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Finance D►epartment
763-593-8013/763-593-8109(fax)
Executive Summary For Action
Golden Valley City Council Meeting
April 1, 2014
Agenda Item
Receipt of February 2014 Financial Reports
Prepared By
Sue Virnig, Finance Director
Summary
The monthly financial report provides a progress report of the following funds:
General Fund Operations
Conservation/Recycling Fund (Enterprise Fund)
Water and Sewer Utility Fund (Enterprise Fund)
Brookview Golf Course (Enterprise Fund)
Motor Vehicle Licensing (Enterprise Fund)
Storm Utility Fund (Enterprise Fund)
Equipment Replacement Fund (Capital Projects Fund)
General Fund Operations:
As of February 2014, the City of Golden Valley uses $1,431,142 of fund balance to balance the
General Fund Budget.
Attachments
• February 2014 General Fund Financial Reports - (2 pages)
• February 2014 Conservation/Recycling Fund (1 page)
• February 2014 Water and Sewer Utility Fund (1 page)
• February 2014 Brookview Golf Course (1 page)
• February 2014 Motor Vehicle Licensing (1 page)
• February 2014 Storm Utility Fund (1 page)
• February 2014 Equipment Replacement Fund (1 page)
Recommended Action
Motion to receive and file the February 2014 Financial Reports.
City of Golden Valley
Monthly Budget Report-General Fund Revenues
February, 2014
Percentage Of Year Completed 16.67%
Over %
2014 February YTD (Under) of Budget
Type Budqet Actual Actual Budget Received
Ad Valorem Taxes $12,358,005 0 0 ($12,358,005) 0.00% (1)
Licenses 210,785 21,761 30,551 ($180,234) 14.49%
Permits 725,000 104,149 289,262 ($435,738) 39.90%
Federal Grants 31,205 7,500 7,500 ($23,705) 24.03%
State Aid 255,390 0 487 ($254,903) 0.19% (2)
Hennepin County Aid 0 0 0 $0
Charges For Services:
General Government 45,050 748 901 ($44,149) 2.00%
Public Safety 163,870 16,013 20,924 ($142,946) 12.77%
Public Works 141,000 12,227 13,884 ($127,116) 9.85%
Park & Rec 525,270 20,118 36,809 ($488,461) 7.01%
Other Funds 981,500 58,290 111,748 ($869,752) 11.39%
Fines & Forfeitures 320,000 21,406 21,406 ($298,594) 6.69%
Interest On Investments 100,000 0 0 ($100,000) 0.00% (3)
Miscellaneous Revenue 227,200 14,305 29,863 ($197,337) 13.14%
Transfers In 100 000 8 333 16 666 ($83,334) 16.67% (4)
TOTAL Revenue $16,184,275 $284,850 $580,001 ($15,604,274) 3.58%
Notes:
(1) Payments are received in July, December, and January.
(2) Police Training will be paid in August. Safe and Sober is billed on time spent.
(3) Investment income is allocated at year end.
(4)Transfers are monthly.
City of Golden Valley
Monthly Budget Report- General Fund Expenditures
February 2014 (unaudited)
Over %
2014 February YTD (Under) Of Budget
Division Budqet Actual Actual Budget Expend.
oo� Council $294,840 27,649 48,122 ($246,718) 16.32%
003 City Manager 762,980 49,498 87,264 (675,716) 11.44%
ooa Transfers Out 294,710 0 0 (294,710) 0.00% (1)
005 Admin. Services 1,676,280 64,571 149,864 (1,526,416) 8.94%
oos Legal 135,000 8,105 8,105 (126,895) 6.00% (2)
007 Risk Management 300,000 1,233 4,612 (295,388) 1.54%
011 General Gov't. Bldgs. 556,990 50,589 55,678 (501,312) 10.00%
0�6 Community Development 997,740 75,171 133,532 (864,208) 13.38%
022 Police 5,202,175 382,484 722,568 (4,479,607) 13.89%
023 Fire 1,200,190 84,314 179,357 (1,020,833) 14.94%
035 Public Works Admin. 334,315 26,446 48,443 (285,872) 14.49%
o3s Engineering 691,880 41,845 63,910 (627,970) 9.24%
037 Streets 1,429,410 127,428 258,614 (1,170,796) 18.09%
os5 Community Center 74,100 4,229 6,688 (67,412) 9.03%
066 Park& Rec. Admin. 679,345 48,100 93,798 (585,547) 13.81%
os� Park Maintenance 1,051,490 60,184 115,884 (935,606) 11.02%
068 Recreation Programs 502,830 20,465 34,704 (468,126) 6.90%
TOTAL Expenditures $16 184,275 $1,072,311 $2 011,143 ($14,173,132) 12.43%
(1) This transfer will be made in June, 2014.
(2) Legal services are through January.