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ITEM 3 General fundITEM 3 CITY OF se o MINNESOTA DATE: 5 February 2015 TO: Mayor and City Council Members Lori Johnson, City Administrator MEMORANDUM FROM: Daniel Jordet, Administrative Services Director RE: General Fund End of Fiscal Year 2014 Preliminary Results A preliminary General Fund accounting for the 2014 fiscal year shows $ 1,069,761 available for reassignment to other funds. This results from the combination of: • budgeting for an increase to fund balance of $ 280,250 • 2014 actual revenues exceeding budgeted revenues by $ 567,805 • 2014 actual expenditures being lower than budgeted expenditures by $ 242,926 • reserving 45% of the 2015 budget for General Fund fund balance at $ 2,002,795 • appropriation of monies to other funds for the storage building and tree planting for $ 20,500 The 2011 Fund Balance Policy indicates that anything more than 45% of the ensuing year's expenses will be transferred to the Revolving Capital Improvements Fund. That is shown as the Option Blue on the attached spreadsheet. Option Green shows $ 500,000 being allocated to the Equipment Replacement Fund so as to eliminate the need for debt issuance for cash flow purposes in 2018. It also reduces the property tax increase rate by 50% ($ 20,000 per year rather than $ 40,000) in arriving at the annual need of $ 320,000 in 2023 rather than 2019. Option Green also shows allocation of $ 300,000 to the Street Reconstruction Fund allowing a stabilization of the annual property tax levy at $ 320,000 per year through 2019. Finally, Option Green allocates $ 269,761 to the Revolving Capital Improvement Fun. Option Red responds to the suggestion that Otsego will need to build and equip a fire station sooner rather than later. As of the end of the year 2014 the Fire Capital Fund holds $ 1,705,468. Adding all of the 2014 reassignment dollars to the Fire Capital Fund would put the balance at $ 2,275,229. Other scenarios and permutations of distribution are certainly possible, according to the Council's wishes. These options were developed only to begin the conversation. I will have updates cash flow whets in a PowerPoint presentation for Monday's meeting. City of Otsego General Fund Preliminary Report for the year ending 31 December 2014 Revenues: Taxes Licenses and Permits Intergovernmental Revenue Charges for Service Fines and Forfeits Interest Revenue Cable Franchise Fees Other Revenues TOTAL Revenues: Expenditures: General Government City Council Administration Elections Assessor Finance Legal Information Technology City Hall Planning Building Inspection Subtotal. General Government: Public Safety: Police Police Commission Fire Emergency Management Animal Control Subtotal: Public Safety: Public Works., Streets Engineering Street Lights Fleet Maintenance Subtotal: PublicWorks Culture & Recreation Park Maintenance Recreation Prairie Center Subtotal: Culture & Recreation: Economic Development Transfers Out/(In) TOTAL Expenditures: NET GENERAL FUND: 2011 2012 2013 2014 2014 Budget -1-1 A.a... 1 A..•.,.,i o„a..o1 A,r„.l 1e4-1 3,343,665 3,139,130 3,366,010 3,273,715 3,261,085 (12,630) 304,084 563,077 830,076 557,300 1,117,118 559,818 199,053 208,822 217,630 316,611 442,160 125,549 96,204 62,163 38,321 65,650 158,186 92,536 - - - - 4,000 4,000 118,186 92,134 (4,766) 100,000 94,890 (5,110) 100,176 106,547 83,681 105,000 120,964 15,964 282,796 66,553 72,924 143,736 21,414 122,322 4,444,164 4,238,426 4,603,876 4,562,012 5,219,817 657,805 2011 2012 2013 2014 2014 Budget Actual Actual Actual Budget Preliminary Actual Under! Over 49,950 51,273 44,216 74,547 46,623 27,924 295,869 376,582 339,696 391,861 374,987 16,874 390 24,334 1,486 26,200 25,671 529 67,935 67,904 67,463 70,300 72,517 (2,217) 176,950 239,680 242,381 321,187 249,394 71,793 95,239 71,305 78,996 75,000 101,013 (26,013) - 35,108 22,760 47,628 42,606 5,022 721 716 71,270 81,256 80,969 287 91,753 86,356 70,016 74,620 91,053 (16,433) 454,415 204,926 181,882 230,370 177,230 53,140 1,233,222 1,158,184 1,120,166 1,392,969 1,262,063 130,906 861,410 875,045 882,601 912,500 917,113 (4,613) 1,191 1,372 1,399 1,350 605 745 - 347,922 365,873 375,850 417,062 (41,212) - 728 2,950 8,550 308 8,242 15,274 10,915 11,058 11,000 13,260 2,260 877,875 1,235,982 1,263,881 1,309,250 1,348,348 (39,098) 1,285,891 760,656 678,991 630,610 600,156 30,454 147,421 128,714 160,825 85,000 81,469 3,531 97,046 108,775 109,667 110,000 111,465 (1,465) 148,131 191,630 184,350 7,280 1,530,358 998,145 1,097,614 1,017,240 977,440 39,800 346,350 193,455 166,490 294,880 285,733 9,147 41,736 86,162 115,471 154,073 134,681 19,392 58,888 39,134 20,220 33,649 26,476 7,173 446,974 318,751 302,181 482,602 446,890 35,712 12,353 2,649 3,286 13,790 4,095 9,695 556,941 115,000 - 65,911 - 65,911 4,657,723 3,828,711 3,787,128 4,281,762 4,038,836 242,926 900,731 213,559 409,715 816,748 280,2501 12/31/2013 GF Fund Balance 2014 Net General Fund 12/31/2014 Gross GF Fund Balance 12/31/2014 Required GF Fund Balance 12/31/2014 Preliminary Available Funds Allocations: Storage Racking Garage Doors Planting Donated Trees Subtotal Remaining Funds 1,912,075 1,180,981 3,093,056 2,002,795 45% of subsequent year's budgeted expenditures 4,500 8,000 8,000 20,500 Option Blue Option Green Option Red according to Policy adopted 2011 to Revolving Capital ImprovementFund 1,069,761 269,761 stabilizes levy at $ 320,000 through 2019 to Street Pavement Management Fund - 300,000 reduce levy increase from $ 40,000 /year to $ 20,000/year to Capital Equipment Revolving Fund 500,000 anticipation of major capital expenditure need to Fire Capital Reserve r •' Total Transfers 1 1,069,761 1 1,069,761 i[rkf- , C:\Users\Tauri\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.0utlook\L723WOXW\GF EOY Summary 2014 2/5/2015 r PRELIMINARY 2014 General Fund Operations Result 1213112013 GF Fund Balance 1,912,075 2014 Net General Fund 1,180,981 1213112014 Gross GF Fund Balance 3,093,056 1213112014 Required GF Fund Balance 2,002,795 45% of subsequent year's budgeted expenditures 1213112014 Preliminary Available Funds === 1,090,261 Allocations: Storage Racking Garage Doors Planting Donated Trees Subtotal Remaining Funds according to Policy adopted 2011 to Revolving Capital Improvement Fund stabilizes levy at $ 320,000 through 2019 to Street Pavement Management Fund reduce levy increase from $ 40,0001year to $ 20,0001year to Capital Equipment Revolving Fund anticipation of major capital expenditure need to Fire Capital Reserve Total Transfers 4,500 8,000 8,000 20,500 1,069,761 on Blue Option Green 1,069,761 269,761 - 300,000 500,000 1,069,761 1,069,761 n Red Revolving Capital Improvement Fund (current) City of Otsego Revolving Capital Improvement Fund Special Revenue Fund 414 determine seurce(s) of funding and assessment tracking plan Actual Actual Actual Projected Projected Projected Projected Projected Projected 2011 2012 2013 2014 2015 2016 2017 2018 2019 Property Taxes - 27 66,861 138,978 Special Assessments 106,827 130,460 68,673 137,307 Other Operating Income - 47,148 19,040 - - _ Other Non -Operating Income 19,269 11,031 (2,770) 1,671 1,354 1,271 Bond Proceeds (net) - 224,000 . Transfers In 400,000 155,009 - - Revenues: 526,096 343,675 84,943 138,978 1,354 1,271 157 158 157 158 158 158 Personal Services Supplies _ Contractual Services 100,686 - 18,082 - Depreciation Transfers Out - 358,825 - Expenditures: 100,686 358,825 18,082 Net upe UMS: 425,410 15,150 66,861 138,978 1,354 1,271 157 158 158 Capital Expenditures 415,405 294,477 361,637 18,000 224,000 . Beginning Cash 719,831 1,151,929 353,698 334,202 270,757 254,111 31,381 31,538 31,696 Net Operations 425,410 (15,150) 6601 138,978 1,354 1,271 157 158 158 Capital Expenditures (415,405) (294,477) (361,637) (18,000) (224,000) - Changes in AssetsUbiliks 6,688 367,676 208,120 159,214 - _ Ending Cash 1,151,929 353,698 334,2021 270,757 254,111 31,381 31,538 31,696 31,854 Property Taxes Special Assessments Other Operating Income Other Non -Operating Income Bond Proceeds (net) Transfers In Revenues: Personal Services Supplies Contractual Services Depreciation Transfers Out Expenditures: Net Operations: Capital Expendiures Beginning Cash Net Operations Capital Expenditures Changes in AssetsUaWies Ending Cash Option Blue City of Otsego Revolving Capital Improvement Fund Spedial Revenue Fund 414 determine source(s) of funding and assessment tracking plan Actual 2011 Actual 2012 Actual 2013 Projected 2014 Projected 2015 Projected 2016 Projected 2017 Projected 2018 Projected 2019 - 27 - - - - - - - 106,827 130,460 68,673 137,307 - 47,148 19,040 - - _ - - - 19,269 11,031 (2,770) 1,671 1,354. 6,619 5,532 5,560 5,588 400,000 155,009 - - 1,069,761 - _ _ _ 526,096 343,675 84,943 138,978 1,071,115 6,619 5,532 5,560 5,588 100,686 - 18,082 - 358,825 - 100,686 358,825 18,082 - - _ _ - _ 425,1 15,150 66,861 138,978 1,071,115 6,619 5,532 5,560 5,588 - 415,405 294,477 361,637 18,000 224,000 719,831 425,410 - 1,151,929 (15,150) (415,405) 353,698 66,861 (294,477) 334,202 138,978 (361,637) 270,757 1,071,115 (18,000) 1,323,872 6,619 (224,0oo) 1,106,491 5,532 1,112,024 5,560 1,117,584 5,588 6,688 367,676 208,120 159,214 - - _ _ 1,151,929 353,698 334,202 270,757 1,323,872 1,106,491 1,112,024 1,117,584 1,123,172 Property Taxes Special Assessments Other Operating Income Other Non -Operating Income Bond Proceeds (net) Transfers In Revenues Personal Services Soies Contractual Services Depreciation Transfers Out Expenditures Net Operations Capital Expenditures Beginning Cash Net Operations Capital Expenditures Changes in Assetsil.Wities Ending Cash Option Green Cid of Otsego Revolving Capital Improvement Fund Special Revenue Fund 414 determine source(s) of funding and assessment tracking plan Actual 2011 Actual 2012 Actual 2013 Projected 2014 Projected 2015 Projected 2016 Projected 2017 Projected 2018 Projected 2019 - 27 - - - - - - - 106,827 130,460 68,673 137,307 - 47,148 19,040 - - _ _ _ 19,269 11,031 (2,770) 1,671 1,354 2,619 1,512 1,520 1,528 400,000 155,009 - - 269,761 - - 526,096 343,675 84,943 138,978 271,115 2,619 1,512 1,520 1,528 100,686 - 18,082 - 358,825 100,686 358,825 18,082 - - - 425,410 15,150 66,861 138,978 271,115 2,619 1,512 1,520 1,528 - 415,405 294,477 361,637 18,000 224,000 719,831 425,410 - 1,151,929 (15,150) (415,405) 353,698 66,861 (294,477) 334,202 138,978 (361,637) 270,757 271,115 (18,000) 523,872 2,619 (224,000) 302,491 1,512 304,004 1,520 305,524 1,528 6,688 367,676 208,120 159,214 - - _ _ 1,151,929 353,698 334,202 270,757 523,872 302,491 304,004 305,524 307,051 PropertyTaxes Special Assessments Other Operating Income Other Non -Operating Income Bond Proceeds (net) Transfers In Revenues: Personal Services Supplies Contractual Services Depreciation Transfers Out Expenditures: Net Operations: Capital Expenditures Beginning Cash Net Operations Capital Expenditures Changes in AssetstUabilifies Er>ding Cash Street Pavement Management Fund (current) Cityof Otsego Street Pavement Manageant Special Revenue Fund 201 Actual 2011 Actual 2012 Actual 2013 Budget 2014 Projected 2015 Projected 2016 Projected 2017 Projected 2018 Projected 2019 - 300,000 294,996 320,000 320,000 350,000 380,000 410,000 440,000 19,345 8,720 (1,718) 1,416 1,038 455 610 1,426 2,090 420,000 - . . - - 439,345 308,720 293,278 321,416 321,038 350,455 380,610 411,426 442,090 439,345 308,720 293,278 321,416 321,038 350,455 380,610 411,426 442,090 79,189 598,378 602,893 397,000 437,500 319,500 217,500 278,500 260,250 526,408 439,345 (79,189) 313 886,251 308,720 (598,378) 103 596,490 293,278 (602,893) 3,738 283,137 321,416 (397,000) - 207,553 321,038 (437,500) - 91,090 350,455 (319,500) - 122,046 380,610 (217,500) - 285,156 411,426 (278,500) - 418,082 442,090 (260,250) - 886,251 596,490 283,137 207,553 91,090 122,046 285,156 418,082 599,922 PropertyTaxes SpecialAssessments Other Operating Income Other Non -Operating Income Bond Proceeds (net) Transfers In Revenues Personal Services Supplies Contractual Services DeprecbWn Transfers Out Expenditures Net Operations Capital Expenditures Beginning Cash Net Operations Capital Expenditures Changes in Assets(Liabilities Ending Cash Option Green City of Otsego Street Pavement Management Special Revenue Fund 201 Actual 2011 Actual 2012 Actual 2013 Budget 2014 Projected 2015 Projected 2016 Projected 2017 Projected 2018 Projected 2019 - 19,345 420,000 300,000 8,720 - 294,996 (1,718) - 320,000 1,416 - 320,000 1,038 300,000 320,000 1,955 - 320,000 1,968 - 320,000 2,490 _ 320,000 2,710 _ 439,345 308,720 293,278 321,416 621,038 321,955 321,968 322,490 322,710 439,345 308,720 293,278 321,416 621,038 321,955 321,968 322,490 322,710 79,189 598,378 602,893 397,000 437,500 319,500 217,500 278,500 260,250 526,408 439,345 (79,189) 313 886,251 308,720 (598,378) 103 596,490 293,278 (602,893) 3,738 283,137 321,416 (397,000) - 207,553 621,038 (437,500) - 391,090 321,955 (319,500) - 393,546 321,968 (217,500) - 498,014 322,490 (278,500) 542,004 322,710 (260,250) 886,251 596,490 283,137 207,553 391,090 393,546 498,014 542,004 604,464 PmpL*Taxes SpecWksessmenis OOeOpw*ghx:ome OOerft-OperaSngk me Bond Proceeds (net) "ahlg Two h Revenues, Ded Pdnckd Debthdeest Carnhachel Senores Depmldm Transles h Transfes Out ExpedBures: woperain: Cap"lal ExpendlurEs Begnriag Cash Re omaims CapWExpendiums Ch angel n AsselsAk ices En&g Cash Capital Equipment Replacement Fund (current) Cdyet CapiW Equout Revdving F1md SNMI Reveme Rwd 206 1wreasevekbLeuyhy$40,000peryearsfai"201q,241Zeh2019afeverquonalpuciie , Dett5oldafl0% Actual AM Athiel Pr*ccted Proposed Exhmded Ededed Extended Extended Extended EKWded Extended Extended Extended Extended Extended 2011 2012 2113 2014 2015 2016 2017 2018 2019 2020 2021 2!}22 2023 2024 2025 2D25 150,000 172,080 160,000 160,000 200,000 240,000 250,000 320000 32.000 320,000 320,000 327,000 320,000 320,000 320,000 7,479 7,334 (1,405) 160,000 35,000 104,200 35,000 167,479 157,334 170575 160,000 160,000 235,000 344,200 780,000 320,000 320,000 355,000 320,000 327,000 320,000 320,000 320,000 75,000 75,000 75,000 750 75,000 75,0W 50,000 15M 12,750 10,500 8;50 6,000 3,750 1,500 90,00 87,750 85,500 83250 81,000 78,75(1 51,500 167,479 157,334 170,675 160,000 160,00 235,000 344,200 760,000 230,000 232,150 269,500 236,750 239,000 241`50 268,500 320,000 155,751 105,251 319,005 129,150 271,000 338.000 497,200 650,000 190000 230,000 422,000 55,000 268,900 18,000 680,000 50,000 434,725 486,195 498,536 347,733 378,583 267,583 164,583 11,589 141,583 181,583 183,833 31,333 213,083 165,183 388,433 {23,067) 167,479 157,334 170575 160,000 160,000 235,000 344,200 760,000 230,000 232,250 269,500 236,750 239,000 241,250 268,500 320,000 (155,751) (10501) (319,005) (129,150) (271.000) PROM) (497,200) 00,000) (190,000) (730,000) (422,OW ) (55,000) (256,900) (18000) (680,000) {50000) 38,742 38742 473 485,195 498,536 347,7331 375,593 267,583 164,583 11,583 141,583_ 181,583 183833 31.3n 213,Q01 IP IM la A Option Green cmc obap Capihl Equipmeld Revdving Fund Special Revenue Fund 206 fncreaseVeNcklevytryS20000pnyea�tor2016sfabi¢eh2023atavetageanrWe! Issas. purr PosfpaneDebffssuaxe Aeual Aciud Actual R*cted Roposed Expnded Falended Extended Extended ExWded Exlelded E*Wed Extended Extended Efted Extended 2011 2012 2013 2014 2015 2016 2017 2018 2019 2420 2021 2022 2023 2024 2025 2016 RoWe Taxes 150,000 172,080 160,000 160,000 180X 20D,DD0 220,000 240,000 260,0M 280,000 300,000 310,000 320,000 324000 320,060 SpecialAssessmem MrOpaal'ng hrome Other Non-Opemingte ms 7.479 1,3x1 (1,405) Bond Proceeds (net) OperdngTransWM 160,000 500,000 35,004 104,200 • 35,000 Revenues: 167,479 157,334 170b75 160,000 664000 215,000 304,200 220,000 240,000 250,000 315.000 300po0 320,000 320,000 =,0W 320,444 DebtPmci al Debt "Brest C mfttaal SW*Z - - - - - Transies h Transies Oil Expendi ums: mopmbs: 167,479 157,334 170,675 160,000 660,000 2151000 304,200 220,000 240,000 260,000 315,000 300,000 320,000 320,000 320,000 320,000 CaphlExpendbms 155,751 105,251 319,005 129,150 271,000 338,000 497,200 650,000 190,000 230,000 422,000 55,000 266,900 18,000 680,004 50,000 Begnmg Cash 434,725 485,195 498,536 347,738 378,583 767,583 644,583 451,563 21,583 71,583 101,583 (5,417) 239,583 272,683 514,683 214,683 WOPQZU5 167,479 157,334 174675 160,000 660,000 215,000 3114,200 220,DDO 240,000 2611,000 315,000 3DD,000 320,000 320,004 32D,000 320,DD0 CapWExpendiuies (155,751) (105,251) (319,005) (129,150) (271,DD0) (3344D0) (497,200) (650,40D) (190,400) (230,000) (422,000) (55,000) (286,900) (1$444) (684000) Chmgeshks&AW)I%S 38,742 742 473 (50,0D4) Endng Cash 485,195 49536 347,733 376,583 767,583 644,583 451,583 _ 21,583 7123 101,1983 15.4171 2AASAa 171W cmeM Property Taxes Special Assessments Other Operating Income Other Non -Operating Income Bond Proceeds (net) Operating Transfers In Revenues: Personal Services Supplies Contractual Services Depreciation Transfers In Transfers Out Expenditures: Net Operations: Capital Expenditures Beginning Cash Net Operations Capital Expenditures Changes in Assetsllabifiks Ending Cash Fire Capital Reserve Fund (current) City of Otsego Fire Capital Reserve Fund Special Revenue Fund 214 increase $10,000peryear Actual Actual Actual Budget Projected Projected Projected Projected Projected 2011 2012 2013 2014 2015 2016 2017 2018 2019 - 135,000 137,627 145,000 145,000 155,000 165,000 175,000 185,000 488,720 22,764 17,415 - - - - - - - 6,416 - - 18,199 15,453 (5,679) 7,764 8,527 9,295 (2,134) (1,319) (451) 506,919 179,633 149,363 152,764 153,527 164,295 162,866 173,681 184,549 337,444 337,444 - - - _ - - - 169,475 179,633 149,363 152,764 153,527 164,295 162,866 173,681 184,549 - - - - 2,450,000 - - 1,238,034 1,411,338 1,552,704 1,705,468 1,858,995 (426,710) (263,844) (90,163) - 179,633 149,363 152,764 153,527 164,295 162,866 173,681 184,549 - - - - - (2,450,000) - - _ - 6,329 ,99 1,238,034 1,411,338 1,552,704 1,705,468 1,858,995 426,710 263,844 90,163) 94,386 Property Taxes Special Assessments Other Operaling Income Other Nan -Operating Income Bond Proceeds (net) Operating Transfers In Revenues: Personal Services Supplies Contractual Services Depreciation Transfers In Transfers Out Expenditures: Net Operations:. Capital Expenditures Beginning Cash Net Operations Capital Expenditures Changes in Assets/Liabilities Erxi'mg Cash Option Red City of Otsego Fire Capital Reserve Fund Special Revenue Fund 214 increase $10,000 per year Actual Actual Actual Budget Projected Projected Projected Projected Projected 2011 2012 2013 2014 2015 2016 2017 2018 2019 - 135,000 137,627 145,000 145,000 155,000 165,000 175,000 185,000 488,720 22,764 17,415 - - - - 6,416 - - - - - 18,199 15,453 (5,679) 7,764 8,527 14,644 3,242 4,083 4,979 - - - - 1,069,761 - - - - 506,919 179,633 149,363 152,764 1,223,288 169,644 168,242 179,083 189,979 337,444 337,444 - - - - _ _ _ - 169,475 179,633 149,363 152,764 1,223,288 169,644 168,242 179,083 189,979 • - - - - 2,450,000 - 1,238,034 1,411,338 1,552,704 1,705,468 2,928,756 648,400 816,642 995,725 - 179,633 149,363 152,764 1,223,288 169,644 168242 179,083 189,979 - - - - - (2,450,000) - - - - 6,329 ,997 - - - _ _ 1,238,034 1,411,338 1,552,704 1,705,468 2,928,756 648,400 816,642 995,725 1,185,703 Option Blue Option Green Option Red Option Other