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FINANCIAL HIGHLIGHTS:
The following financial report and analysis offers readers a narrative overview of the financial
activities of the City for the three month period ended March 31, 2015. The readers are encouraged
to consider the information presented here in conjunction with the unaudited financial statements
attached to this report, the adopted budget and the five year Capital Improvement Plan.
General Fund - Revenues
Property tax revenues
• Tax payments from Dakota County are received in two annual installments in June and
December. General fund property tax revenues are anticipated to be $17.8 million for
2015.
Licenses and Permits.
• Building permit revenue continues to be strong exceeding 2014 by 18.5%. During the first
three months of 2015, one new industrial and two new commercial permits were issued
in with a combined valuation of $10.6 million. 67 New residential building permits were
issued in the first quarter which is down compared to 82 during the same period last
year.
Intergovernmental.
• Revenues are typically received in the third and fourth quarters.
Charges for Services.
• General government services are exceeding budget due largely to increases in planning
activities related to new development plans.
• Public Safety services are comparable to the same period a year ago, but are tracking
below the annual budget due to many of the fee increases going into effect April 1, 2015.
• Public works revenues are based on summer construction projects and therefore year-to-
date revenues are below the annual estimates.
General Fund - Expenditures
Utilities – Natural Gas. Due to the milder temps (specifically March), all municipal building
are realizing significant savings over the same period 2014.
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FINANCIAL HIGHLIGHTS (continued):
General Fund ‐ Expenditures (continued)
Finance. Personnel services were impacted by the retirement of the Finance Director at the
end of February. A portion of the overage will be offset with the delay in filling the position.
Fire Department. Personnel services are typically low due to not recognizing the Fire Relief
contribution for state aid until the fourth quarter.
Engineering Department. Personnel services are trailing budget due in part to employee
transitions and unfilled positions.
Operations & Maintenance. Personnel services are trailing budget due in to the delay in
hiring a newly added position. Capital outlay is anticipating the purchase of two new vehicles
which will be placed into service during the second quarter.
Streets. As a result of the fewer snow events during the first quarter of 2015, the
department’s expenditures are trailing expenditures in 2012, 2013 and 2014 during this same
time period. In fact, 2015 first quarter expenditures were only 47.9 percent of what they
were in 2014 when there were numerous snow events.
Parks/Recreation/Arts Center. Expenditures are typically lower in the first quarter as many
programs don’t start until the second quarter of the year.
General Fund – Beginning Fund Balance
Beginning Fund Balance. The beginning fund balance is unaudited and is subject to change.