HomeMy WebLinkAboutVI-10 - 2018 Third Quarter Financial Statements
City Council Memorandum
To: Mayor Hicks & City Council Members
From: Melanie Lammers – Finance Manager
Date: 11/19/2018
Item: 2018 3rd Quarter Financial Report
Council Action Requested: Review and approve the attached financial report and 3rd
quarter budget amendments.
Background Information: The 3rd quarter financial report is a quarterly update of 2018
activity through September 30, 2018. Consistent with past practice, some numbers in
the report are adjusted to take into consideration the effects of year-end accruals and
year-to-year allocation differences.
Detail of the City’s investments holdings is provided in Appendix A.
Detail of the City’s capital infrastructure projects is provided in Appendix B.
Detail of the Requested budget amendment is provided in Appendix C.
Financial Impact: Budget amendments will impact finances as noted.
Advisory Commission Discussion: N/A
Council Committee Discussion: N/A
Attachments:
2018 3rd Quarter Financials
Appendix A – 2018 Investment holdings as of September 30, 2018
Appendix B – 2018 Capital Infrastructure projects as of September 30, 2018
Appendix C – 2018 Budget Amendment
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2018 3rd Quarter Financial Update
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2018 3rd Quarter Financial Update
Government Funds
General Fund Revenue Summary
Our total general fund revenues are tracking at around 60% which is expected. We are 75% through the year,
but our primary revenue source (tax dollars) will not be received until December.
• Our investments are performing better than anticipated in 2018, you will see this repeatedly in each
fund.
• Facility Management received lighting rebates from our Police and Fire light upgrades. Requesting
budget amendment to account for the rebates.
• Building and Inspections is having a strong year.
• Public Works- Street lights- we have accounted for our full MSA aid in the general fund instead of the
Mill and Overlay fund. Requesting budget amendment for additional revenue and expense (neutral).
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
101-GENERAL
REVENUE SUMMARY
NON-DEPARTMENTAL 4,093,490 4,423,189 329,699 8,068,959 55%
INVESTMENTS 20,542 49,974 29,432 28,000 178%
COUNCIL & MAYOR 0 0 0 0 0%
CITY CLERK 79,924 62,630 -17,294 101,285 62%
FINANCE 60 0 -60 60 0%
FACILITY MANAGEMENT 4,635 21,411 16,776 18,380 116%
PLANNING 9,855 16,859 7,003 18,500 91%
I.T.906 5,365 4,459 10,000 54%
POLICE 464,744 285,649 -179,095 603,318 47%
BUILDING & INSPECTIONS 315,100 432,791 117,691 417,200 104%
SAFETY 25 0 -25 2,500 0%
PUBLIC WORKS-ENGINEERING 50,870 12,927 -37,943 315,000 4%
PUBLIC WORKS-STREETS 215,999 534,973 318,974 262,500 204%
PUBLIC WORKS-STR. LIGHTS 7,734 3,941 -3,792 8,500 46%
PARKS & RECREATION 60,789 57,482 -3,307 72,550 79%
MISCELLANEOUS 23,336 -5,161 -28,497 71,780 -7%
TRANSFERS 489,516 519,722 30,206 652,688 80%
TOTAL REVENUES 5,837,523 6,421,751 584,228 10,651,220 60%
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General Fund Expense Summary
Total General Fund expense is tracking slightly higher than 2017, which is expected since there is more
expense in 2018. Public works- Streets has additional expense for Mill and Overlay, this is part of the neutral
budget adjustment being requested.
Parks - Fund 200
Income is tracking as expected with investment earnings up for the year. Expenditures look on target at 74%
of 75% being spent.
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
EXPENDITURE SUMMARY
COUNCIL & MAYOR 88,662 90,111 1,449 122,388 74%
ADMINISTRATION 163,375 206,453 43,078 322,600 64%
CITY CLERK 300,648 353,865 53,217 516,243 69%
FINANCE 307,632 399,981 92,349 568,051 70%
LEGAL 114,954 114,650 -305 152,941 75%
FACILITY MANAGEMENT 213,233 281,970 68,737 372,970 76%
PLANNING 184,197 120,642 -63,555 136,474 88%
I.T.503,712 443,754 -59,958 580,179 76%
POLICE 3,308,035 3,424,914 116,879 4,861,662 70%
BUILDING & INSPECTIONS 358,449 378,521 20,072 535,398 71%
SAFETY 7,386 4,985 -2,401 2,700 185%
PUBLIC WORKS-ENGINEERING 324,328 361,861 37,532 528,147 69%
PUBLIC WORKS-STREETS 739,056 976,987 237,931 1,123,367 87%
PUBLIC WORKS-STR. LIGHTS 103,679 154,106 50,427 263,500 58%
PARKS & RECREATION 93,791 100,882 7,091 119,900 84%
MISCELLANEOUS 396,148 384,647 -11,501 468,700 82%
TOTAL EXPENDITURES 7,207,285 7,798,328 591,043 10,675,220 73%
REVENUES OVER/(UNDER)EXPEDITURES -1,369,762 -1,376,577 -6,815 -24,000
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Aquatic Center – Fund 201
The pool is seasonal and it looks like the budget was accurate in 2018 with expenditures being 96% of 100%. More income will come in December and it is anticipated to be on target with budgeted figures.
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
200-PARKS
REVENUE SUMMARY
LEVY/TAX 760,525 753,727 -6,798 1,403,089 54%
RENTAL INCOME 9,550 7,150 -2,400 7,000 102%
PROGRAM INCOME 52,424 49,680 -2,744 81,471 61%
INVESTMENT INCOME 4,420 12,522 8,102 7,800 161%
JOINT FACILITY INCOME 22,130 25,741 3,612 27,579 93%
DONATIONS 8,500 10,218 1,718 3,700 276%
TOTAL REVENUES 857,548 859,038 1,490 1,530,639 56%
EXPENDITURE SUMMARY
PERSONNEL EXPENSE 668,829 719,109 50,280 948,160 76%
SUPPLIES 67,941 75,737 7,796 71,874 105%
OTHER SERVICES & CHARGES 222,586 274,929 52,343 435,340 63%
MISCELLANEOUS 11,807 12,272 465 13,285 92%
CAPITAL OUTLAY 79,654 0 -79,654 0 0%
TRANSFERS 17,677 17,677 0 23,569 75%
TOTAL EXPENDITURES 1,068,493 1,099,723 31,230 1,492,228 74%
REVENUES OVER/(UNDER)EXPEDITURES -210,945 -240,685 -29,740 38,411
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
201-AQUATIC CENTER
LEVY/TAX 95,292 128,056 32,764 239,277 54%
SALES INCOME 192,270 224,437 32,167 237,050 95%
INVESTMENT INCOME 1,106 2,877 1,771 1,000 288%
MISCELLANEOUS 6,042 1,023 -5,018 1,707 60%
TOTAL REVENUES 294,709 356,393 61,683 479,034 74%
PERSONNEL EXPENSES 225,191 263,381 38,190 259,463 102%
SUPPLIES 53,077 57,859 4,782 60,950 95%
OTHER SERVICES & CHARGES 64,893 78,183 13,290 93,145 84%
MISCELLANEOUS 0 0 0 0 0%
CAPITAL OUTLAY 22,323 51,347 29,023 55,000 93%
TRANSFERS 6,227 6,227 1 8,302 75%
TOTAL EXPENDITURES 371,711 456,996 85,286 476,860 96%
REVENUES OVER/(UNDER)EXPEDITURES -77,001 -100,604 -23,603 2,174
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Heritage Preservation – Fund 210
Fire & Ambulance – Fund 213
Revenue for Ambulance service is at 70% of 75% which is on track with projections. We received a
large Federal supplement payment for Medicare patients which is helping bring up the revenue. A
budget adjustment will change the percentage of Ambulance revenue. Grants are over budget as we did not budget for the revenue and expense associated with the Federal SCBA grant. This is being
requested as a neutral budget adjustment. Taxes and Rural fire is a bi-yearly item so 50% is
appropriate.
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
210-HERITAGE PRESERVATION
TAX/LEVY 14,634 16,011 1,377 29,846 54%
INVESTMENT EARNINGS 582 1,431 849 1,010 142%
DONATIONS 329 325 -4 0 0%
MISCELLANEOUS 40 85 45 400 21%
TOTAL REVENUES 15,585 17,853 2,267 31,256 57%
PERSONNEL EXPENSES 18,499 19,272 773 27,024 71%
SUPPLIES 0 0 0 1,200 0%
OTHER SERVICES & CHARGES 322 445 123 1,390 32%
MISCELLANEOUS 857 614 -243 1,125 55%
TRANSFERS 388 388 0 517 75%
TOTAL EXPENDITURES 20,066 20,719 653 31,256 66%
REVENUES OVER/(UNDER)EXPEDITURES -4,480 -2,866 1,614 -
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
213-FIRE & AMBULANCE
FIRE/AMBULANCE REVENUE
TAX/LEVY 565,177 675,728 110,551 1,260,963 54%
GRANTS 17,173 786,057 768,884 0 0%
STATE RELIEF AID 180,415 0 -180,415 175,000 0%
RURAL FIRE CONTRACT 238,523 250,000 11,477 500,000 50%
CHARGES FOR SERVICES 1,491,901 1,601,835 109,933 2,292,500 70%
TRANSFERS 0 0 46,143 0%
INVESTMENT EARNINGS 381 1,434 1,053 4,000 36%
MISCELLANEOUS 2,130 12,546 10,416 13,857 91%
TOTAL REVENUE FIRE & AMBULANCE 2,495,700 3,327,600 831,900 4,292,463 78%
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2018 3rd Quarter Financial Update
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Fire & Ambulance – Fund 213 continued
Fire expense is lower than budgeted with the exception of the SCBA grant expense which is being fixed with a budget adjustment (requested at the end of the financials). Ambulance expense is high in the miscellaneous category due to a payment that was made to receive Federal Medicaid
reimbursement. We had to pay the reimbursement, and were receipted double. This was a new
program identified by our third party billing company Experte. Requesting budget adjustment for the
payment and receipt (positive budget adjustment).
Police Reserve – Fund 221
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
FIRE EXPENSE
PERSONNEL EXPENSES 421,483 403,735 -17,748 643,715 63%
SUPPLIES 41,330 45,271 3,942 89,340 51%
OTHER SERVICES & CHARGES 524,214 449,454 -74,760 662,719 68%
MISCELLANEOUS 14,849 20,594 5,745 179,971 11%
CAPITAL OUTLAY 3,426 804,613 801,187 60,000 1341%
TRANSFERS 48,582 57,422 8,840 76,562 75%
TOTAL FIRE EXPENSE 1,053,884 1,781,089 727,205 1,712,307 104%
AMBULANCE EXPENSE
PERSONNEL EXPENSES 1,296,582 1,279,139 -17,444 2,057,556 62%
SUPPLIES 79,401 60,830 -18,571 94,000 65%
OTHER SERVICES & CHARGES 156,504 263,968 107,465 228,769 115%
MISCELLANEOUS 35,856 109,984 74,128 29,350 375%
CAPITAL OUTLAY 8,871 159,533 150,662 190,000 84%
TOTAL AMBULANCE EXPENSE 1,577,214 1,873,454 296,240 2,599,675 72%
REVENUES OVER/(UNDER)EXPEDITURES -135,398 -326,942 -191,544 -19,519
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
221-POLICE RESERVE
LEVY/TAX 4,778 4,914 136 9,150 54%
INVESTMENT EARNINGS 21 85 64 0 0%
DONATIONS 100 2,500 2,400 0 0%
TOTAL REVENUES 4,899 7,499 2,600 9,150 82%
SUPPLIES 1,995 1,602 -392 3,850 42%
OTHER SERVICES & CHARGES 0 1,582 1,582 0 0%
MISCELLANEOUS 4,632 793 -3,839 5,300 15%
TOTAL EXPENDITURES 6,627 3,978 -2,649 9,150 43%
REVENUES OVER/(UNDER)EXPEDITURES -1,727 3,522 5,249 0
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2018 3rd Quarter Financial Update
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Arena – Fund 615
Arena income is at 59% for the year. The income is cyclical so we will be watching our 4th quarter
closely to see if we end up where we budgeted. The expense is high due to a compressor motor
breaking down and needing repair. An increase for this expense is being requested in a budget amendment.
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
615-ARENA
LEVY/TAX 40,620 17,517 -23,103 32,000 55%
SALES INCOME 265,534 275,204 9,670 469,500 59%
INVESTMENT INCOME 2,813 7,149 4,337 5,000 143%
MISCELLANEOUS 82 335 253 0 0%
TOTAL REVENUES 309,049 300,205 -8,843 506,500 59%
PERSONNEL EXPENSES 193,353 176,044 -17,309 291,293 60%
SUPPLIES 20,891 21,182 291 43,100 49%
OTHER SERVICES & CHARGES 87,785 110,355 22,570 187,220 59%
MISCELLANEOUS 990 1,079 89 960 112%
CAPITAL OUTLAY 0 37,427 37,427 31,200 120%
TRANSFERS 6,917 6,917 0 9,222 75%
TOTAL EXPENDITURES 309,935 353,003 43,069 562,995 63%
REVENUES OVER/(UNDER)EXPEDITURES -886 -52,798 -51,912 -56,495
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2018 3rd Quarter Financial Update
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Enterprise Funds
The Enterprise funds consist of our three utility funds and the hydro plant.
Water – Fund 600
Water Revenue is steady with 64% collected as of Sept. 30th. Investment earning are up as they are in most other funds. We had higher than anticipated WAC charges due to an 88 unit apartment building.
A budget adjustment is being requested to increase the WAC budget. Capital Outlay will be adjusted
at year end to fixed assets, so no budget adjustment is necessary.
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
600-WATER
CHARGES FOR SERVICES 1,023,359 1,181,757 158,398 1,843,150 64%
INVESTMENT EARNINGS 12,396 32,897 20,501 21,000 157%
SALE OF METERS 11,239 5,055 -6,185 7,500 67%
WAC CHARGES 60,731 246,769 186,038 92,000 268%
MISCELLANEOUS 2,509 1,585 -924 0 0%
TOTAL REVENUES 1,110,234 1,468,062 357,828 1,963,650 75%
PERSONNEL EXPENSES 272,695 279,282 6,588 583,941 48%
SUPPLIES 65,957 66,233 276 128,700 51%
OTHER SERVICES & CHARGES 234,163 303,393 69,230 515,880 59%
MISCELLANEOUS 552 953 401 1,200 79%
CAPITAL OUTLAY 103,994 318,319 214,325 17,500 1819%
DEBT 370,850 284,024 -86,826 429,600 66%
TRANSFERS 22,354 25,354 3,000 33,805 75%
TOTAL EXPENDITURES 1,070,564 1,277,557 206,993 1,710,626 75%
REVENUES OVER/(UNDER)EXPEDITURES 39,670 190,505 150,835 253,024
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Sewer – Fund 601
The sewer revenue is also steady at 64% collected since Sept 30th. SAC charges are high with the
apartment building and a budget adjustment is being requested. Expense is in line with the budget.
Storm Water – Fund 603
The Storm water fund revenue and expenditures are both under budget. Nothing to note in this fund.
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
601-WASTEWATER
CHARGES FOR SERVICES 1,073,749 1,365,373 291,624 2,158,200 63%
INVESTMENT EARNINGS 5,230 11,393 6,164 8,000 142%
SAC CHARGES 18,664 75,836 57,173 42,000 181%
MISCELLANEOUS 3,089 1,706 -1,382 0 0%
TOTAL REVENUES 1,100,731 1,454,309 353,578 2,208,200 66%
PERSONNEL EXPENSES 191,560 204,466 12,906 418,631 49%
SUPPLIES 2,833 2,628 -204 6,200 42%
OTHER SERVICES & CHARGES 1,386,970 1,134,275 -252,695 1,513,659 75%
MISCELLANEOUS 22 14 -8 100 14%
CAPITAL OUTLAY 5,280 0 -5,280 0 0%
TRANSFERS 24,322 24,322 0 33,229 73%
DEBT 0 0 0 0 0%
TOTAL EXPENDITURES 1,610,986 1,365,705 -245,281 1,971,819 69%
REVENUES OVER/(UNDER)EXPEDITURES -510,255 88,604.02 598,859 236,381
PRIOR YEAR TO
DATE 9/30/2017
CURRENT YEAR
TO DATE
9/30/2018
VARIANCE
FROM 2017
CURRENT
BUDGET 2018
PERCENTAGE
OF BUDGET
YTD 2018
603-STORM WATER UTILITY
CHARGES FOR SERVICES 279,768 350,546 70,778 541,406 65%
INVESTMENT EARNINGS 1,880 5,941 4,061 2,500 238%
MISCELLANEOUS 0 0 0 0 0%
TOTAL REVENUES 281,648 356,487 74,839 543,906 66%
PERSONNEL EXPENSES 188,295 204,756 16,461 364,930 56%
SUPPLIES 2,396 1,971 -425 3,000 66%
OTHER SERVICES & CHARGES 15,517 63,229 47,712 66,260 95%
MISCELLANEOUS 41,749 965 -40,784 1,000 97%
CAPITAL OUTLAY 0 30,668 30,668 150,000 20%
TRANSFERS 5,645 5,645 0 7,526 75%
TOTAL EXPENDITURES 253,602 307,234 53,632 592,716 52%
REVENUES OVER/(UNDER)EXPEDITURES 28,046 49,253 21,207 -48,810
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Hydro – Fund 620
The Hydro fund has faced challenges in 2018. We had a turbine break down in the spring and our
insurance carrier supplemented some of our loss. Due to this the miscellaneous income and other
services and charges expense is higher than budgeted. We are requesting a budget adjustment to fix the variances.
Debt Service expenditures are as anticipated. The City’s debt has a principal payment due date of February
1st, so all principal payments were made as of the end of 1st quarter. Interest payments are made on
February 1st and August 1st.
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Transfers
2018 Transfers
Quarterly transfers are made for administrative charges, internal funding, and savings needs. Transfers
posted for 2nd quarter 2018 were all budgeted transfers or budgeted use of stabilization funds.
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Cash Balances
Cash balances fluctuate throughout the year based on planned spending, receipt of fund revenues and the
timing of property tax payments. The cash balance within a fund can be one indicator of the health of the
fund. As of September 30th, the City had received the prepayment of a portion of the first half of property
tax payments, with an additional property tax payment to be received in December.
FUND DESCRIPTION September 30, 2017 September 30, 2018
General Fund 3,278,786 2,780,440
Parks 668,152 806,121
Aquatic Center 106,387 109,894
Cable TV 117,433 108,888
Cable Access 28,589 34,093
Heritage Preservation 72,524 74,851
Fire & Ambulance 271,102 17,243
LeDuc Historical Estate Operations 376,193 253,412
Police Reserves 2,977 9,729
DUI Enforcement & Forfeitures 33,759 42,334
Drug Awareness & Forfeitures 12,263 11,582
2015 Equipment Certificates 36,390 41,022
Aquatic Center Debt Service 28,519 75,357
Parks Facility Bonds 257,789 317,694
2011 Equipment Certificates 934 949
2012 Equipment Certificates 32,980 53,139
2013 Equipment Certificates 94,327 123,374
2014 Equipment Certificates 180,886 140,976
Parks Capital Projects 555,279 385,916
Budget Stabilization Fund 372,269 156,178
HRA Redevelopment of the EDA 156,603 422,260
Economic Development of the EDA 998,133 966,953
Guardian Angels - TIF (099) 11,604 3,525
Downtown Riverfront-TIF (110) (1,987) (2,859)
NAPA-TIF (116) (3,374) (9,933)
Downtown Redevelopment TIF (007) (16,016) (16,016)
Mill and Overlay (61,792) 6,040
2015 Improvements 233,603 325,568
2016 Improvements (567,582) (540,129)
2017 Improvements (785,156) (2,558)
2018 Improvements - 2,358,391
2019 Improvements - (40,315)
Debt Redemption 13,717 18,685
2013A GO Improvement Refunding Bonds 298,052 312,542
2016A GO TIF (quasi refunding) Bonds 108,259 134,567
2006A GO Improvement Bonds 177,601 60,446
2007B GO Improvement Bonds 180,216 145,001
2008A GO Improvement Bonds 248,015 223,431
2009A GO Improvement Bonds 60,402 116,014
2010B GO Improvement Bonds 36,520 106,234
2011 GO Improvement Bonds 303,759 318,885
2012 GO Improvement Bonds 127,441 126,408
2013 GO Improvement Bonds 48,935 119,577
2014 GO Improvement Bonds 374,867 253,859
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2018 3rd Quarter Financial Update
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2015 GO Improvement Bonds 186,823 169,037
2016 GO Improvement Bonds 175,936 264,051
2017 GO Improvement Bonds - 114,299
2018 GO Improvement Bonds - (59,355)
Water 2,130,527 1,907,520
Wastewater (3,816) 188,312
Storm Water 308,877 409,787
Arena 380,379 402,992
Hydro Electric 92,438 14,785
Retiree Health 197,970 157,823
Compensated Absences 576,581 609,517
Vehicle Revolving Fund 107,010 385,355
Cable Security Deposit 12,879 12,962
Escrow-letter of credits 46,290 46,615
Escrow -Dev/Eng/TIF-HRA 105,677 364,476
Ruth Doffing Trust Fund-Library 92,119 93,488
C. Simmons Trust 204,165 207,939
C. Simmons Residuary 11,310 950
Comments on cash balances
2016 and 2017 Improvement Projects – once these projects are closed, staff will resolve the deficit cash
balance.
2019 Improvement Projects – once these projects begin in 2019, cash will be added to this fund to support
the projects.
2018 GO Improvement Bonds – a portion of the tax settlement will be added to this fund in December.
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Investments
The City’s total investment portfolio was valued at $17,808,995 as of September 30, 2018.
Allocation of the City’s portfolio is as follows. Additional detail is available in Appendix A
Additional Information
Further detail of the information presented here may be obtained by contacting the finance department. The
Finance Manager may be reached for questions at 651-480-2347 or MLammers@Hastingsmn.gov
CD's
$9,452,600
53%
Agencies
$1,300,000
7%
Municipal Bonds
$1,245,000
7%
Money Markets
(Bond Proceeds)
$2,321,073
13%
Savings deposit
account
$3,490,322
20%
City of Hastings Investment Portfolio
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Appendix A – Investment Holdings
Detail of Municipal Bonds, Agencies and CDs
City of Hastings Investment Detail
Held With TYPE Description Maturity Rate Par
MBS CD Wells Fargo Bank 06/30/22 2.25%249,000
MBS CD Isabella Bank 11/13/19 2.50%245,000
MBS CD Goldman Sacs 06/14/22 2.35%148,000
MBS CD Washington TR Company 11/25/19 1.65%249,000
MBS CD American Express 05/04/20 1.80%247,000
MBS CD BMW Bank North America 09/21/21 3.00%145,000
MBS CD Comenity Cap BK Salt Lake City UTAH 09/14/23 3.30%249,000
MBS CD Citibank 08/03/21 3.00%246,000
MBS CD Guaranty B& T CO Denver 3/1/21 2.80%245,000
PMA CD Corporate One Federal Credit Union 1/30/19 2.25%247,100
PMA CD Mainstreet Bank 01/30/19 2.22%247,100
PMA CD Luther Burbank Savings 01/30/19 2.21%247,100
PMA CD High Plains Bank 01/30/19 2.21%247,100
PMA CD Servisfirst Bank 01/30/19 2.21%247,100
PMA CD Cornerstone Bank - York NE 01/30/19 2.21%247,100
MBS CD Ally Bank Midvale 03/15/19 1.20%248,000
MBS CD Morton Community 06/07/19 1.40%245,000
MBS CD Barclays Bk 7/16/19 2.05%240,000
MBS CD BMW Bk North American Salt Lake City, UT 09/30/20 2.20%100,000
MBS CD Capital One Natl Assn Mclean VA 09/30/20 2.25%249,000
MBS CD Summit Community Bank Inc, Moorefield West VA 03/31/21 1.50%249,000
MBS CD GoldMan Sachs Bank, NY 4/8/21 2.15%99,000
MBS CD HSBC Bank Delaware 03/11/25 0.023 240,000
MBS CD Synchrony Bk 04/02/25 0.028 249,000
MORGAN STANLEY CD JP Morgan 11/21/19 1.45%210,000
MORGAN STANLEY CD Sallie Mae 07/19/21 3.00%245,000
MORGAN STANLEY CD Enerbank 07/19/21 2.95%245,000
MORGAN STANLEY CD First Business Bank Madison WI 02/22/22 3.00%245,000
Oppenheimer CD Everbank 06/15/20 1.80%247,000
Oppenheimer CD Discover Bank 07/06/22 2.20%247,000
Oppenheimer CD Franklin Synergy Bank 03/29/19 1.65%249,000
UBS FINANCIAL AG FHLMC Step Up 08/16/21 1.25%500,000
UBS FINANCIAL AG FNMA Step Up Callable 10/28/22 0.01 300,000
UBS FINANCIAL AG FHLB 11/17/22 0.01 250,000
UBS FINANCIAL AG FHLB Step up 05/23/23 0.013 250,000
UBS FINANCIAL CD WEBBANK UT US 06/29/20 1.85%245,000
UBS FINANCIAL CD HSBC 07/26/21 2.15%230,000
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City of Hastings Investment Detail
Held With TYPE Description Maturity Rate Par
UBS FINANCIAL CD Peoples Sec Bk & Tr Co 08/31/21 3.00%245,000
UBS FINANCIAL CD Safra national bank 09/16/19 2.45%240,000
UBS FINANCIAL CD Key Bank 10/15/18 1.35%245,000
UBS FINANCIAL CD First BK PR 05/28/19 1.15%245,000
UBS FINANCIAL CD American Express 07/01/20 2.35%245,000
UBS FINANCIAL CD Capital One 07/01/20 2.25%245,000
UBS FINANCIAL CD Comenity Bank De US 10/14/20 2.25%200,000
UBS FINANCIAL CD Worlds Foremost 04/21/21 1.70%200,000
UBS FINANCIAL MU Williamson Jackson College 12/01/20 2.30%245,000
UBS FINANCIAL MU DULUTH MN INDE SCHOOL DIST 2/1/20 4.60%250,000
UBS FINANCIAL MU CONNECTICUT Unlimited taxable 10/15/21 0.024 500,000
UBS FINANCIAL MU NEW YORK CITY 11/01/23 0.024 250,000
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Appendix B – Capital Infrastructure Status
Through the third quarter in 2018, contracts were awarded for the 2018 Mill & Overlay Project, Crack Seal
Program, LeDuc Roof Repair, City Hall Masonry Repair, Riverfront Renaissance Phase 3.1, 2018 Street
Improvements, and the Vermillion River Sediment Removal.
The Well No. 7 Rehabilitation Project was budgeted in 2017, and completed in 2018.
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Appendix C – 2018 Budget Amendment
2018 Budget Change Amended 11/18
General Fund
Revenues by Major Category:
Non-Departmental 8,068,959 - 8,068,959
Investments 28,000 - 28,000
City Clerk 101,285 101,285
Finance 60 - 60
Facility Management 18,380 12,500 30,880
Planning 18,500 - 18,500
I.T.10,000 - 10,000
Police 603,318 - 603,318
Building & Inspections 417,200 - 417,200
Safety 2,500 - 2,500
Public Works-engineering 315,000 - 315,000
Public Works-Streets 262,500 280,000 542,500
Public Works-Street Lights 8,500 - 8,500
Parks & Recreation 72,550 - 72,550
Miscellaneous 71,780 - 71,780
Transfers In 676,688 - 676,688
Total Revenues 10,675,220 292,500 10,967,720
Expenditures by Major Function:
Council & Mayor 122,388 - 122,388
Adminstration 322,600 - 322,600
City Clerk 516,243 - 516,243
Finance 568,051 - 568,051
Legal 152,941 - 152,941
Facility Management 372,970 - 372,970
Planning 136,474 - 136,474
I.T.580,179 - 580,179
Police 4,861,662 - 4,861,662
Building & Inspections 535,398 - 535,398
Safety 2,700 - 2,700
Public Works-engineering 528,147 - 528,147
Public Works-Streets 1,123,367 280,000 1,403,367
Public Works-Street Lights 263,500 - 263,500
Parks & Recreation 119,900 - 119,900
Miscellaneous/Transfers Out 468,700 - 468,700
Total Expenditures 10,675,220 280,000 10,955,220
Revenues less Expenditures - 12,500 12,500
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General Fund
Income for Facility management budget increase to reflect the $12,500 in lighting rebates
received from Xcel for upgrading lighting to LED in our Police and Fire Facilities.
Income and expense for Municipal State Construction Aid be recognized in the general fund
budget in the amount of $280,000.
Special Revenue Funds
Income for the Fire and Ambulance to be added to the budget.
- $775,000 Federal SCBA grant received
- $157,500 Federal Medicaid reimbursement
Expense to add to the Fire and Ambulance budget.
- $775,000 monies expended for SCBA purchase
- $78,800 monies expended to the Federal Medicaid reimbursement program so we could
collect the $157,500. For this program you must write a check for the amount of expense
equal to the reimbursement, and you are sent your money back plus the reimbursement.
Expense added to the Arena budget in the amount of $37,500 to cover the cost of repairing the
motor compressor which broke down unexpectedly. This expense will need to be covered by fund
balance if the Arena doesn’t earn enough revenue to cover the cost of the repair.
Special Revenue Funds 2018 Budget Change Amended 11/18
Revenues:
Fire and Ambulance Fund 4,292,463 932,500 5,224,963
Arena 506,500 - 506,500
Total Revenues 4,798,963 932,500 5,731,463
Expenditures:
Fire and Ambulance Fund 4,311,982 853,800 5,165,782
Arena 562,995 37,500 600,495
Total Expenditures 4,874,977 853,800 5,766,277
Revenues less Expenditures (76,014) 78,700 (34,814)
Appropriated Fund Balance 76,014 34,814
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Enterprise Funds
Increase expense for the Hydro fund to cover the equipment breakdown repair in the amount of
$111,000. We were reimbursed from insurance for the loss of operations, but are watching this
fund closely to see if additional adjustment will need to be made.
Water Fund WAC income increase by $155,000 to account for the large collection from the
apartment building being constructed.
Sewer Fund SAC income increase by $34,000 to account for the large collection from the
apartment building being constructed.
Enterprise Fund 2018 Budget Change Amended 11/18
Revenues -
Hydro Fund 961,000 961,000
Water Fund 1,963,650 155,000 2,118,650
Sewer Fund 2,208,200 34,000 2,242,200
Total Revenues 5,132,850 189,000 5,321,850
Expenditures -
Hydro Fund 820,603 111,000 931,603
Water Fund 1,710,626 - 1,710,626
Sewer Fund 1,971,819 - 1,971,819
Total Expenditures 4,503,048 111,000 4,614,048
Revenues less Expenditures 629,802 78,000 707,802
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