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HomeMy WebLinkAboutItem 3ai FINANCIAL HIGHLIGHTS: The following financial report and analysis offers readers a narrative overview of the financial activities of the City for the nine month period ended September 30,2019.This report includes the General Fund,Communications Fund,Liquor Fund and Utility Operating Funds.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 installments in June and December. The General fund property tax revenues are anticipated to be 21.3 million for 2019. Licenses and Permits. Building permit revenue continues to be strong and are exceeding budget estimates through the first three quarters.The following chart shows how the number of permits issued in the third quarter compares to the same period in 2018 and the 2019 Adopted Budget: YTD 3rd 2019 YTD 3rd Quarter Adopted Quarter Permit Type 2018 Budget 2019 Single Family 352 350 378 Townhome 68 50 65 Apartments Units) 1 55 units) 1 160 units) 2 215 units) Commercial 6 10 2 In October,twenty four 24)single family and twelve 12)townhome permits have been issued bringing the year to date total to 402 for single family and 77 for townhomes. Intergovernmental. Police state aid revenue of 501,000 exceeds budget estimates by 37,000.Fire state aid revenue of 384,000 exceeds budget estimates by 20,000. Other grant revenues through the third quarter amounted to 150,000.These grants include:police post board grant,PERA rate increase aid,firefighter safety training grants, police vest reimbursements,Art Center grant,DARTS and senior chores funding. ii FINANCIAL HIGHLIGHTS continued): General Fund Revenues Continued) Charges for Services. General government services are in line with the budget.78,000 has been received for fiscal agent fees from the Dakota Communications Center and Lakeville Arenas. Public Safety revenues are slightly below budget estimates.Security services are down compared to the same time in 2018 which included 18,000 from Super Bowl LII.Security services are also below budget due to many events occurring later in the year.The fire contract with Eureka Township is 41,375.2019 is the first year of a three year agreement with Eureka Township. Public works revenues are based on summer construction projects and therefore year to date revenues are below the annual estimates.Engineering developer contract administration is collected at the time of the development contract.625,000 has been received in the first half of the year and is exceeding budget by 418,000.Preliminary engineering platting fees were not anticipated in the 2019 budget,however 27,000 has been received to date. Parks and Recreation revenues are exceeding budget estimates and are up 49,000 over the same period in 2018. Court Fines Revenues from court fines 281,000)represent 81 percent of the budget estimates and are up 21,000 over the same period in 2018.Court fine revenues and the membership fees paid to the Dakota Communications Center are both impacted by the number of CAD calls. General Fund Expenditures Personnel Actual expenses for personnel will reflect the impact of the implementation of the compensation and classification study and cost of living adjustments that were approved in 2018. Motor Fuels Motor fuels through September 30 are at 81 percent of the 2019 Budget. Increased snow events for the public works departments contributed to the higher fuel expense. Street Chemicals Costs are at 43 percent of the budget.Inventory at the end of 2018 helped keep salt purchases down in 2019.Unused chemicals are stored at the central maintenance facility and will be utilized in the late fall if needed. iii FINANCIAL HIGHLIGHTS continued): General Fund Expenditures continued) Utilities Electric Natural Gas.Costs are fairly consistent with the same period in 2018.Total costs through the first three quarters represent 72 percent of the adopted budget. Community and Economic Development.Expenditures are down compared to the same period in 2018 due to the Economic Development Guide being completed in 2018. Legal.Legal fees are up 28 percent over the same period in 2018 and currently at 85 percent of the 2019 budget. Inspections.Other charges and services are exceeding budget estimates due to higher than anticipated contract electrical inspections.The increased costs are funded by the increase in electrical permit revenues. Information Technology.Timing of annual maintenance agreements can impact the expense comparison each year.In 2019,increases in ESRI maintenance connected with the Cartegraph upgrade and the county broadband initiative contributed to the increase over the same period in 2018. Police.DCC membership fees for nine months are up 48,000 over the same period in 2018 as a result of increased CAD events in prior years.Personnel services are slightly below the 2019 budget due in part to various employee transitions and vacancies. Fire.The Department migrated to a pay per hour compensation plan for firefighters.The increased costs are accounted for in the budget appropriations.Personnel expenses for the first nine months were 11.7 percent over the same period in 2018.Fire Relief State Aid increased 12,000 over 2018. Engineering/GIS.GPS receivers mapping grade)were purchased in the first quarter contributing to the increase over 2018.Contractual services are down in 2019 compared to 2018 when contractual engineering services were used to update the Transportation Plan and the Transit ADA Plan. Construction Services.Personnel services are below budget estimates due to employee vacancies.All positions have been filled since July. Streets.Personnel services are up compared to budget and the prior year due in part to the increased snow events in 2019.Salt costs were below the prior year due to the use of significant inventories available at the end of 2018. Arts Center.A roll drum was purchased in 2019 to allow the use of a screen to be utilized during performances.Funding 13,000)was provided by ticket surcharges. iv FINANCIAL HIGHLIGHTS continued): Communications Fund Revenues from Franchise fees are received on a quarterly basis.They are typically received by the end of the month following the quarter.As of the date of this report,the third quarter franchise fees have not been received and the amount was estimated based on historical numbers.Revenues are anticipated to remain consistent with prior years. Expenses are down slightly over the same period in 2018.There is 180,000 in budget appropriations for the final phase of the fiber installation project.The project is funded by transfers from the General Fund,Liquor Fund and the Utility Fund.Funding from the General Fund was transferred in 2018 and is reflected in the beginning fund balance.Funding from the Liquor Fund and Utility Fund will be made as the project is completed.The fiber project is anticipated to be completed by the end of the year but may run into the next year depending on contract acceptance and the actual start date. Liquor Fund Sales through the third quarter amounted to 11.7 million which is a 5.8 percent increase over the same period in 2018.Sales are slightly above budget estimates due to strong summer sales. Total expenditures are slightly below budget appropriations.Rent for the Kenrick liquor store added 199,000 in additional expenditures year to date compared to 2018.25,000 was contributed to the Lakeville school district for chemical prevention programs.46,500 was expended on a space needs analysis in conjunction with a proposed fourth liquor store.Three floor scrubbers were also purchased adding 14,000 to the 2019 expenditures. 2019 Transfers include a 400,000 transfer to the Equipment Fund;400,000 to the Debt Service Fund for the police station bonds final maturity February,2032);274,000 for the 2017 HRA lease revenue bonds debt for Galaxie Store;final maturity February,2027);and 262,000 in operating transfers. Capital outlay consists of 63,000 for the Galaxie monument.Other capital outlay anticipated in 2019 is for lighting upgrades 25,000)at the Galaxie location.The upgrades will be completed in the fourth quarter. v FINANCIAL HIGHLIGHTS continued): Water Fund Water revenues are below budget expectations through the end of the third quarter as a result of a higher than average precipitation over the summer months.Consumption was down 12.3 percent with revenues down 10.9 percent which was minimized due to the water rate increase that went in affect February 1,2019. The 2019 major maintenance projects are budgeted as follows: ADA Door operators 6,800;5,000 has been spent year to date Water Treatment Facility space needs study 50,000 Trench drain rehabilitation 40,000 Well 12 rehabilitation 60,000 Pump rehabilitation 60,000 Well house 3 roof replacement 12,500;10,000 has been spent year to date 2019 Street reconstruction project watermain repair/replacement costs 1.4 million; 633,000 has been spent year to date. Water meter replacement projects 334,000;11,000 has been spent year to date Sewer Fund Sewer revenues are in line with budget expectations and are up over the same period in 2018 as a result of the increase in sewer rates for the base charge and discharge effective February 1,2019. Disposal charges paid to Metropolitan Council of Environmental Services increased 3.9 percent over the 2018 rates and are projected to be 4.2 million for 2019. Expenditures are below budget estimates but are up compared to the same period in 2018. The 2019 major maintenance projects are budgeted as follows: Lift station rehabilitation 530,000;112,000 has been spent year to date Sewer line improvements 250,000;223,000 has been spent year to date I/I mitigation repairs 425,000;681,000 has been spent year to date with unspent appropriations from the prior year vi FINANCIAL HIGHLIGHTS continued): Street Lighting Fund Revenues are exceeding budget and are up over the same period in 2018.Streetlight fees of 24,000 were collected at the time of final plat in the first half. Streetlight rates were increased effective February 1,2019. 2019 electrical costs are in line with budget estimates. Environmental Resources Fund Revenues are tracking with budget estimates.Intergovernmental grant revenues were budgeted at 120,000.The request for funding will be made once the final contract payments are made. Rates were increased effective February 1,2019. Personnel services are slightly above budget due to the addition of a full time Forester position late in the second quarter which was inadvertently left out of the 2019 budget. Majority of projects are currently in progress and will be completed in the fourth quarter resulting in lower expenses compared to the budget. Unaudited 2019 2019 Variance from Adopted Amended 9/30/2019 Amended Budget Actual 9/30/18 Budget Budget Actual Positive Negative)Percent Actual Revenues General property taxes 21,327,427$21,327,427$11,435,656$9,891,771)$53.6% 11,041,782$393,874$103.6% Licenses and permits 2,390,498 2,390,498 2,866,874 476,376 119.9% 2,539,397 327,477 112.9% Intergovernmental 989,590 989,590 1,035,185 45,595 104.6% 1,050,623 15,438)98.5% Charges for services 2,734,249 2,734,249 2,590,858 143,391)94.8% 2,520,707 70,151 102.8% Court fines 346,000 346,000 280,873 65,127)81.2% 260,021 20,852 108.0% Investment income 120,000 120,000 105,324 14,676)87.8% 68,693 36,631 153.3% Miscellaneous 47,163 52,135 55,941 3,806 107.3%47,186 8,755 118.6% Total revenues 27,954,927 27,959,899 18,370,711 9,589,188)65.7%17,528,409 842,302 104.8% Expenditures Mayor and Council 113,250 113,250 96,609 16,642 85.3% 84,031 12,578)115.0% Committees and Commissions 68,218 68,218 106,210 37,992)155.7% 94,691 11,519)112.2% City Administration 477,506 477,506 366,394 111,112 76.7% 362,456 3,938)101.1% City Clerk 148,586 148,586 107,482 41,105 72.3% 124,457 16,976 86.4% Legal Counsel 81,000 81,000 68,504 12,496 84.6% 53,518 14,986)128.0% Planning 580,515 580,515 431,623 148,892 74.4% 408,233 23,390)105.7% Community and Econ.Development 375,237 375,237 259,260 115,977 69.1% 296,811 37,551 87.3% Inspections 1,273,544 1,273,544 957,233 316,311 75.2% 907,102 50,131)105.5% General Government Facilities 607,324 607,324 460,640 146,684 75.8% 435,252 25,388)105.8% Finance 804,429 804,429 595,010 209,419 74.0% 583,971 11,039)101.9% Information Systems 788,545 788,545 609,716 178,829 77.3% 517,954 91,762)117.7% Human Resources 527,997 527,997 367,125 160,872 69.5% 368,560 1,435 99.6% Insurance 285,000 285,000 213,750 71,250 75.0% 213,750 100.0% Police 11,628,288 11,628,288 8,292,715 3,335,574 71.3% 7,989,063 303,652)103.8% Fire 2,034,937 2,039,909 1,564,968 474,941 76.7% 1,472,475 92,493)106.3% Engineering 881,757 881,757 650,243 231,514 73.7% 623,833 26,410)104.2% Construction Services 573,870 573,870 374,821 199,049 65.3% 375,832 1,011 99.7% Streets 3,288,617 3,288,617 2,524,322 764,295 76.8% 2,464,407 59,915)102.4% Parks 2,744,963 2,744,963 2,015,003 729,960 73.4% 2,002,941 12,062)100.6% Recreation 745,137 745,137 562,474 182,664 75.5% 537,923 24,551)104.6% Heritage Center 138,674 138,674 85,748 52,926 61.8% 90,427 4,679 94.8% Arts Center 550,049 550,049 463,492 86,557 84.3% 396,293 67,199)117.0% Other 79,466 79,466 79,466 0.0%0.0% Total expenditures 28,796,909 28,801,881 21,173,339 7,628,542 73.5%20,403,980 769,359)103.8% Excess deficiency)of revenues over expenditures (841,982)841,982)2,802,628)1,960,646)2,875,571)72,943 Other financing sources uses) Transfer from other funds 766,482 611,482 445,306 166,176)72.8% 591,335 146,029)75.3% Transfer to other funds (630,000)1,030,000)1,030,000)100.0%(526,800)503,200)195.5% Total other financing sources uses)136,482 418,518)584,694)166,176)64,535 649,229)906.0% Net change in fund balance (705,500)1,260,500)3,387,322)2,126,822)5,793,609)2,406,287 Beginning fund balance 14,970,310 14,970,310 15,732,733 762,423 15,128,923 603,810 Ending fund balance 14,264,810$13,709,810$12,345,411$1,364,399)$9,335,314$3,010,097$ Adj fund balance,Dec 31 net of restricted 13,150,435$12,595,435$11,649,581$8,639,484$ Net change in fund balance percentage (4.7%)(8.4%)(21.5%)(38.3%) Ratio:Fund balance to CY expenditures 45.7%43.7% Ratio:Fund balance to NY expenditures 43.0%41.2% Expense Summary: Personnel services 21,502,338 21,502,338 15,928,828 5,494,044 74.1%15,102,497 826,331)105.5% Commodities 1,757,479 1,762,451 1,199,091 563,360 68.0%1,300,998 101,907 92.2% Other charges and services 5,537,092 5,537,092 4,030,425 1,506,667 72.8%3,968,167 62,258)101.6% Capital outlay 14,995 14,995)0.0%32,318 17,323 46.4% 28,796,909 28,801,881 21,173,339 7,549,076 73.5%20,403,980 769,359)103.8% General Fund Summary Statement of Revenues,Expenditures and Changes in Fund Balances For the Nine Month Period Ended September 30,2019 Comparative Variance from 2018 Actual Positive Negative) 1 Unaudited General Fund Schedule of Expenditures 2019 2019 Variance from Adopted Amended 9/30/2019 Adopted Budget Actual 9/30/18 Expenditures Budget Budget Actual Positive Negative)Percent Actual Mayor and Council Personnel services 62,561$62,561$42,116$20,446$67% 37,127$4,989)$113.4% Commodities 50 50 64 14)128% 90 26 71.1% Other charges and services 50,639 50,639 54,429 3,790)107%46,814 7,615)116.3% Total 113,250 113,250 96,609 16,642 85%84,031 12,578)115.0% Committees/Commissions Personnel services 53,388 53,388 79,257 25,869)148% 70,679 8,578)112.1% Commodities 1,630 1,630 2,191 561)134% 2,247 56 97.5% Other charges and services 13,200 13,200 24,762 11,562)188%21,765 2,997)113.8% Total 68,218 68,218 106,210 37,992)156%94,691 11,519)112.2% City Administration Personnel services 455,248 455,248 336,932 118,316 74% 316,191 20,741)106.6% Commodities 1,600 1,600 282 1,318 18% 966 684 29.2% Other charges and services 20,658 20,658 29,180 8,522)141% 43,629 14,449 66.9% Capital outlay 0%1,670 1,670 0.0% Total 477,506 477,506 366,394 111,112 77%362,456 3,938)101.1% City Clerk Personnel services 114,305 114,305 86,959 27,347 76% 85,572 1,387)101.6% Commodities 300 300 184 116 61% 3,659 3,475 5.0% Other charges and services 33,981 33,981 20,339 13,642 60%35,226 14,887 57.7% Total 148,586 148,586 107,482 41,105 72%124,457 16,976 86.4% Legal Counsel Other charges and services 81,000 81,000 68,504 12,496 85%53,518 14,986)128.0% Planning Personnel services 538,195 538,195 407,505 130,690 76% 380,924 26,581)107.0% Commodities 2,041 2,041 719 1,322 35% 1,141 422 63.0% Other charges and services 40,279 40,279 23,399 16,880 58%26,168 2,769 89.4% Total 580,515 580,515 431,623 148,892 74%408,233 23,390)105.7% Community and Economic Development Personnel services 307,121 307,121 218,121 89,000 71% 224,101 5,980 97.3% Commodities 250 250 96 154 38% 203 107 47.3% Other charges and services 67,866 67,866 41,043 26,823 60%72,507 31,464 56.6% Total 375,237 375,237 259,260 115,977 69%296,811 37,551 87.3% Inspection Personnel services 1,003,209 1,003,209 739,187 264,022 74% 699,211 39,976)105.7% Commodities 13,792 13,792 7,141 6,651 52% 8,071 930 88.5% Other charges and services 256,543 256,543 210,905 45,638 82%199,820 11,085)105.5% Total 1,273,544 1,273,544 957,233 316,311 75%907,102 50,131)105.5% continued) Comparative Variance from 2018 Actual Positive Negative) 2 Unaudited General Fund Schedule of Expenditures 2019 2019 Variance from Adopted Amended 9/30/2019 Adopted Budget Actual 9/30/18 Expenditures continued)Budget Budget Actual Positive Negative)Percent Actual General Government Facilities Personnel services 399,147$399,147$309,857$89,290$78% 284,509$25,348)$108.9% Commodities 22,174 22,174 16,354 5,820 74% 18,640 2,286 87.7% Other charges and services 186,003 186,003 134,429 51,574 72%132,103 2,326)101.8% Total 607,324 607,324 460,640 146,684 76%435,252 25,388)105.8% Finance Personnel services 716,653 716,653 521,234 195,419 73% 512,670 8,564)101.7% Commodities 3,525 3,525 1,152 2,373 33% 1,619 467 71.2% Other charges and services 84,251 84,251 72,624 11,627 86%69,682 2,942)104.2% Total 804,429 804,429 595,010 209,419 74%583,971 11,039)101.9% Information Technology Personnel services 443,618 443,618 329,195 114,423 74% 309,494 19,701)106.4% Commodities 4,425 4,425 5,243 818)118% 4,100 1,143)127.9% Other charges and services 340,502 340,502 275,278 65,224 81%204,360 70,918)134.7% Total 788,545 788,545 609,716 178,829 77%517,954 91,762)117.7% Human Resources Personnel services 416,092 416,092 300,975 115,117 72% 286,328 14,647)105.1% Commodities 3,865 3,865 3,683 182 95% 1,066 2,617)345.5% Other charges and services 108,040 108,040 62,467 45,573 58%81,166 18,699 77.0% Total 527,997 527,997 367,125 160,872 70%368,560 1,435 99.6% Insurance Other charges and services 285,000 285,000 213,750 71,250 75%213,750 100.0% Police Personnel services 9,083,175 9,083,175 6,540,804 2,542,372 72% 6,214,742 326,062)105.2% Commodities 401,462 401,462 253,857 147,605 63% 293,552 39,695 86.5% Other charges and services 2,143,651 2,143,651 1,498,054 645,597 70%1,480,769 17,285)101.2% Total 11,628,288 11,628,288 8,292,715 3,335,574 71%7,989,063 303,652)103.8% Fire Personnel services 1,245,784 1,245,784 901,175 344,609 72% 806,571 94,604)111.7% Fire Relief Contribution/State Aid 363,351 363,351 383,598 20,247)106% 371,701 11,897)103.2% Commodities 153,816 158,788 78,050 80,738 49% 91,624 13,574 85.2% Other charges and services 271,986 271,986 202,145 69,841 74%202,579 434 99.8% Total 2,034,937 2,039,909 1,564,968 474,941 77%1,472,475 92,493)106.3% continued) Comparative Variance from 2018 Actual Positive Negative) 3 Unaudited General Fund Schedule of Expenditures 2019 2019 Variance from Adopted Amended 9/30/2019 Adopted Budget Actual 9/30/18 Expenditures continued)Budget Budget Actual Positive Negative)Percent Actual Engineering Personnel services 769,706$769,706$586,450$183,256$76% 520,505$65,945)$112.7% Commodities 12,966 12,966 7,342 5,624 57% 5,999 1,343)122.4% Other charges and services 99,085 99,085 56,451 42,634 57%97,329 40,878 58.0% Total 881,757 881,757 650,243 231,514 74%623,833 26,410)104.2% Construction Services Personnel services 552,065 552,065 364,167 187,898 66% 337,735 26,432)107.8% Commodities 7,915 7,915 6,094 1,821 77% 5,226 868)116.6% Other charges and services 13,890 13,890 4,560 9,330 33%4,119 441)110.7% Capital outlay 0%28,752 28,752 0.0% Total 573,870 573,870 374,821 199,049 65%375,832 1,011 99.7% Streets Personnel services 2,183,894 2,183,894 1,721,382 462,512 79% 1,627,522 93,860)105.8% Commodities 746,573 746,573 562,653 183,920 75% 600,756 38,103 93.7% Other charges and services 358,150 358,150 240,287 117,863 67%236,129 4,158)101.8% Total 3,288,617 3,288,617 2,524,322 764,295 77%2,464,407 59,915)102.4% Parks Personnel services 1,925,115 1,925,115 1,447,577 477,538 75% 1,458,861 11,284 99.2% Commodities 296,140 296,140 207,437 88,703 70% 213,099 5,662 97.3% Other charges and services 523,708 523,708 359,989 163,719 69%329,085 30,904)109.4% Capital outlay 0%1,896 1,896 0.0% Total 2,744,963 2,744,963 2,015,003 729,960 73%2,002,941 12,062)100.6% Recreation Personnel services 419,055 419,055 312,027 107,029 74% 301,205 10,822)103.6% Commodities 35,577 35,577 14,090 21,487 40% 12,751 1,339)110.5% Other charges and services 290,505 290,505 236,357 54,148 81%223,967 12,390)105.5% Total 745,137 745,137 562,474 182,664 75%537,923 24,551)104.6% Heritage Center Personnel services 71,576 71,576 46,400 25,176 65% 46,343 57)100.1% Commodities 9,358 9,358 2,988 6,370 32% 6,084 3,096 49.1% Other charges and services 57,740 57,740 36,360 21,380 63%38,000 1,640 95.7% Total 138,674 138,674 85,748 52,926 62%90,427 4,679 94.8% Arts Center Personnel services 299,614 299,614 253,913 45,701 85% 210,506 43,407)120.6% Commodities 40,020 40,020 29,471 10,549 74% 30,105 634 97.9% Other charges and services 210,415 210,415 165,113 45,302 78% 155,682 9,431)106.1% Capital outlay 14,995 14,995)0%14,995)0.0% Total 550,049 550,049 463,492 86,557 84%396,293 67,199)117.0% Variance from 2018 Actual Positive Negative) Comparative 4 Unaudited 2019 Percent Adopted 9/30/2019 of 9/30/18 Budget Actual Variance Budget Actual Revenues Licenses franchise fee 687,840$512,424$175,416)$74.5% 501,235$11,189$102.2% PEG Fees 57,948 43,156 14,792)74.5% 40,245 2,911 107.2% Intergovernmental State aid 516 258 258)50.0% 258 100.0% Investment income 2,058 8,726 6,668 424.0%4,529 4,197 192.7% Total revenues 748,362 564,564 183,798)75.4%546,267 18,297 103.3% Expenditures General government Personnel services 461,880 342,887 118,993 74.2%321,677 21,211)106.6% Commodities 14,900 6,009 8,891 40.3% 7,385 1,376 81.4% Other charges and services 310,530 116,114 194,416 37.4%151,992 35,878 76.4% Capital outlay 59,500 25,287 34,213 42.5%47,869 22,582 52.8% Total expenditures 846,810 490,297 356,513 57.9%528,923 38,625 92.7% Excess deficiency)of revenues over expenditures ( 98,448)74,267 172,715 75.4%17,344 155,371 428.2% Other financing uses)Transfers From Liquor Fund Comm/Mkt Position) 91,267 68,450 22,817)75.0%101,379 32,929)67.5% From Utility Fund fiber project) 41,472 41,472)0.0% 0.0% From Liquor Fund fiber project) 7,503 7,503)0.0% 0.0% To General Fund expense allocations)(80,866)60,650)20,217 75.0%(58,997)1,653)102.8% Total other financing uses)59,376 7,801 51,576)13.1%42,382 34,582)18.4% Net change in fund balance (39,072)82,067 121,139 59,726 22,341 Beginning fund balance 498,704 930,792 432,088 603,175 327,617 Ending fund balance 459,632$1,012,859$553,227$662,901$349,958$ Variance from 2018 Actual Positive Negative) Comparative CITY OF LAKEVILLE,MINNESOTA Statement of Revenues,Expenditures and Changes in Fund Balances For the Nine Month Period Ended September 30,2019 Special Revenue Communications Fund 5 Unaudited 2019 Percent Adopted 9/30/2019 of 9/30/18 Budget Actual Variance Budget Actual Sales and cost of sales Sales 15,360,906$11,702,365$3,658,541)$76.2% 11,057,365$645,000$105.8% Cost of sales 11,583,628 8,770,711 2,812,917 75.7%8,294,216 476,495)105.7% Gross profit 3,777,278 2,931,654 845,624)77.6%2,763,149 168,505 106.1% Gross profit 24.6% 25.1% 25.0% Operating expenses Personnel services 1,736,357 1,207,678 528,679 69.6% 1,171,385 36,293)103.1% Commodities 79,362 53,762 25,600 67.7% 37,789 15,973)142.3% Other charges and services 1,087,236 857,569 229,667 78.9%709,433 148,136)120.9% Total operating expenses 2,902,955 2,119,009 783,946 73.0%1,918,607 200,402)110.4% Operating income 874,323 812,645 61,678)92.9%844,542 31,897)96.2% Non operating revenue expense) Investment income 19,110 36,474 17,364 190.9% 20,693 15,781 176.3% Miscellaneous 6,716 1,881 4,835)28.0% 3,764 1,883)50.0% Capital outlay acquisitions (79,785)76,427)3,358 95.8% (7,100)69,327)1076.4% Sale of assets 0.0% 2,350,761 2,350,761)0.0% Transfers in out) General Fund (158,573)125,232)33,341 79.0% (146,150)20,918 85.7% Communications Mktg Spec) (91,267)68,450)22,817 75.0% (101,379)32,929 67.5% Communications Fiber) (7,503)7,503 0.0% 0.0% Debt Service: CIP Bonds Police Station (400,000)400,000)100.0% (300,000)100,000)133.3% Galaxie Lease (274,100)273,650)450 99.8% (44,418)229,232)616.1% Capital Projects: Equipment Fund (400,000)400,000)100.0% (250,000)150,000 160.0% Enterprise Fund: Environmental Resources Recycling (4,525)3,425)1,100 75.7%(2,178)2,179)157.2% Total non operating net)(1,389,927)1,308,829)81,098 94.2%1,523,993 2,832,822)85.9% Change in working capital (515,604)496,184)19,420 2,368,535 2,864,719) Beginning working capital 3,007,218 3,890,525 883,307 1,223,019 2,667,506 Ending working capital 2,491,614$3,394,341$902,727$3,591,554$197,213)$ Variance from 2018 Actual Positive Negative) Comparative CITY OF LAKEVILLE,MINNESOTA Enterprise Liquor Fund Statement of Revenues,Expenditures and Changes in Working Capital For the Nine Month Period Ended September 30,2019 6 Unaudited 2019 Percent Adopted 9/30/2019 of 9/30/18 Budget Actual Variance Budget Actual Operating revenues User charges for services 5,144,657$3,270,516$1,874,141)$63.6% 3,671,205$400,689)$89.1% Other 231,830 188,831 42,999)81.5%120,308 68,524 157.0% Total operating revenue 5,376,487 3,459,347 1,917,140)64.3%3,791,513 332,166)50.6% Operating expenses Personnel services 1,215,031 868,786 346,245 71.5%829,081 39,705)104.8% Commodities 350,868 233,404 117,464 66.5%223,801 9,603)104.3% Other charges and services 1,253,016 781,216 471,800 62.3%776,290 4,927)100.6% Major Maintenance 1,958,114 659,229 1,298,885 33.7%1,498,366 839,137 44.0% Total operating expenses 4,777,029 2,542,635 2,234,394 53.2%3,327,537 784,903 76.4% Operating income loss)599,458 916,712 317,254 463,975 452,737 Non operating revenue expense) Intergovernmental 1,632 5,408 3,776 331.4% 816 4,592 662.7% Investment income 36,308 67,929 31,621 187.1% 37,500 30,429 181.1% Disposal of assets (10,000)7,134 17,134 71.3% 7,183 49)99.3% Capital outlay (67,739)28,578)39,161 42.2%(94,498)65,920 30.2% Bond proceeds 1,430,000 855,543 574,457)59.8%486,947 368,596 175.7% Debt Service (1,215,420)1,167,961)47,459 96.1%(986,891)181,070)118.3% Transfers In) 0.0%307,661 307,661)0.0% Transfers out)(169,526)111,593)57,934 65.8%(296,637)185,045 37.6% Total non operating net)5,255 372,117)377,372)537,919)165,802 Change in working capital 604,713 544,595 60,118)73,944)618,539 736.5% Beginning working capital 7,364,204 7,245,758 118,446)7,687,750 441,992)94.3% Ending working capital 7,968,917$7,790,353$178,564)$7,613,806$176,547 102.3% Variance from 2018 Actual Positive Negative) CITY OF LAKEVILLE,MINNESOTA Comparative For the Nine Month Period Ended September 30,2019 Statement of Revenues,Expenditures and Changes in Working Capital Enterprise Utility Fund Water Operation 7 Unaudited 2019 Percent Adopted 9/30/2019 of 9/30/18 Budget Actual Variance Budget Actual Operating revenue User charges for services 6,608,063$5,033,320$1,574,743)$76.2%4,650,130$383,190$108.2% Operating expenses Personnel services 834,639 538,861 295,778 64.6%515,606 23,255)104.5% Commodities 85,471 58,382 27,089 68.3% 59,535 1,153 98.1% Other charges and services 391,263 230,668 160,595 59.0%187,489 43,179)123.0% Disposal charges 4,174,432 3,130,824 1,043,608 75.0%3,013,509 117,315)103.9% Major maintenance projects 1,205,000 1,015,953 189,047 84.3%100,759 915,194)1008.3% Total operating expenses 6,690,805 4,974,688 1,716,117 74.4%3,876,898 1,097,790)128.3% Operating income loss)(82,742)58,632 141,374 773,232 714,600)7.6% Non operating revenue expense) Intergovernmental State aid 1,632 816 816)50.0% 816 100.0% Grants 152,368 152,368)0.0% 0.0% Investment income 24,050 28,538 4,488 118.7% 18,750 9,788 152.2% Disposal of assets (10,000)750 10,750 7.5% 750 0.0% Capital outlay (51,529)9,637)41,892 18.7%(38,793)29,156 24.8% Debt service (70,472)56,496)13,976 80.2%(65,700)9,204 86.0% Transfers in 24,165 24,165 100.0% 23,822 343 101.4% Transfers out)(174,527)130,895)43,632 75.0%(129,726)1,169)100.9% Total non operating net)(104,313)142,759)38,446)136.9%(190,831)48,072 74.8% Change in working capital (187,055)84,128)102,927 582,401 666,529)14.4% Beginning working capital 2,275,130 3,044,063 768,933 2,790,620 253,443 109.1% Ending working capital 2,088,075$2,959,935$871,860$3,373,021$413,086)$87.8% Variance from 2018 Actual Positive Negative) Comparative CITY OF LAKEVILLE,MINNESOTA Statement of Revenues,Expenditures and Changes in Working Capital For the Nine Month Period Ended September 30,2019 Enterprise Utility Fund Sanitary Sewer Operation 8 Unaudited 2019 Percent Adopted 9/30/2019 of 9/30/18 Budget Actual Variance Budget Actual Operating revenue User charges for services 875,355$717,342$158,013)$81.9%678,052$39,290$105.8% Operating expenses Personnel services 19,855 16,246 3,609 81.8% 12,865 3,381)126.3% Commodities 63 12 51 18.5% 338 326 3.5% Other charges and services 761,901 544,636 217,265 71.5%552,401 7,765 98.6% Total operating expenses 781,819 560,893 220,926 71.7%565,604 4,711 99.2% Operating income loss)93,536 156,449 62,913 112,448 44,001 139.1% Non operating revenue expense) Investment income 2,933 5,355 2,422 182.6% 3,563 1,792 150.3% Debt service (45,375)39,021)6,354 86.0%(9,593)29,428)406.8% Transfers in out)General Fund (5,001)3,751)1,250 75.0%(3,505)246)107.0% Total non operating net)(47,443)37,417)10,026 78.9%(9,535)27,882)392.4% Change in working capital 46,093 119,032 72,939 102,913 16,119 115.7% Beginning working capital 477,402 571,214 93,812 432,774 138,440 132.0% Ending working capital 523,495$690,246$166,751$535,687$154,559$128.9% Variance from 2018 Actual Positive Negative) Comparative CITY OF LAKEVILLE,MINNESOTA Statement of Revenues,Expenditures and Changes in Working Capital For the Nine Month Period Ended September 30,2019 Enterprise Utility Fund Street Light Operation 9 Unaudited 2019 Percent Adopted 9/30/2019 of 9/30/18 Budget Actual Variance Budget Actual Revenues User charges for services 1,636,903$1,222,448$414,455)$74.7% 866,498$355,950$141.1% Charges for services Recycling 4,090 4,090 0.0%7,740 3,650)52.8% Total revenues 1,636,903 1,226,538 410,365)74.9%874,238 352,300 46.9% Expenditures Public works Personnel services 444,935 347,034 97,901 78.0%326,688 20,346)106.2% Commodities 34,248 26,518 7,730 77.4% 24,304 2,214)109.1% Other charges and services 1,161,000 557,435 603,565 48.0%224,177 333,258)248.7% Total expenditures 1,640,183 930,987 709,196 56.8%575,169 355,818)161.9% Operating income loss)(3,280)295,551 298,831 299,069 3,518)98.8% Non operating revenue expense) Intergovernmental 120,292 120,292)0.0% 0.0% Investment income 3,140 10,260 7,120 326.7% 7,500 2,760 136.8% Capital outlay 0.0%(26,741)26,741 0.0% Transfers in out) General Fund (169,461)146,238)23,223 86.3%(132,352)13,886)110.5% Equipment Fund (31,000)31,000)100.0% (31,000)100.0% Storm Sewer Trunk Fund 20,000 20,000)0.0% 10,000 10,000)0.0% Liquor Fund 4,525 3,425 1,100)75.7% 2,178 1,247 157.3% Sanitary sewer operations (24,165)24,165)100.0%(23,822)343)101.4% Total other financing uses)(76,669)187,718)111,049)244.8%(194,237)6,519 96.6% Change in working capital (79,949)107,833 187,782 104,832 3,001 102.9% Beginning working capital 782,656 1,094,376 311,720 1,004,332 90,044 109.0% Ending working capital 702,707$1,202,209$499,502$1,109,164$93,045$108.4% Variance from 2018 Actual Positive Negative) Comparative CITY OF LAKEVILLE,MINNESOTA Statement of Revenues,Expenditures and Changes in Working Capital For the Nine Month Period Ended September 30,2019 Enterprise Utility Fund Environmental Resources Operation 10