HomeMy WebLinkAbout2016 4th Quarter Financial Report - Liquor Fund
FINANCIAL HIGHLIGHTS:
Liquor Fund
Final quarter sales were up 4%, while year year-end sales were up by 3.8%, surpassing 2016
Adopted Budget Projections by 1.8%.
Salaries are coming in slightly above budgeted projections due to cost of living increases,
adjustments to the existing pay structure for Assistant Store Managers as well as a changes
made to the part-time employee policies that provides over-time pay for holidays in which
we are open reduced hours. These holidays include Memorial Day, Fourth of July, Labor
Day and Christmas Eve Day.
Commodities and Other Charges and Services are well below budget and significantly
below 2015. The largest cost saving measures included the renegotiation of the lease
agreement at Heritage; the elimination of armored car service; energy savings resulting
from lighting retrofits completed at Kenrick and Heritage.
Capital outlay acquisitions included the replacing the 2000 Chevy van; upgrading the
Galaxie store with the Smartstruxure System; replacing the copy machine and the roof-top
unit on the Kenrick store.
Estimated net operating income is anticipated to be $1.16 million dollars, reflecting an
increase of 17% over Adopted Budget Projections and 25% over the previous year. This is
reflective of the increased sales, no major maintenance occurring in 2016 and significantly
decreased Commodities and Other Charges.
UNAUDITED
Variance from
2016 Percent 2015 Actual
Adopted of 12/31/2015 Positive/
Budget Estimate Variance Budget Actual (Negative)
Sales and cost of sales
Sales 13,882,928$ 14,128,305$ 245,377$ 101.8% 13,611,294$ 517,011$ 103.8%
Cost of sales 10,497,922 10,666,231 (168,309) 101.6%10,322,174 (344,057) 103.3%
Gross profit 3,385,006 3,462,074 77,068 102.3%3,289,120 172,954 105.3%
Operating expenses
Personnel services 1,358,238 1,382,775 (24,537) 101.8% 1,308,168 (74,607) 105.7%
Commodities 72,276 55,914 16,362 77.4% 54,970 (944) 101.7%
Other charges and services 846,686 744,254 102,432 87.9% 870,108 125,854 85.5%
Depreciation 114,761 116,465 (1,704) 101.5%125,003 8,538 93.2%
Total operating expenses 2,391,961 2,299,408 92,553 96.1%2,358,249 58,841 97.5%
Operating income 993,045 1,162,666 169,621 117.1%930,871 231,795 124.9%
Non-operating revenue (expense)
Investment income 17,115 18,662 1,547 109.0% 5,104 13,558 365.6%
Miscellaneous 7,500 5,948 (1,552) 79.3% 3,762 2,186 158.1%
Disposal of assets - 125 125 0.0% (33,380)
Interest and bond expense (135,417) (135,383) 34 100.0% (144,449) 9,066 93.7%
Transfers in (out)
General Fund (172,970) (172,970) - 100.0% (165,173) (7,797) 104.7%
Debt Service:
CIP Bonds-Police Station (400,000) (400,000) - 100.0% (400,000) - 100.0%
Capital Projects:
Equipment Fund (500,000) (500,000) - 100.0% (825,812) 325,812 60.5%
Park Improvement (LOA) - - - 0.0% (5,430) 5,430 0.0%
Enterprise Fund:
Environmental Resources - Recycling (1,967) (1,348) 619 68.5%(1,557) 209 86.6%
Total non-operating (net)(1,185,739) (1,184,966) 773 99.9%(1,566,935) 381,969 75.6%
Change in net position (192,694) (22,300) 170,394 (636,064) 613,764
Beginning net position 4,967,463 4,135,906 (831,557) 4,771,970 (636,064)
Ending net position 4,774,769$ 4,113,606$ (661,163)$ 4,135,906$ (22,300)$
Comparative
CITY OF LAKEVILLE, MINNESOTA
Enterprise - Liquor Fund
Statement of Revenues, Expenditures and Changes in Net Assets
For the Twelve Month Period Ended December 31, 2016