Item Coversheet

9.A.1.


Shakopee City Council
October 18, 2022

FROM:Nate Reinhardt, Finance Director
TO:Mayor and Council Members
Subject:
Monthly Financial Review - September 2022
Policy/Action Requested:
Review of September 2022 General Fund revenues and expenditures, and Community Center, Ice Arena and SandVenture year-over-year comparison.
Recommendation:
Information only
Discussion:

General Fund - September 2022 (see attachment)

 

Revenue variances (+/-10% of 75.0% target)

  • Taxes will remain below the budget target amount until the 2nd half property taxes are received in December.
  • Special Assessments are currently negative as a result of recent assessments of refuse bills.  These amounts will be recovered through the assessment process.
  • Licenses and permits are exceeding the budget amount and ahead of last year, primarily as a result of building permit revenue.
  • Intergovernmental is currently ahead of budget targets as a result of an increase in Municipal State Aid for street maintenance (allocation of gasoline tax).
  • Miscellaneous includes investment earnings, with rising rates in 2022 the City currently has a large unrealized loss which is not reflected.  This adjustment occurs at year-end.

 

Expenditure variances (+/-10% of 75.0% target)

  • Total General Fund expenditures are within the normal range and similar to last year's percentage through September.
  • The Planning and Development department is currently exceeding the target percentage as a result of the Entertainment EAW.  These expenditures will be reimbursed by the developer.
  • The Building Inspection department is currently exceeding the target percentage as a result of credit card fees related to building permit revenue and annual software costs.
  • Engineering expenditures are currently under budget targets as a result of vacancies and allocated wages to projects.
  • Unallocated expenditures are currently under budget targets as a result of budgeted contingency funds.

 

Community Center/Ice Arena/SandVenture - September 2022 (see attachment)

 

SandVenture

  • SandVenture completed the year with $239k in total revenues, exceeding the budget of $189k.

 

Community Center -

  • Revenues are ahead of the previous year and are currently at 66% percent of budgeted annual revenues.

 

Ice Arena 

  • Revenues are similar to last year and are currently at 58 percent of budgeted annual revenues.

 

Quarterly Investment Portfolio Report - Q3, 2022 

 

The 3rd quarter investment portfolio report was not yet available.  The report will be provided with the October monthly financial report.

Budget Impact:
N/A
ATTACHMENTS:
Description
September 2022 Monthly Financial Report
September 2022 Recreation Facilities Year-to-Year Comparison