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HomeMy WebLinkAboutItem 06.dr Date June 7, 2010 — Item No. Acknowledge Receipt of ALF 2011 Budget Proposed Action Staff recommends adoption of the following motion: Move to acknowledge receipt of the ALF 2011 Budget. Passage of this motion will result in approval of the ALF budget. Overview The Joint Powers Agreement states "On or before July I of each year, the annual operating budget for the following calendar year as recommended by the Board shall be submitted to each member City Council for approval or disapproval." The ALF Board, at its May 12 meeting, recommended City Council approval of the attached budget. Please forward the proposed ALF budget to the City Council for their approval or disapproval. A cash distribution of $100,000 is proposed for 2011. Section 15.B. of the Joint Powers Agreement state "In the event of termination, all surplus funds shall be distributed to the Cities in proportion to the amount of contributed over the lifetime of the Agreement. " Primary Issues to Consider Supporting Information • ALF budget. Dennis Feller, Fin ce Director Financial Impact: $39,628 cash distribution in 2011 to Lakeville Budgeted: Yes Source: N.A. Related Documents: Notes: ALF Ambulance 2011 Budget J. ALF Ambulance Statement of Net Assets Current Assets Cash and Investments Interest recievable Accounts recievables Allowance for bad debt Total current assets Current liabilities Accounts payable Net Assets 2009 2010 Proposed Budget 2011 408,571 173,935 105,239 1,676 1,240,962 1,107,924 1,056,767 (948,317) (948,317) (948,317) $ 702,892 $ 333,541 $ 213,689 1,521 $ 701,371 $ 333,541 $ 213,689 ALF Ambulance Statement of Cash Flows Budget Estimated Proposed 2010 2010 2011 Additions Collections of receivables $ 306,925 $ Townships Interest on investments and interest rec. Other revenues and receipts - _ Total additions 306,925 Deductions Expenses Unemployment compensation Insurance Attorney fees Audit services Collection services Other Total expenses Reduction of current liabilities Capital outlay acquisitions Total deductions Net changes in cash before distributions Distribution of cash Apple Valley Lakeville Farmington Total distribution of cash Net changes in cash position Cash balance, January 1 Cash balance, December 31 133,038 $ 53,167 1,500 1,500 2,676 1,000 137,214 55,667 10,320 - 938 938 1,500 500 5,500 48,000 48,072 18,950 6,160 4,000 1,000 54,160 70,330 21,388 - 1,521 - - 2,975 54,160 71,851 24,363 252,765 65,364 31,304 149,657 149,657 48,710 117,032 117,032 39,628 33,311 33,311 11,662 300,000 300,000 100,000 (47,235) (234,636) (68,696) 152,557 408,571 173,935 $ 105,322 $ 173,935 $ 105,239