B. First Quarter 2009 Financial Report & Contingency Plan
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190.
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
1591 Park Road
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110 .
Web Site
WWN.ci .chanhassen. mn .us
B
......-
MEMORANDUM
TO:
Mayor &City Council Members
Greg Sticha, Finance Director r; f ~
FROM:
DATE:
~lA a'
~~
April 13, 2009
SUBJ:
First Quarter 2009 Budget Review & Financial Update
BACKGROUND
In an effort to keep the City Council informed on the financial status of the City,
staff will present quarterly updates on the budget, investments, and any other
key financial information. As this is our first quarterly update, please let staff
know if there is additional information you would like to see included in future
reports.
2009 Bud2et
As you are all well aware, we are projecting that revenues in the General Fund
will be considerably lower than the 2009 adopted budget, due mostly to the
downturn in development and related permit revenue. Attached is information
related to the history of permit revenues from the last three years as well as
where we are currently in 2009. Staff projects that we will be approximately
$700,000 short on permit revenues in 2009.
Since the first of the year, staff has been preparing for the potential revenue
shortfall. We have been gathering ideas from all departments and discussing
ways to either generate new revenues for the General Fund or ways to cut
expenditures. At this point, we are confident that we will be able to gap the
shortfall with the ideas we have generated so far. Some of the reductions in
expenses will have no effect on city service levels, while others could result in a
small reduction in service levels in some areas. Other ideas call for the use of
funds that are going to be closed or one-time use of cash reserves.
The largest source to cover the shortfall is to use approximately $250,000 in
closed bond/TIF funds. These funds would normally have been targeted for the
revolving assessment construction fund. In addition, we were able to under-
spend the 2008 Capital Replacement Fund Equipment purchases by
approximately $90,000. Staff feels those under-spent capital purchases could be
used for the 2009 shortfall rather than accumulate more reserves in that fund.
We are also planning on achieving savings on our fuel consumption of about
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
Mayor & City Council
April 13, 2009
Page 2
$50,000 in 2009. These amounts would account for over $400,000 of our
potential shortfall. The remaining ideas being considered require more staff
review for feasibility and/or are much smaller in individual dollar amounts.
Investments
Attached is a summary of the city's investments, and on Monday we will briefly
go over the information to answer any questions you may have regarding the
city's investments.
The current total portfolio value is just over $37 million. Based on an analysis
done by one of our brokers (Wells Fargo), the portfolio is positioned extremely
well for the current rate environment. The average life of the portfolio is just
over one year, which is recommended by the GFOA. With the current rate
environment, it is a good idea to keep the portfolio positioned short (where it is
right now), in the hope rates will recover in the near future and then put the
portfolio into some more attractive maturities.
The average yield in the portfolio for the first quarter of 2009 is 3.27%, which is
actually a very attractive rate of return in the current environment. There are a
number of other indicators and information about the portfolio included in the
summary, and I will be happy.to answer any of your questions at the meeting.
ATTACHMENTS
1. Permit Revenue Historical Information
2. Investment Portfolio Summary
3. Budget vs. Actual Revenue & Expense General Fund
o.i Total Dollar Amount
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General Ledger
Revenue - Budget vs Actual
Period 01 - 03
Fiscal Year 2009 - 2009
2009 2009 2009 2009
Account DescriDtion Budget Actual $ Uncollected % Uncollected
General Property Tax
3010 Current Property Tax 7,173,500.00 7,173,500.00 100.00
3002 Allowance for Delinquent Taxes (270,000.00) (270,000.00) 100.00
3011 Delinquent Property Tax 100,000.00 100,000.00 100.00
3041 Homestead & Ag Credit
3090 Other Property Taxes
3500 Local Government Aid
Total General Property Tax $ 7,003,500.00 $ $ 7,003,500.00 100.00%
Licenses
3203 Dog Kennel 800.00 391.50 408.50 51.06
3205 Dog or Cat 6,000.00 2,692.00 3,308.00 55.13
3213 Solicitor 500.00 75.00 425.00 85.00
3226 Liquor On/Off Sale 84,000.00 89,564.00 (5,564.00) (6.62)
3230 Rental Housing Licenses 30,000.00 4,700.00 25,300.00 84.33
3284 Rubbish 5,000.00 600.00 4,400.00 88.00
Total Licenses $ 126,300.00 $ 98,022.50 $ 28,277.50 22.39%
Permits
3301 Building 725,000.00 64,503.90 660,496.10 91.10
3302 Plan Check 330,000.00 34,589.02 295,410.98 89.52
3305 Heating & AlC 120,000.00 15,290.13 104,709.87 87.26
3306 Plumbing 95,000.00 10,569.67 84,430.33 88.87
3307 Trenching 30,000.00 698.50 29,301.50 97.67
3308 Gun 1,000.00 1,000.00 100.00
3309 Sprinkler 14,000.00 7,128.01 6,871.99 49.09
3311 Sign 7,500.00 740.00 6,760.00 90.13
3320 Stable 300.00 10.00 290.00 96.67
3331 Firework's Application Fee
3390 Misc Permits 2,000.00 110.00 1,890.00 94.50
Total Permits $ 1,324,800.00 $ 133,639.23 $ 1,191,160.77 89.91 %
Fines & Penalties
3401 Traffic & Ordinance Violation 150,000.00 10,890.95 139,109.05 92.74
3402 Vehicle Lockouts 2,500.00 600.00 1,900.00 76.00
3404 Dog/Cat Impound 6,000.00 957.45 5,042.55 84.04
3405 Other Fines & Penalties
Total Fines & Penalties $ 158,500.00 $ 12,448.40 $ 146,051.60 92.15%
Intergovernmental Revenue
3503 School District Reimbursement 25,000.00 25,000.00 100.00
3509 Other Shared Taxes 160,000.00 160,000.00 100.00
3510 Grants-State 80,000.00 80,000.00 100.00
Total Intergovernmental Revenue $ 265,000.00 $ $ 265,000.00 100.00%
Page 1 of 2
General Ledger
Revenue - Budget vs Actual
Period 01 - 03
Fiscal Year 2009 - 2009
2009 2009 2009 2009
Account Descriotion Budget Actual $ Uncollected % Uncollected
Charges for Current Services
3601 Sale of Documents 1,000.00 1,553.01 (553.01 ) (55.30)
3602 Use & Variance Permits 22,000.00 4,330.00 17,670.00 80.32
3603 Rezoning Fees 2,000.00 2,000.00 100.00
3604 Assessment Searches 500.00 120.00 380.00 76.00
3605 Plat Recording Fees 7,000.00 1,050.00 5,950.00 85.00
3607 Election Filing Fees
3613 Misc-General Government 5,000.00 629.11 4,370.89 87.42
3614 Admin Charge-2% Const 25,000.00 25,000.00 100.00
3615 Admin Charge-5% Street Re-Const 24,000.00 24,000.00 100.00
3617 Engineering General
3619 Investment Management Fee 75,000.00 75,000.00 100.00
3629 Misc-Public Safety 6,000.00 300.00 5,700.00 95.00
3630 Recreation Program Fees 40,000.00 6,267.10 33,732.90 84.33
3631 Recreation Center 196,000.00 59,565.03 136,434.97 (87.58)
3633 Park Equipment Rental 200.00 200.00 100.00
3634 Park Facility Usage Fee 14,000.00 1,939.02 12,060.98 86.15
3635 Watercraft Rental 4,000.00 4,000.00 100.00
3636 Self-Supporting Programs 105,000.00 15,889.93 89,110.07 84.87
3637 Senior Programs 28,000.00 4,758.95 23,241.05 83.00
3638 Food Concessions 12,000.00 304.09 11,695.91 97.47
3639 Misc-Park & Rec 800.00 145.53 654.47 81.81
3641 Youth Sport Donation
3649 Misc-Public Works 5,000.00 5,000.00 100.00
3651 Merchandise Sales 1,500.00 40.00 1,460.00 97.33
3670 Internment Fee 50.00 (50.00)
Total Current Services $ 574,000.00 $ 96,941.77 $ 477,058.23 83.11 %
Other Revenue
3801 Interest Earnings 200,000.00 200,000.00 100.00
3802 Equipment Rental & Sale 135,000.00 28,946.92 106,053.08 78.56
3803 Building Rental 4,000.00 1,370.00 2,630.00 65.75
3804 Land Sale 800.00 (800.00)
3807 Donations 20,500.00 11,675.00 8,825.00 43.05
3808 Ins Recoveries & Reimbursements 5,000.00 5,000.00 100.00
3816 SAC Retainer 5,000.00 100.00 4,900.00 98.00
3818 Sur-Tax Retainer 1,000.00 66.35 933.65 93.37
3820 Misc Other Revenue 1,000.00 1,000.00 100.00
3829 Interest/Penalties-Other 500.00 500.00 100.00
3901 Contributed Assets
3903 Refunds/Reimbursements 35,000.00 9,477.09 25,522.91 72.92
3910 Misc Revenue
3980 Cash Over/Short 0.10 (0.10)
Total Other Revenue $ 407,000.00 $ 52,435.46 $ 354,564.54 87.12%
Grand Total $ 9,859,100.00 $ 393,487.36 $ 9,465,612.64 96.01 %
Page 2 of 2
General Ledger
Expense - Budget vs Actual
Period 01 - 03
Fiscal Year 2009 - 2009
2009 2009 2009 2009
Description Budget Actual Dollars Unspent % Unspent
City Council 122,900.00 23,858.09 99,041.91 80.59
Administration 462,100.00 99,886.35 362,213.65 78.38
Finance 290,600.00 62,527.36 228,072.64 78.48
Legal 168,000.00 19,293.41 148,706.59 88.52
Property Assessment 110,000.00 5,350.55 104,649.45 95.14
Management Information Systems 299,200.00 75,180.67 224,019.33 74.87
City Hall Maintenance 420,100.00 337,565.62 82,534.38 19.65
Elections 27,900.00 27,900.00 100.00
Library Building 137,200.00 28,156.32 109,043.68 79.48
General Government $ 2,038,000.00 $ 651,818.37 $ 1,386,181.63 68.02%
Police/Carver Co Contract 1,625,100.00 19,963.14 1,605,136.86 98.77
Fire Prevention & Admin 675,200.00 91,525.42 583,674.58 86.44
Code Enforcement 721,100.00 153,463.89 567,636.11 78.72
Animal Control 74,700.00 13,087.49 61,612.51 82.48
Law Enforcement $ 3,096,100.00 $ 278,039.94 $ 2,818,060.06 91.02%
Engineering 563,500.00 122,444.40 441,055.60 78.27
Street Maintenance 801,100.00 185,567.02 615,532.98 76.84
Street Lighting & Signals 328,400.00 80,354.81 248,045.19 75.53
City Garage 534,500.00 85,783.61 448,716.39 83.95
Public Works $ 2,227,500.00 $ 474,149.84 $ 1,753,350.16 78.71%
Planning Commission 4,200.00 1,319.78 2,880.22 68.58
Planning Administration 403,500.00 93,960.62 309,539.38 76.71
Senior Facility Commission 37,800.00 4,988.05 32,811.95 86.80
Community Development $ 445,500.00 $ 100,268.45 $ 345,231.55 77 .49%
Park Commission 2,200.00 210.07 1,989.93 90.45
Park Administration 135,600.00 29,271.34 106,328.66 78.41
Recreation Center 315,600.00 69,706.43 245,893.57 77.91
Lake Ann Park 80,300.00 2,369.91 77,930.09 97.05
Park Maintenance 880,900.00 150,343.66 730,556.34 82.93
Senior Citizens Center 69,300.00 13,252.35 56,047.65 80.88
Recreation Programs 290,500.00 51,846.93 238,653.07 82.15
Self-Supporting Programs 85,600.00 14,722.36 70,877.64 82.80
Park & Recreation $ 1,860,000.00 $ 331,723.05 $ 1,528,276.95 82.17%
Grand Total $ 9,667,100.00 $ 1,835,999.65 $ 7,831,100.35 81.01%