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HomeMy WebLinkAbout2010 09-20 FCA AGENDA Brooklyn Center Financial Commission Monday, September 20, 2010 — 6:30 PM Shingle Creek Conference Room (Upper Level of City Hall) I. Call to Order II. Approval of Agenda III. Introductions and Materials IV. City's Financial Condition V. 2011 Budget Status VI. Review of Billing and Collection Practices for Utilities a. Policy Review b. Discussion of Ways to Improve VII. Miscellaneous Business VIII. Adjournment BROOKLYN CENTER FINANCIAL COMMISSION Chairperson and six members (revised September 2010) Susan Shogren Smith VICE CHAIR Dan Schueller 600 62nd Avenue North 5937 Emerson Avenue North Brooklyn Center, MN 55430 Brooklyn Center, MN 55430 shogrensus gmail.com dschue5(cbyahoo.com (612) 812-8160 (763) 566-6417 Appointed: 1/26/2004 Appointed: 1/11/2010 Term expires: 12/31/2012 Term Expires: 12/31/2011 Rex Newman CHAIR Steve Landis 3107 61st Avenue North 7118 Grimes Avenue North Brooklyn Center, MN 55429 Brooklyn Center, MN 55429 RexNewman(abcomcast.net landis.steve @gmail.com (763) 561-2760 (h); (763) 391-4921 (w) (763) 503-7899 Appointed: 1/8/2007 Appointed: 2/10/2010 Term expires: 12/31/2011 Term Expires: 12/31/2012 Philip Berglin Teneshia Plunkett 601 Bellvue Avenue 5906 Vincent Avenue North Brooklyn Center, MN 5430 Brooklyn Center, MN 55430 pberglin@qladiusbar.com tglunkett ymail.com (763) 549-5542 (h); (763) 862-7300 (w) (763) 412-7248 (c) Appointed: 4/23/2007 Appointed: 8/23/2010 Term expires: 12/31/2010 Term Expires: 12/31/2011 Koffi Agbossou 1300 67th Avenue North Brooklyn Center, MN 55430 ezekiel5 @hotmail.fr (763) 291-8295 Appointed: 9/13/2010 Term Expires: 12/31/2013 2010 City Council Liaison: Dan Ryan (h) (763) 535-4177 councilmember[yan @ ci.brooklyn-center.mn.us City Manager: Curt Boganey (w) (763) 569-3303 cboganey(�ci.brooklyn-center.mn.us Director of Fiscal & Support Services: Daniel Jordet (w) (763) 569-3345 diordet @ci.brooklyn-center.mn.us [September 20, 2010] X C 0) of Brooklyn Center Financial Information 3uly 2010 General Fund The General Fund results are as expected and within budget parameters. The LGA/MVHC situation is currently showing Brooklyn Center taking an additional $ 504,022 reduction for 2010 based on HF 1671 as signed into law. The 2010 Budget column shows the budget as amended by the City Council on 10 May 2010, reflecting expected post-reduction revenue for LGA/MVHC $ 538,346 for 2010. Charges for Service are showing higher than nominal 58.33% revenue mostly because of rental conversion charges. Mayor/Council expenditures include the entire amount of annual dues to the North Metro Mayors, Metro Cities and National League of Cities. General Government Buildings paid for the repair of the air conditioning chillers in July following a malfunction of the system. Emergency Management completed the replacement of another storm warning siren putting it at 62.23% of its budget. Public Works Administration is accumulating unbudgeted overtime that will be reimbursed from Capital Project closeouts. Social Services paid Northwest Hennepin Human Services Council its full allotment in February as well as two quarters of the allotment to Project Peace and the first half of Five Cities Transportation being paid. While operating beyond nominal percentage spending, Social Services is operating within its budget parameters. Economic Develloi3ment Authority The Economic Development Fund is working within nominal parameters as of 30 June 2010. Operational Services is above the nominal 58.33% because dues for four organizations have been paid for the full 2010 year. Utility Funds Utility Fund expenditures show varying exceptions for various reasons: • Water shows Other Expenses at 64.70% of budget because fees totaling $ 15,000 for the issuance of the revenue bonds on the water meter project were unbudgeted but paid. An offset amount is shown in the Miscellaneous Revenues for the Fund resulting from the payment of those fees from bond proceeds. • Sanitary Sewer shows six months of payment to the Metropolitan Council because fees must be paid prior to the beginning of a month. Therefore, payments for service through June show in the payments to date. Other Expenses are also above the nominal 58.33% because of the recording of bond issuance fees offset by additional Miscellaneous Revenues • Storm Sewer shows the full payment of watershed membership fees for 2010 in Other Expenses. • Both the Street Light Fund and Recycling Fund are operating within the nominal parameters for 30 June 2010. Enterprise Funds At BC Liquor, sales in all categories are down slightly from a year ago. With a higher level of operating transfers expected from the Fund in 2010 to assist in the Capital Building Maintenance program, net income is lower at this point than in 2009. The Golf Course revenues are lower at this point than at the same point in 2009 and expenses are higher. The resulting operating deficit continues to delay work on capital improvements. While gross revenue are up at the Earle Brown Heritage Center through the first half of 2010, thanks largely to the catering revenues, the direct cost of sales used in producing those revenues is also higher. Net income, though, holds steady. Investments In order to obtain greater than the 1/5 of 1% return on Money Market investments currently available, investments are being made and monitored in FHLB and FHLMC agency securities. However, these turn over quickly because of the callable provisions on these investments. Therefore, we often have $ 2,000,000 or more in the Wells Fargo Trust account waiting for close of sale on investments at any given time. Staff is considering a shift in money market investment dollars from the Wells Fargo Trust to the 4M Plus Fund. City of Brooklyn Center General Fund Income Statement Year to Date for e month ended 31 July nominal % = 58.33% 2010 YTD Actual at %°of Budget YTD Actual at % of Budget Budget::: 7/31/2010 Received 713112009 Received REVENUES: amended Taxes 12,750;022 6,316,235 49..54% 5,949,575 47.51 Licenses 2961937 146,803 49.44%0; 121,995 52.63% Permits 4141000'; 200,499 48.43% 196,305 39.30% Intergovernmental 1,139,;587 260,967 22.90%'; 567,577 39.81 Charges for Service 878,562.' 615,006 70.00% 715,590 99.44% Fines 345;000' 196,537 56.97%, 176,849 59.75% Interest 1001000, 7,622 7.62%° 20,847 11.27% Miscellaneous 65,47 86,615 13230%! 32,159 23.74% TOTAL REVENUES: 35,9$9;57$ 7,830,284 4$:97% 7,780,897 48.58% 20'10 YTD Actual at % of Budget : YTD Actual at % of Budget Budget 7/31/2010 Used 713112009 Used EXPENDITURES: arrxended ayor and Council 79,133 60.86%. 85,009 65.20% amity Manager 272,8b7 160,467 58.82% 149,788 56.17% City Clerk 2.60,26.5 = 130,880 52.30% 112,519 48.41% Finance 482,632 273,554 56.68% 264,480 54.53% Legal 401 600:, 155,835 38.80%. 196,739 52.46% Human Resources 276,087 156,308 56.63%; 142,716 52.26% Information Technology 378,364.; 214,716 5635% 182,518 51.55% General Buildings & Grounds 748,717 ; 453,108 60.52% 408,908 53.45% Police 6;625y374 3,691,640 55.72%' 3,526,993 54.89% Fire 942,217 445,427 47.27% 356,061 39.47% Emergency Management 95;577 59,476 62.23% 37,855 44.46% Business & Development 446, 73 ' 216,317 48.47%; 257,663 54.89% Inspections & Code Enforcement 421,102 51.92%' 328,824 39.98% Public Works Administration 541304 374,502 69.19%' 332,552 58.25% Street Maintenance 1,459 157 742,221 50.87% 711,936 49.17% Social Services BD,938 58,854 72.71%! 51,730 73.05% CARS Administration 188,613 108,805 57:69% 102,555 55.05% Recreation Programs and Facilities 1,258,148 713,441 56.71%' 706,071 56.29% Parks Maintenance & Forestry 03191 1,880 497,497 52.93%' 474,763 52.38% Convention & Tourism 361,250 ' 113,251 31.3.5% 90,388 26.05% Other Expenses and Transfers (700,654); (147,219) 21.01% (83,861) 23.72% TOTAL EXPENDITURES: 15,989;578 8,919,315 55.78% 8,436,207 52.67% ET OPERATIONS: - (1,089,031) (655,310) City of Brooklyn Center Economic Development Authority Year to Date for the month ended 31 July nominal % = 58.33% Budget YTD Actual at %° of Budget YTD Actual at % of Budget 2610 7/31/2010 :Received 713112009 Received REVENUES: Transfers from HRA Levy 349,745 - 0.00°l0 - 0.00% Other Income 15,000. 2,534 16..89% 14,595 35.60% TOTAL REVENUES: 364,745 '' 2,534 0.69% 14,595 3.42% Budget YTD Actual at %of Budget YTD Actual at % of Budget 2010:. 7/31/2010 Used 713112009 Used EXPENDITURES: Personnel 215,295`: 122,731 57.01% 112,482 53.51% Supplies 1,668 91 5.46% 22 0.45% Professional Services 35,000' 9,393 2684% 47,371 135.35% Operational Services 40,106 " 27,990 69.79% 31,750 80.30% Transfers 87,035. 41,617 47.82%o- 34,659 46.94% . JTAL EXPENDITURES: 379,104: 201,822 53.24%, 226,284 62.26% NET INCOME: (14,359) (199,288) (211,689) City of Brooklyn Center Utility e Statements Year to Date for the month ended 31 July nominal % = 58.33 WATER FUND Budget YTD Actual at %° of Budget YTD Actual at % of Budget 2010 7/31/2010 Received 713112009 Received REVENUES: Water Sales 2 1041B,2277 1,001,170 48.88%i 960,325 50.32% Miscellaneous 20,00Q 6,086 30.43% 7,134 15.41 TOTAL REVENUES: 2,Q68,227 1,007,256 48.70% 967,459 49.49% Budget YTD Actual at % of Budget YTD Actual at % of Budget 2010 .. 7/31/2010 Used 7131/2009 Used EXPENDITURES: amended Operating Expenses 745,951 382,961 5134% 424,861 55.38% Utilities 158,100 59,237 37.479/` 85,857 54.75% Other Expenses 229,696 143,430 64.70%! 208,728 109.39% Transfers 81.,40$ 41,501 50.98% 33,765 58.33% Bond Interest& Fees Payment 60,938 6,562 10.77%` - 0.00% Depreciation 637,90D 321,219 50.36% 347,771 53.93% TOTAL EXPENDITURES: 1,'905,993 954,910 50.101% 1,100,982 60.58% NET INCOME: 162,234 52,346 (133,523) SE ER FU17 Budget YTD Actual at % of Budget YTD Actual at % of Budget 2010 7/31/2010 Received 713112009 Received REVENUES: Sewer Collection/Treatment Charges 3,280,497 ' 1,559,378 47.53%' 1,451,907 45.23% Miscellaneous 2$,000' 45,483 162.44%, 51,731 77.79% TOTAL REVENUES: 3,308497 1,604,861 48.51%: 1,503,638 45.89% Budget',.: YTD Actual at %of.Budget YTD Actual at % of Budget 2010 7/31/2010 Used 713112009 Used EXPENDITURES: Operating Expenses 443,450 184,274 41.55% 182,315 40.61 Met Council Contractual Services 2,075,475 ' 1,426,232 68.72 0/6! 1,334,388 69.59% Other Expenses 631676 39,899 62.66% 28,118 44.88% Transfers 71,145 41,501 5833%0 33,765 58.33% Bond Interest Payment 20,313 2,188 10.77%; - 0.00% ')epreciation 577,600 340,765 59.006/6' 320,897 55.53% TOTAL EXPENDITURES: 31251,659 1 27034,859 62.58%' 1,899,483 61.98% NET INCOME: -- 56,838 (429,998) 1 (395,845) City of Brooklyn enter Utility n e Statements Year to Date for the month ended I 1 nominal % = 58.33% STORM SEWER D Budget YTD Actual at % of Budget YTD Actual at % of Budget 201fJ 7/31/2010 Received 7/31/2009 Received REVENUES: Storm Drainage Fees 1,581,554', 764,852 48:36% 695,931 45.65% Miscellaneous 24,000 16,397 68':32%; 22,281 58.63% TOTAL REVENUES: 1,605,554,: 781,249 48'_66% 718,212 45.97% Budget YTD Actual at % of Budget YTD Actual at % of Budget 201:0 7/3112010 Used 713112009 Used EXPENDITURES: amended Operating Expenses 273,1951: 86,028 31..49°l0 93,853 44.92% Other Expenses 88;287 : 62,057 70.29°!° 61,826 63.53% Transfers 171,145 99,834 58.339/6 92,098 58.33% Depreciation 901,375 517,211 57.38% 500,763 59.73% OTAL EXPENDITURES: 1,434,002 765,130 53.36%/ 748,5461 57.47% NET INCOME: 1;71,552 16,119 (30,328) STREET-LIGHT FUND Budget YTD Actual at %° of Budget YTD Actual at % of Budget 2010 7/31/2010 Received 713112009 Received REVENUES: Street Light Charge 259,426 123,376 47.56%0! 112,322 44.99% Miscellaneous 1,000 2,786 27':8.60% 3,006 40.08% TOTAL REVENUES: 260,426 126,162 48.44%; 115,328 44.85% 'Budget YTD Actual at % of Budget ' YTD Actual at % of Budget 2010 7/31/2010 Used 713112009 Used EXPENDITURES: Operating Expenses 19,075 1,500 7.86%i 4,890 27.63% Other Expenses 16,59Z' 2,943 17.73% 1,017 52.15% Transfers 15,660' 9,135 58.33%. 9,072 58.33% Utilities 1!80,000 78,798 43.78% 86,499 50.28% Depreciation - 3,247 0.00% 3,247 0.00% TOTAL EXPENDITURES: 231,332T-- 31;332 95,623 41.34% 104,7251 50.53% NET INCOME: 29,094 1 30,539 10,603 City f Brooklyn Center Utility s Income Statements Year to ate for the month ended July nominal % = 58.33% RECYCLING FUND Budget YTD Actual at % of Budget YTD Actual at % of Budget 2010 7/31/2010 Received 713112009 Received REVENUES: Recycling Services Fee 284,242 127,363 44.81%: 120,254 44.93% Miscellaneous - 4,590 100.00% 4,232 4232.00% TOTAL REVENUES: 2$4,242- 131,953 46.42% 124,486 46.49% Budget YTD Actual at % of Budget YTD Actual at % of Budget 2.010, 7/31/2010 Used 713112009 Used EXPENDITURES: Operating Expenses 90 QAO% - 0.00% Other Expenses 5,027 3,293 65.51% 4,926 56.16% Recycling Program Fee 252,400; 150,314 59.55% 147,220 60.25% Transfers 15,660` 9,135 58.33% 9,072 58.33% JTAL EXPENDITURES: X73,087! 162,832 59.63% 161,218 1 60.01 NET INCOME: -11,155 (30,879) (36,732) City of r Center Enterprise Funds Income Statements Year to Date for the month ended u 1 nominal % = 58.33% BC LIQUOR Budget YTD Actual at % of Budget ; YTD Actual at % of Budget 2010 7/31/2010 Received 713112009 Received REVENUES: Sales 5,543,500 3,065,589 55.30% 3,143,532 57.16% Less: Cost of Goods Sold 4,042,040 2,219,692 54.92% 2,286,533 56.40% Operating Revenue: 1,501,460 : 845,897 56.349/6 856,999 59.27% Budget YTD Actual at %° of Budget YTD Actual at % of Budget 2010 7/31/2010 Used 713112009 Used EXPENDITURES: Personnel 612,882 358,005 5841% 359,984 54.80% Supplies 74,792 8,452 11.30% 12,045 16.93% Rent 289,140 168,086 56.13% 155,798 64.02% Utilities 40,500 20,787 51.33% 21,128 56.34% Other Expenses 177,360 98,287 55.42%` 93,159 52.16% Transfers 208,690 42,985 20.60% 31,235 9.79% ;preciation 27,600 10,539 38.18% 15,376 58.02% Operating Expenditures: 1,430,964 707,141 49.42% 688,725 44.93% Other Income/(Expenditure) 18,850 4,658 24.71% 8,490 31.10% Capital Expenditures F - 10,301 - NET INCOME: 89,346 133,113 176,764 City of Brooklyn Center Enterprise s Income tats eats Year to Date for the month ended 31 July 1 nominal % = 58.33% CE TER ROOK Budget YTD Actual at % of Budget , YTD Actual at % of Budget GOLF COURSE 2010 7/31/2010 Received 713112009 Received REVENUES: Greens Fees 207,000 123,326 59.58% 134,197 63.00% Lessons 1,750 1,424 87.37% 1,604 106.93% Concessions 471500 26,006 5475% 39,131 88.93% Merchandise 16,000 ' 7,864 49.15% 10,006 64.55% Less: Cost of Goods Sold 26,000 12,883 49.55°/, 24,061 100.25% Operating Revenue: F2'46,250 ' 145,737 5918% 160,877 64.35% Budget YTD Actual at % of Budget YTD Actual at % of Budget 2010 7/31/2010 Used 713112009 Used EXPENDITURES: -�rsonnel 133,123 ! 88,340 66.36% 84,060 58.87% -jpplies 21;050 7,833 37.21% 9,939 41.76% Other Expenses 78j881 8 45,072 57.13% 41,265 54.59% Transfers 81400 12,470 148145% 5,469 58.34% Depreciation 29,600 16,441 55.54% 16,441 54.99% Operating Expenditures: 271,061 170,156 F 62.77% 157,174 55.84% Other Income/(Expenditure) - - 0.00% 22 2.20% NET INCOME: (24,811) (24,419) 3,725 Capital Outlay 27,000 - 0.00% 1,342 7.25% City of Brooklyn Center Enterprise s Income Statements Year to tot for the month ended July 2010 I nominal% = 58.33% EARLS BROWN Budget YTD Actual at % of.Budget YTD Actual at % of Budget HERITAGE CENTER 2010 7/31/2010 Received 713112009 Received REVENUES: Convention Center 1,016,300 557,584 54.86% 586,367 57.21% Catering Services 2,645,802 1,488,917 56;270/o 1,411,780 45.48% Office Rentals 25,680 14,980 58.33% 14,980 18.49% Less: Direct Cost of Sales 1,826,803: 11059,253 57.98% 1,017,406 49.11% Operating Revenue: 1,860,979 1,002,228 53:85% 995,721 46.56% Budget YTD Actual at % of Budget YTD Actual at % of Budget 2010 7/31/2010 Used 713112009 Used EXPENDITURES: Personnel 960,250 486,417 50:669/6 527,699 54.71% ,pplies 165,122 : 69,014 4180% 73,691 45.63% _dlities 251,304 111,284 44:28% 97,599 36.52% Other Expenses 491,697 273,995 55:72%, 243,345 50.29% Transfers 274,256 43,316 15.79% 39,667 14.80% Depreciation 651,625 366,839 56.30%. 364,192 73.93% Operating Expenditures: 2,794,254 1,350,865 48.34% 1,346,193 51.04% Other Income/(Expenditure) 9,000 1,321 14.68% 4,616 16.49% NET INCOME: (924,275) (347,316) (345,856) City of Brooklyn Center Investment Securities Inventory through 3f July 2OfD Coupon Type 07/51/2010 Type - of Investment Purchase Maturity |ntevaoL Purchase Par Subtotal Market Subtotal -irity No. Date Date Rate Price Value at Par Value at Market CD VQB3 08/15/2008 08/16/2010 42000/'o 86.000.00 SO.UOO-OU 95.14304 CD PK88 08/27/2008 08/27/2010 4500Y6 96.00000 SO.00OOO 90.26208 CD PJG5 09/17/2008 09/17/2010 4.000% 36.000.00 SOOOOOO 96.440.84 CD RFVV2 09/25/2000 09/24/2010 4000Y6 96.000.00 86.00000 96.50784 CD UMKO 1001/2008 10/01/2010 4.150% 86.000.00 96.000�00 36.59808 CD TKB8 11/28/2008 10/28/2010 4100% 96,000.00 96.00000 90.84192 CID QF58 09/19/2008 03/21/2011 430096 96000.00 86.000.00 98.290.56 FNMA MSRO 05/27/2010 05/27/2015 2750Y6 1.500.00000 1.500.000-00 1.502.34000 FHLMC 9456 04/29/2010 1029/2815 3.000Y6 8.000.000-00 3.000.000.00 3.019.860.00 FMLMC 9YR5 02/25/2010 02/25/2016 2.35096 1.939.500.00 2.000.000.00 2.020.660.00 $ 5.000.000.80 $ 5.040.520u0 TOTAL 7.172.000.00 7.219.94418 Wells Fargo Trust MM Cash Balance 8,046,711.98 8,046,71 1.98 0.0420% TOTAL held by Wells Fargo Trust 15.218.711.98 15.268.05614 Additional Investments: 4N Fund 0.02% 6.351.759.76 6`351.78375 4M Plus Fund 0-09Y6 1959944404 19589444.04 Total Investment Portfolio at 07/31/2010 $ 41,169,895.78 $ 41 217 0J9.S4 Key to Abbreviations CD Marketable certificate ufdeposit FML8 Federal Home Loan Bank(e government agency security) FMLMC Federal Home Loan Mortgage Corporation(a government agency security) FNMA Federal National Mortgage Association(a government agency security) 4M Minnesota Municipal Money Market Fund (a cooperative government money market pool administered through the League ofMinneaotE MM Money Market(interest bearing account for transitional dollars held by investment trustee) ;:\Investments\2010 Monthly Investment���*w*10