Summary of Enterprise Expenses
Salaries and benefits are up high then 2009 by nearly 20%. This is due to
the dewatering project of the hydro plant. For 2010 the expenses are at the
expected 50% of the 2010 budget. The department is monitoring overtime.
Charges for services, supplies, and capital are also above the 2009 by larger
than expected percentages and this is also contributed to the hydro plant
dewatering project. This project is now complete and the second half should
come in or at the budget parameters.
Investments
Current value of the City’s idle cash is $18,108,534. The graph above show the level on
investments based on maturity date. Over $5 million is invested short term to meet cash
flow needs for the second half of the year. The rest is invested out to 3-15 years to
capture interest on the yield curve.
General Fund
The general fund balance at the end of 2008 resulted in a working capital
fund balance of less then 27%. In 2009 expenditures were cut and
departments spent conservatively throughout the year. As a result the
general fund working capital fund balance increased to 33%. I attempted to
project out to the end of 2010 with the current spending and revenue trends.
As of now it projected out to show no change to the working capital fund
balance. I will have a better picture after third quarter.
In summary the 2010 is on target with the budget. The desire to get the
general fund balance back into compliance may not be achieved this year. It
may be too early to tell. Monitoring of expenses will continue throughout
the year.