Memorandum. Village of Carpentersville Fund Financial Performance Summary As of August 31, Fund Number Revenue Expenditure Net

Transcription

1 Memorandum To: J Mark Rooney, Village Manager From: Hitesh Desai, Finance Director Katrina Hanna, Assistant Finance Director Subject: August 2017 Monthly Staff and Financial Report Date: September 22, 2017 Please find attached the unaudited financial statements for the fiscal period ended August 31, A summary by fund for total revenues, expenditures/expenses, and fund balances is as follows: Fund Financial Performance Summary Fund Number Revenue Expenditure Net Fund Balance, net of Capital Cash & Investment Balance Fund Name General Fund ,603,917 18,067,250 1,536,668 10,616,823 6,069,213 Escrow Fund , ,157 Debt Service Fund 030 1,577, , ,528 1,872,584 1,871,487 Strengthening Families Fund ,799 12,560 7,239 94,320 94,490 Water and Sewer Fund 100 5,863,657 4,629,376 1,234,281 8,390,741 9,880,657 Capital Equipment Replacement Fund , ,065 (114,778) 435, ,546 Capital Projects Fund ,626 1,841,340 (1,302,714) 7,304,542 7,447,822 Veterans Garden Fund ,519 3,518 Motor Fuel Tax Fund , , ,956 1,090,515 1,006,872 SSA # 1 Newport Cove ,751 6,166 12,586 7,358 7,358 SSA # 2 Oak Meadows ,822 2,822 SSA # 3 Keele Farms 703-2,190 (2,190) 37,299 37,299 SSA # 21 White Oaks 721 2,279 1, ,855 9,855 TIF # 1 Spring Hill Mall ,548 35, , , ,704 TIF # 3 Route ,855 59, ,404 (6,728,941) * - TIF # 4 Spring Hill Mall Redevelopment ,313 (797) (1,363) ** - TIF #5 Old Town , ,343 (777,844) 2,187,640 2,043,866 Foreign Fire Tax Board ,779 (24,773) 21,987 21,987 Park Trust Fund (Restricted) ,737 14,615 20, , ,085 Insurance Fund 998 2,979,624 2,932,116 47, ,485 46,359 Total $ 32,557,643 $ 30,243,531 $ 2,314,113 $ 27,176,562 30,218,097 This summary does not include Police and Fire Pension Funds * Entire amount is recognized as an advance from the General Fund. This loan will be repaid as the fund begins receiving revenues. ** Entire amount is recognized as an advance from TIF #1. This loan will be repaid as the fund begins receiving revenues. YTD i

2 Included above are the balances for the year ending as of August 31, 2017 for both fund and cash balances. Of these two amounts, cash balance is the more meaningful metric since this represents liquid cash and/or invested assets which may be used (or easily sold) to support and fund current operations. While ending fund balance is also an important measurement of the Village s financial health, it usually includes illiquid assets or future cash receipts or disbursements such as receivables (including property tax) due to the Village and accounts payable/accrued expenses., the General Fund is reporting a cash and investment balance of $6,069,213. The majority of the difference between fund balance and cash balance is a long-term receivable of roughly $2.4 million from TIF #3 Fund and a little over $2.8 million receivable from the State of Illinois for various tax disbursements. to actual for revenues are 63.8% while expenditures are 59.0% compared to target level of 66.7%. Kane County made the first few property tax disbursements in May through August, while the rest of property tax is received in September. This is one of the main reasons for revenues approximating the budgeted target. Some of other major revenues like Sales Tax, Income Tax, and Telecommunication Tax include estimates because of the time lag in disbursements from the State. General Fund Restricted fund balance for Asset Forfeiture $160, General Fund Assigned fund balance from Video Gaming revenues (for Community Improvements) $81, In January 2017, Video Gaming transferred $100,000 to the CIP Fund for matching funds Keith Andres Park IEPA 319 Grant. The Fund Balance assigned to Video Gaming will continue to increase during the year, as revenues are received. Both of the above items require specific, approved expenditures in order to be drawn upon. The majority of the cash balance in the Capital Projects fund is set aside for current and future bond related projects. Finance anticipates receiving more invoices in the upcoming months for some of the major infrastructure projects. The entire cash balance in the Park Trust Fund is held in Trust. This Fund was established through an endowment which requires minimum annual distributions per IRS rules and regulations. Attached is to Reports for all the funds including General, Water/Sewer, CERF, and Capital Projects Funds. Please note that these balances could change as a result of the annual audit process. If there are any questions on the attached report, please contact me by phone at ( ) or by hdesai@cville.org. ii

3 General Fund YTD * Property Tax 11,128,933 11,104,190 11,499,793 6,165, % (1) Property Tax - Fire Protection Dist 820, , , , % Income Tax 3,600,000 3,668,994 3,924,000 2,787, % Sales Tax - Municipal 3,152,000 3,542,989 3,390,000 2,319, % Sales Tax - Home Rule 4,248,000 4,750,148 4,470,000 3,056, % Utility Tax 1,440,000 1,509,812 1,560,000 1,074, % State Use Tax 725, , , , % Telecommunication Tax 468, , , , % Personal Property Replacement Tax 145, , , , % Video Gaming Tax 50, , , , % Cable Franchise Fees 420, , , , % License Fees - Business and Liquor 85, ,350 85,350 20, % License Fees - Rental 166, , , , % Permit Fees - Building 203, , ,000 77, % Permit Fees - Electrical 30,556 58,854 56,646 60, % Permit Fees - Plumbing 36,604 12,150 29,945 8, % Permit Fees - Other 57,604 28,050 39,250 37, % Public Service Fee % Fines and Forfeitures 233, , , , % Charges for Service 1,627,930 1,962,376 1,938,114 1,471, % Intergovernmental - 1,724-11, % Rent 81,578 87,082 87,828 74, % Other 44, ,408 61,605 79, % Interest Income 9,600 19,245 13,000 22, % Sale of Equipment % Interfund Transfers In 93,714 71,544 86,378 3, % (2) Total 28,867,828 30,829,285 30,711,106 19,603, % Legislative 270, , , , % Administration 610, , , , % Financial Operations 523, , , , % I.T. 447, , , , % General Services 4,077,750 3,924,923 4,268,982 2,474, % Public Buildings 337, , , , % Parks 212, , , , % Streets 2,257,852 2,257,051 2,554,057 1,382, % Vehicle Maintenance 863, , , , % Community Development 1,199,037 1,271,247 1,345, , % Police and Fire Commission 36,890 17,904 45,390 14, % Police 11,496,738 11,191,385 11,692,907 7,010, % Fire 6,474,102 6,443,764 6,677,970 4,008, % ESDA 3,850 2,422 3,950 2, % Page 1 of 14

4 YTD * Transfer to Debt Service Fund 259, , ,536 80, % (3) Transfer to Capital Projects Fund 1,200,000 1,200, , , % (4) Transfer to CERF Fund 400, , , , % Transfer to MFT Fund 500, , % Transfer to Insurance Fund 300, , % Total 31,470,811 30,496,503 30,614,046 18,067, % Net Surplus (Deficit) (2,602,983) 332,782 97,060 1,536,668 Beginning Fund Balance 8,747,373 9,080,155 Ending Fund Balance 9,080,155 10,616,823 (1) The first property tax distribution occured in May (2) These transfers will occur in December (3) The remainder of the transfer will occur in December (4) Keith Andres IEPA 319 Matching/paid from Video Gaming Page 2 of 14

5 Water and Sewer Fund Charges for Service - Water 4,033,010 4,284,908 3,979,820 2,864, % Charges for Service - Sewer 3,883,341 4,002,570 3,687,829 2,674, % Service Fees and Penalties 272, , , , % Capital Grants and Contributions - 691, % Rent 41,475 73,566 42,204 75, % Other 180 2, , % Interest Income 8,600 14,447 27,700 67, % Total 8,239,301 9,347,382 7,988,653 5,863, % Finance and General Services 729, , , , % Water Facilities 1,643,447 1,580,541 1,667, , % Sewer 1,636,850 1,638,547 1,747,735 1,053, % Underground 1,177,300 1,045,299 1,141, , % Capital Vehicles & Equipment 701, , , , % Engineering, Construction, and Improvements 467, ,521 2,559,325 38, % Depreciation and Assets Capitalized - 1,735, % Debt Service Principal 1,268,530-1,269, , % (1) Interest 556, , , , % (1) Issuance Costs 13,710 13, % Agent Fees 4,280 2,976 2, % Total 8,198,700 7,862,532 9,879,472 4,629, % Net Surplus (Deficit) 40,601 1,484,850 (1,890,819) 1,234,281 Beginning Fund Balance 40,497,776 41,982,626 Ending Fund Balance 41,982,626 43,216,906 Less Investment in Capital Assets (34,826,165) (34,826,165) Available Fund Balance 7,156,461 8,390,741 YTD * (1) Debt service payments are made in January and July/June and December (GO Bonds), April and October (IEPA) Page 3 of 14

6 Capital Equipment Replacement Fund Telecommunication Tax 144, , ,000 92, % Bulletproof Vest Grant 1,000 10,004 5, % Federal Grants 69,091 69, % Interest Income 1,200 2,129 1,700 2, % Sale of Equipment - 19,651 10,000 43, % Interfund Transfers In 400, , , , % Total 615, , , , % I.T. 120, , ,500 25, % Public Buildings 124, , ,000 70, % Parks ,000 58, % Public Works 262, , , , % Police 114,240 88,954 97,176 15, % Fire 326, , , , % Total 947, ,426 1,059, , % Net Surplus (Deficit) (332,467) (215,161) (298,124) (114,778) Beginning Fund Balance 765, ,951 Ending Fund Balance 549, ,174 YTD * Page 4 of 14

7 Capital Projects Fund State Grants 92, % Federal Grants 517, , , , % Reimbursements 36, % Interest Income 9,000 45,726 13,000 49, % Miscellaneous Income % Transfers In 1,380,000 1,380, , , % (1) Total 2,034,777 1,955, , , % Engineering and Professional 2,270, ,827 3,213, , % Construction 2,104,916 1,316,132 3,863, , % ROW Acquisition 829, , , , % Total 5,204,870 2,028,599 8,034,608 1,841, % Net Surplus (Deficit) (3,170,093) (72,831) (7,681,608) (1,302,714) Beginning Fund Balance 8,680,087 8,607,256 Ending Fund Balance 8,607,256 7,304,542 (1) Keith Andres IEPA 319 Matching/paid from Video Gaming YTD * Page 5 of 14

8 Escrow Fund YTD * Interest Income % Total % Public Works % Transfer to Capital Projects 180, , % 180, , % Net Surplus (Deficit) (179,900) (179,755) Beginning Fund Balance 210,040 30,285 Ending Fund Balance 30,285 31,051 Debt Service Fund Property Tax 2,111,014 2,124,715 1,900,000 1,027, % (1) Local MFT 200, , , , % (2) Impound Fees 10,000 42,500 15,000 24, % (3) Interest Rebate 287, , , , % Interest Income 1,000 6,331 5,000 7, % Bond Proceeds 4,640,420 4,640, % Transfers In 635, , , , % Total 7,886,130 8,035,075 3,043,198 1,577, % Principal 1,445,040 1,445,040 1,373, % (5) Interest 1,589,680 1,496,481 1,435, , % (5) Issuance Costs 25,545 25, % Agent Fees 5,375 5,024 3,500 1, % Payment to Escrow Agent 4,705,790 4,705, % Transfer to General Fund % 7,771,430 7,677,878 2,813, , % Net Surplus (Deficit) 114, , , ,528 Beginning Fund Balance 679,859 1,037,056 Ending Fund Balance 1,037,056 1,872,584 (1) The first property tax distribution occured in May (2) Payments are received quarterly. The payment for 1st Quarter was in April (3) Impound Fees are making a steady comeback and are above budget (4) The remaining transfers will occur in December (5) Debt service payments are made in June and December YTD * Page 6 of 14

9 Strengthening Families Fund YTD * Contributions 13,334 24,445 26,667 19, % Interest % Total 13,344 24,469 26,693 19, % Strengthening Families 14,537 12,293 17,637 12, % Net Surplus (Deficit) (1,193) 12,176 9,056 7,239 Beginning Fund Balance 74,905 87,081 Ending Fund Balance 87,081 94,320 Veteran's Garden Fund Contributions % Interest % Total 62 1, % Community Development , % Transfers ,000 49, % ,000 49, % Net Surplus (Deficit) (378) 574 (51,906) (48,371) Beginning Fund Balance 51,316 51,890 Ending Fund Balance 51,890 3,519 YTD * Page 7 of 14

10 Motor Fuel Tax Fund MFT Allotments 900, , , , % MFT High Growth 40,000 43,480 40, % Federal Grants 200, , % Interest Income 1,500 2,611 2,440 3, % Interfund Transfer In 500, , % Total 1,641,500 1,642, , , % Public Works 635, , , , % Capital Outlay 700, , ,000 50, % Transfer 376, , , , % Total 1,711,950 1,436,761 1,110, , % Net Surplus (Deficit) (70,450) 206,021 (128,447) 329,956 Beginning Fund Balance 554, ,559 Ending Fund Balance 760,559 1,090,515 YTD * Page 8 of 14

11 SSA #1 Newport Cove YTD * Property Tax 13,700 13,658 35,000 18, % (1) Public Works 31,855 31,853 18,400 6, % Net Surplus (Deficit) (18,155) (18,195) 16,600 12,586 Beginning Fund Balance 12,967 (5,228) Ending Fund Balance (5,228) 7,358 SSA #2 Oak Meadows YTD * Property Tax 1, , % (1) Public Works 1, , % Net Surplus (Deficit) Beginning Fund Balance 2,417 2,664 Ending Fund Balance 2,664 2,822 Page 9 of 14

12 SSA #3 Keele Farms YTD * Property Tax 5,000 4, % Public Works 7,000 4,380 20,000 2, % Net Surplus (Deficit) (2,000) 606 (20,000) (2,190) Beginning Fund Balance 38,883 39,489 Ending Fund Balance 39,489 37,299 SSA #21 White Oaks YTD * Property Tax 4,500 4,494 4,500 2, % (1) Public Works 7,765 7,764 10,000 1, % Net Surplus (Deficit) (3,265) (3,269) (5,500) 814 Beginning Fund Balance 12,310 9,041 Ending Fund Balance 9,041 9,855 (1) The first property tax distribution occured in May Page 10 of 14

13 TIF #1 Spring Hill YTD * Property Tax 550, , , , % (1) Interest Income 3,000 4,635 1,500 2, % Total 553, , , , % Community Development 118,200 12,182 2,300 35, % Capital Outlay , % Transfer to General Fund 23,280 11,551 16, % Transfer to TIF#5 3,300,000 3,300, , % (2) Total 3,441,480 3,323, ,476 35, % Net Surplus (Deficit) (2,888,480) (2,698,334) (59,976) 275,550 Beginning Fund Balance 2,966, ,517 Ending Fund Balance 268, ,067 TIF #3 Route 25 Property Tax 20, , , , % (1) Community Development 4,319,363 4,316,403 1,100 3, % Capital Outlay 605, ,579 30,000 56, % Transfer to General Fund 23,280 11,551 33, % Total 4,947,643 4,891,533 64,651 59, % Net Surplus (Deficit) (4,927,643) (4,741,770) 400, ,404 Beginning Fund Balance (2,222,575) (6,964,345) Ending Fund Balance (6,964,345) (6,728,941) (1) The first property tax distribution occured in May (2) This transfer will occur after the majority of property tax is received YTD * Page 11 of 14

14 TIF #4 Spring Hill Mall Rehab Property Tax % Community Development ,100 1, % Net Surplus (Deficit) (892) (566) (775) (797) Beginning Fund Balance - (566) Ending Fund Balance (566) (1,363) TIF #5 Route Old Town Property Tax , % (1) State Grants - 163, % Reimbursement 111, , % Interest Income - 3,901 2,400 10, % Transfer from Veteran's Garden ,000 49, % Transfer from TIF #1 3,300,000 3,300, , % (2) Transfer from Park Trust ,000 10, % Total 3,411,624 3,579, , , % Community Development - 7,352 21,100 2, % Capital Outlay 1,983, ,173 4,061, , % Transfer to General Fund 34,655 34,654 33, % Total 2,018, ,178 4,116, , % Net Surplus (Deficit) 1,393,306 2,968,085 (3,567,623) (780,445) Beginning Fund Balance - 2,968,085 Ending Fund Balance 2,968,085 2,187,640 (1) The first property tax distribution occured in May (2) This transfer will occur after the majority of property tax is received YTD * YTD * Page 12 of 14

15 Foreign Fire Tax Board Fund YTD * Foreign Fire 26,400 33,070 26, % (1) Interest Income % Total 26,408 33,078 26, % Fire 22,650 22,047 14,600 19, % Capital Outlay 7,000 6,023 11,800 5, % Total 29,650 28,070 26,400 24, % Net Surplus (Deficit) (3,242) 5,008 9 (24,773) Beginning Fund Balance 41,752 46,760 Ending Fund Balance 46,760 21,987 Park Trust Fund (Restricted) YTD * Interest Income 5,457 2,944 Gain/Loss on Investment (1,872) 31,793 Park Trust Income 13,787 - Total 17,371 34,737 Investment Fees 2,088 1,488 Transfers 13,787 13,127 Total 15,875 14,615 Net Surplus (Deficit) 1,496 20,122 Beginning Fund Balance 302, ,963 Ending Fund Balance 303, ,085 (1) This revenue is generally received in the last quarter of the year Page 13 of 14

16 Insurance Fund YTD * Employee Contributions 333, , , , % Cobra Reimbursement 360, , , , % PSEBA Reimbursement 3,895 4,286 4,834 2, % Reimbursement - General Fund 3,014,269 3,011,037 3,184,993 2,123, % Reimbursement - W/S Fund 578, , , , % Transfer from General Fund 300, , % Total 4,589,778 4,512,952 4,433,855 2,979, % Health Insurance Employee 3,080,571 3,065,103 3,252,847 2,068, % Cobra 360, , , , % PSEBA 32,108 32,695 34,222 19, % Opt-out 14,000 14,067 8,000 7, % (1) Contractual Services 10,300 13,742 12,800 8, % Risk Management Insurance Claims 250,000 (51,960) 250, , % Professional Services , % Liability Insurance Premium 492, , , , % (2) Worker's Comp Premium 85,700 85,635 91,000 69, % (2) Total 4,324,679 3,922,781 4,429,869 2,932, % Net Surplus (Deficit) 265, ,172 3,986 47,508 Beginning Fund Balance 294, ,977 Ending Fund Balance 884, ,485 (1) Opt-out payments are made to employees on a quarterly basis. (2) amounts less than budget due to favorable bid process. Page 14 of 14