March 2014 General Fund city of
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Executive Summary For Action
Golden Valley City Council Meeting
May 6, 2014
Agenda Item
Receipt of March 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 March 2014, the City of Golden Valley uses $2,222,327 of fund balance to balance the
General Fund Budget.
Attachments
• March 2014 General Fund Financial Reports - (2 pages)
• March 2014 Conservation/Recycling Fund (1 page)
• March 2014 Water and Sewer Utility Fund (1 page)
• March 2014 Brookview Golf Course (1 page)
• March 2014 Motor Vehicle Licensing (1 page)
• March 2014 Storm Utility Fund (1 page)
• March 2014 Equipment Replacement Fund (1 page)
Recommended Action
Motion to receive and file the March 2014 Financial Reports.
City of Golden Valley
Monthly Budget Report-General Fund Revenues
March, 2014
Percentage Of Year Completed 25.00%
Over %
2014 March YTD (Under) of Budget
Type Budget Actual Actual Budget Received
Ad Valorem Taxes $12,358,005 0 0 ($12,358,005) 0.00% (1)
Licenses 210,785 22,875 53,426 ($157,359) 25.35%
Permits 725,000 101,444 390,708 ($334,292) 53.89%
Federal Grants 31,205 0 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 45,050 416 1,317 ($43,733) 2.92%
Public Safety 163,870 12,702 33,626 ($130,244) 20.52%
Public Works 141,000 13,036 26,920 ($114,080) 19.09%
Park& Rec 525,270 46,494 83,303 ($441,967) 15.86%
Other Funds 981,500 54,108 165,857 ($815,643) 16.90%
Fines&Forfeitures 320,000 29,919 51,325 ($268,675) 16.04%
Interest On Investments 100,000 0 0 ($100,000) 0.00% (3)
Miscellaneous Revenue 227,200 16,898 46,761 ($180,439) 20.58%
Transfers In 100,000 8,333 25,000 ($75,000) 25.00% (4)
TOTAL Revenue $16,184,275 $306,225 $886,230 ($15,298,045) 5.48%
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
March 2014 (unaudited)
Over %
2014 March YTD (Under) Of Budget
Division Budqet Actual Actual Budget Expend.
oo� Council $294,840 13,428 61,551 ($233,289) 20.88%
003 City Manager 762,980 43,899 131,164 (631,816) 17.19%
ooa Transfers Out 294,710 0 0 (294,710) 0.00% (1)
005 Admin. Services 1,676,280 147,345 297,209 (1,379,071) 17.73%
oos Legal 135,000 8,953 17,058 (117,942) 12.64% (2)
oo� Risk Management 300,000 396 5,008 (294,992) 1.67°/a
011 General Gov't. Bldgs. 556,990 50,568 106,246 (450,744) 19.08%
o�s Community Development 997,740 71,540 205,073 (792,667) 20.55%
022 Police 5,202,175 388,213 1,090,781 (4,111,394) 20.97%
023 Fire 1,200,190 86,259 265,616 (934,574) 22.13%
035 Public Works Admin. 334,315 26,695 74,856 (259,459) 22.39%
036 Engineering 691,880 45,273 109,183 (582,697) 15.78%
037 Streets 1,429,410 98,589 357,485 (1,071,925) 25.01%
os5 Community Center 74,100 4,091 10,780 (63,320) 14.55%
066 Park& Rec. Admin. 679,345 51,809 145,607 (533,738) 21.43%
os� Park Maintenance 1,051,490 69,614 185,498 (865,992) 17.64%
068 Recreation Programs 502 830 10 738 45,442 (457,388) 9.04%
TOTAL Expenditures $16 184 275 $1 117 410 $3,108,557 ($13,075,718) 19.21%
(1)This transfer will be made in June, 2014.
(2) Legal services are through February.