Item Coversheet

8.A.2.


Shakopee City Council
November 17, 2020

FROM:Nathan Reinhardt, Finance Director
TO:Mayor and Council Members
Subject:
Monthly Finance Review - October 2020
Policy/Action Requested:
Review of October 2020 General Fund revenues and expenditures, and the Community Center, Ice Arena and SandVenture year-over-year comparison.  Additionally, included is a COVID-19 revenue impact report through October 2020.
Recommendation:
Information Only
Discussion:

General Fund - October 2020 (See attachment)

 

Revenue Variances (+/- 10% of 83% target)

  • Property taxes will remain below the targeted amount until the city receives the 2nd half tax settlement.
  • Special assessments is a negative amount due to payments to Republic Services for delinquent garbage assessments.  The account will be negative until special assessments are collected.
  • Licenses and permits will exceed budget as a result of building permit revenues.
  • Intergovernmental revenues exceed the budgeted target as a result of Federal Cares Act Relief Funding.
  • Charges for services are below budget due to the Community Center/Ice Arena/SandVenture closures.
  • Miscellaneous revenues are ahead as a result of investment income

 

Expenditures Variances (+/- 10% of 83% target)

  • In total, departmental expenditures are within the normal range and similar to last year's percentage through October.
  • Mayor & Council is currently exceed the targeted amount as a result of the final payment and installation of the Reverend Pond statute.
  • City Clerk is exceeding the budgeted amounts due to elections.
  • Planning and development is exceeding the targeted amount as a result of small business grants from CARES Act funds.
  • Fire is exceeding the targeted amount as a result of the implementation of the 24-7 staffing model.
  • Fleet is currently exceeding the targeted amount as a result of fuel system repairs and maintenance and public works personnel cost.
  • Recreation expenditures are down as a result of COVID-19 related programming reductions.

 

Community Center/Ice Arena/Sand Venture - October 2020 (See attachment)

 

SandVenture - Did not open in 2020

 

Community Center - Revenues are significantly behind in terms of budget targets and comparison to the previous year, as a result of operations being closed and impacted by COVID-19.

 

Ice Arena - Revenues are behind in terms of budget targets, but exceed revenues at this point last year. 

 

COVID-19 Financial Impact (See attachment)

An additional revenue summary (not eligible for reimbursement) has been provided.

Budget Impact:
ATTACHMENTS:
Description
October 2020 Monthly Financial Report
October 2020 Recreation Facilities Year-to-Year Comparison
COVID-19 Revenue Analysis
October Financial Report - Budget Amendments - CRF Funds