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10-23-2023
Council Conference Meeting October 23, 2023 5:00 PM Moore Lake Park-5:00 pm & Fridley City Hall-6:30 pm Agenda 1.Moore Lake Park Project Tour 2.2024 Budget Discussion Utility Budgets/Rates 3.Finance Update September 2023 Year-to-Date Upon request, accommodation will be provided to allow individuals with disabilities to participate in any City of Fridley services, programs, or activities. Hearing impaired persons who need an interpreter or other persons who require auxiliary aids should contact the City at (763) 571-3450. 2 Jufn!2/ AGENDA REPORT Meeting Date:October 23,2023 Meeting Type:City CouncilConference Meeting Submitted By:James Kosluchar, Director of Public Worksand Engineering Mike Maher, Parks and Recreation Director Jeff Jensen, Public Works Manager Nic Schmidt, Engineering Project Manager Title Moore Lake Park Project Tour Background On October 23,2023 at 5:00 PM, City staff and our project construction manager Kraus-Anderson will host a tour of the Moore Lake Park Project. The tour will be led by Public Works staff and Parks and Recreation staff, along with John Nordby of Kraus-Anderson. Council should wear comfortable clothing for the weather and conditions. Construction footwear will not be required and the City will provide hard hats and vests for the Council. City Council may park in the new parking lot off the Gardena/Central Avenue roundabout. We appreciate your feedback and responding to any questions you have regarding the construction or improvements. Financial Impact There is no financial impact related to the tour. Recommendation We request the City Council attend the tour. Focus on Fridley Strategic Alignment X Vibrant Neighborhoods &PlacesCommunity Identity &Relationship Building Financial Stability & Commercial Prosperity X Public Safety & Environmental Stewardship X Organizational Excellence Attachments and Other Resources None Vision Statement We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses. 3 Jufn!3/ AGENDA REPORT Meeting Date:October 23, 2023 Meeting Type:City Council Conference Meeting Submitted By:Joe Starks, Finance Director/City Treasurer Title 2024Budget Discussion Utility Budgets/Rates Background A presentationand discussion will be had regarding the 2024Proposed Utility Budgets/Rates. Focus on Fridley Strategic Alignment Vibrant Neighborhoods &PlacesCommunity Identity &Relationship Building X Financial Stability & Commercial ProsperityPublic Safety & Environmental Stewardship X Organizational Excellence Attachments and Other Resources Proposed 2024-2028 CIP Tables Utility Funds Utility Funds CIP by Department Summary 2024 Proposed Utility Budget Summaries 2024 Utility Funds Detailed Budget Vision Statement We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses. 4 Jufn!3/ WATER UTILITY FUND 2024 Capital Investment Program Budget and 2025 through 2028 Plan Funding Sources and Expenditure Projections 20242025202620272028 Fund No. 601BudgetProjectionProjectionProjectionProjectionTotal Funding Sources Water Utility Fees$ 4,681,200$ 4,821,600$ 4,966,200$ 5,115,200$ 5,268,700$ 24,852,900 Interest on Investments 55,500 56,600 57,700 58,900 60,100 288,800 American Rescue Funds 230,000 - - - - 230,000 - Total Funding Sources$ 4,966,700$ 4,878,200$ 5,023,900$ 5,174,100$ 5,328,800$ 25,371,700 Non-Capital Expenses Operating Expenses $ 2,376,700$ 2,448,000$ 2,521,400$ 2,597,000$ 2,674,900$ 12,618,000 Debt Service 332,300 331,000 330,200 329,200 329,200 1,651,900 Depreciation 1,020,100 1,025,200 1,030,300 1,035,500 1,040,700 5,151,800 Interfund Loan 581,400 583,400 589,400 422,000 422,000 2,598,200 Subtotal Non-capital Expenses$ 4,310,500$ 4,387,600$ 4,471,300$ 4,383,700$ 4,466,800$ 22,019,900 Capital Plan Expenses Subtotal Capital Plan Expenses$ 2,355,000$ 1,635,000$ 4,446,000$ 931,000$ 2,550,000$ 11,917,000 Total Expenses$ 6,665,500$ 6,022,600$ 8,917,300$ 5,314,700$ 7,016,800$ 33,936,900 Surplus (deficiency) of funding sources over (under) Expenses$ 656,200 $ 490,600 $ 552,600 $ 790,400 $ 862,000 $ 3,351,800 Estimated Beginning Fund Balance 16,081,763 16,737,963 17,228,563 17,781,163 18,571,563 86,401,015 Projects Carried Forward from Prior Years - - - - - $ 17,228,563$ 17,781,163$ 18,571,563$ 19,433,563$ 89,752,815 Estimated Ending Fund Balance$ 16,737,963 Cash Balance Floor (6 months Operating/DS/Capital)3,773,4006,626,3002,980,7004,495,2204,495,220 Cash Ending Balance7,020,5176,901,3174,038,2174,933,1174,285,817 Difference3,247,117275,0171,057,517437,897(209,403) Funding Sources To Be Determined/Capital Project Contingent$ -$ -$ 802,000 $ 443,500 $ -$ 1,245,500 Total Funding Sources$ -$ - $ 802,000$ 443,500$ -$ 1,245,500 Capital Plan Provisional$ -$ -$ 802,000$ 443,500 $ -$ 1,245,500 Total Expenditures$ -$ -$ 802,000$ 443,500$ -$ 1,245,500 5 Jufn!3/ SANITARY SEWER UTILITY FUND 2024 Capital Investment Program Budget and 2025 through 2028 Plan Funding Sources and Expenditure Projections 20242025202620272028 Fund No. 602BudgetProjectionProjectionProjectionProjectionTotal Funding Sources Sanitary Sewer Utility Fees$ 6,910,600$ 7,532,600$ 8,210,500$ 8,949,400$ 9,754,800$ 41,357,900 Interest on Investments 36,100 36,800 36,800 37,500 37,500 184,700 American Rescue Funds 1,100,000 - - - - 1,100,000 Total Funding Sources$ 8,046,700$ 7,569,400$ 8,247,300$ 8,986,900$ 9,792,300$ 42,642,600 Non-Capital Expenses Operating Expenses$ 1,043,800$ 1,075,100$ 1,107,400$ 1,140,600$ 1,174,800$ 5,541,700 Sewer Service Charge 5,469,800 5,688,600 5,916,100 6,152,700 6,398,800 29,626,000 Depreciation 415,000 417,100 419,200 421,300 423,400 2,096,000 Interfund Loan 42,600 46,800 45,800 - - 135,200 Subtotal Non-capital Expenses$ 6,971,200$ 7,227,600$ 7,488,500$ 7,714,600$ 7,997,000$ 37,398,900 Capital Expenses Subtotal Capital Plan Expenses$ 1,602,000$ 1,227,000$ 679,000$ 1,389,000$ 994,000$ 5,891,000 Total Expenses$ 8,573,200$ 8,454,600$ 8,167,500$ 9,103,600$ 8,991,000$ 43,289,900 Surplus (deficiency) of funding sources over (under) expenses$ 1,075,500$ 341,800 $ 758,800 $ 1,272,300$ 1,795,300$ 5,243,700 Estimated Beginning Fund Balance 10,211,273 11,286,773 11,628,573 12,387,373 13,659,673 59,173,665 Projects Carried Forward from Prior Years - Estimated Ending Fund Balance$ 11,286,773$ 11,628,573$ 12,387,373$ 13,659,673$ 15,454,973$ 64,417,365 Cash Balance Floor (6 months Operating/DS/Capital)4,608,8504,190,7505,035,6504,694,9704,694,970 Cash Ending Balance3,487,8073,019,7073,518,7073,823,3075,048,007 Difference(1,121,043)(1,171,043)(1,516,943)(871,663)353,037 6 Jufn!3/ STORM WATER UTILITY FUND 2024 Capital Investment Program Budget and 2025 through 2028 Plan Funding Sources and Expenditure Projections 20242025202620272028 Fund No. 603BudgetProjectionProjectionProjectionProjectionTotal Funding Sources Storm Water Utility Fees$ 2,102,200$ 2,312,400$ 2,381,800$ 2,453,300$ 2,526,900$ 11,776,600 Special Assessments 500 500 600 600 600 2,800 Interest on Investments 36,000 36,700 36,700 37,400 37,400 184,200 $ 11,963,600 Total Funding Sources$ 2,138,700$ 2,349,600$ 2,419,100$ 2,491,300$ 2,564,900 Non-Capital Expenses Operating Expenses$ 1,105,500$ 1,138,700$ 1,172,900$ 1,208,100$ 1,244,300$ 5,869,500 Depreciation 410,000 412,100 414,200 416,300 418,400 2,071,000 Interfund Loan 37,000 36,300 30,500 - - 103,800 Subtotal Operating Expenses$ 1,552,500$ 1,587,100$ 1,617,600$ 1,624,400$ 1,662,700$ 8,044,300 Capital Expenses Subtotal Capital Plan Expenses$ 1,153,500$ 1,586,000$ 2,056,000$ 1,011,500$ 1,213,000$ 7,020,000 Total Expenses$ 2,706,000$ 3,173,100$ 3,673,600$ 2,635,900$ 2,875,700$ 15,064,300 Surplus (deficiency) of funding sources over (under) Expenses$ 586,200 $ 762,500 $ 801,500 $ 866,900 $ 902,200 $ 3,919,300 Estimated Beginning Fund Balance 12,189,349 12,775,549 13,538,049 14,339,549 15,206,449 68,048,945 Projects Carried Forward from Prior Years 532,500 - - - - Estimated Ending Fund Balance$ 12,775,549$ 13,538,049$ 14,339,549$ 15,206,449$ 16,108,649$ 71,968,245 Cash Balance Floor (6 months Operating/DS/Capital)2,691,6503,172,9502,115,5502,335,1502,511,710 Cash Ending Balance 3,304,652 2,893,252 2,052,952 2,324,652 2,432,252 Difference 613,002 (279,698) (62,598) (10,498) (79,458) 7 8 Jufn!3/ --- - - - - 90,500 230,000 920,800 402,900 (755,100) 4,676,200 2,183,100 2,245,000 2024 4,996,7005,751,800 Budget 12,544,661 $ $ $ $ $ - - - - - - - 54,400 871,800 614,500 297,400 564,300 4,544,900 2,189,300 1,291,000 5,213,8004,649,500 2023 13,299,761 Budget $ $ $ $ $ $ - - - - - 7,229 1,680 17,550 857,650312,043 649,143 (194,100) 653,197 4,543,604 1,903,930 2022 Actual 4,375,9633,722,766 15,236,661 $ $ $ $ $ $ --- - - - - - 33,100 29,300 834,300 251,400 4,432,700 1,980,800 1,370,000 2022 4,465,8004,436,500 Budget 11,538,701 $ $ $ $ $ $ - - - - - - 4,5782,700 2,936 759,389251,350506,415 4,663,743 1,930,392 2021 Actual 4,673,9573,447,546 1,226,411 14,088,901 $ $ $ $ $ $ -------- 44,000 796,700 218,010 (203,030) 4,032,8001,900,1201,365,000 2021 4,076,8004,279,8309,755,792 Budget $ $ $ $ $ $ Water Utility (601)Public Works (60)Administration, Operations and Capital (1) 42 - Special Assessments44 - Intergovernmental45 - Charges for Services46 - Fines and Forfeitures47 - Miscellaneous48 - Proprietary Revenue49 - Other Financing Sources Total Revenues 50 - Cost of Goods Sold61 - Personnel Services62 - Supplies63 - Other Services & Charges70 - Capital Outlay80 - Debt Service99 - Other Financing Uses Total Expenditures Fund: Department: Division: RevenuesExpenditures Net Fund Balance SupportedFund Balance 9 Jufn!3/ - - - - - - - - - - - - - - 913,700 913,700 (913,700) 2024 Budget $ $ $ $ $ ------- - - - - - - - 1,210,200 2023 1,210,200 Budget (1,210,200) $ $ $ $ $ - - - - - - - - - - - - - - 154,668 154,668 (154,668) 2022 Actual $ $ $ $ $ ------------ - - 1,209,500 2022 1,209,500 Budget (1,209,500) $ $ $ $ $ - - - - - - - - - - - - - - 185,746 185,746 (185,746) 2021 Actual $ $ $ $ $ ------------- - 1,218,000 2021 1,218,000 Budget (1,218,000) $ $ $ $ $ Water Utility (601)Public Works (65)Debt Service 42 - Special Assessments44 - Intergovernmental45 - Charges for Services46 - Fines and Forfeitures47 - Miscellaneous48 - Proprietary Revenue49 - Other Financing Sources Total Revenues 50 - Cost of Goods Sold61 - Personnel Services62 - Supplies63 - Other Services & Charges70 - Capital Outlay80 - Debt Service99 - Other Financing Uses Total Expenditures Fund: Department: Division: RevenuesExpenditures Net Fund Balance Supported : Jufn!3/ - - - - - - - 36,100 60,500 540,800 (483,900) 1,100,000 6,910,600 6,404,300 1,525,000 2024 8,046,7008,530,6007,786,373 Budget $ $ $ $ $ $ --- - - - - 51,500 550,000 131,100 481,500 883,000 (344,800) 6,613,000 6,222,900 2023 7,294,1007,638,9008,270,273 Budget $ $ $ $ $ $ - - - - - - - 72,153 (76,635) 437,015 547,348 542,543 325,864 6,639,735 5,732,873 2022 Actual 7,110,4486,784,5849,541,473 $ $ $ $ $ $ ------ - 26,40041,500 520,000 462,400 575,000 282,900 6,492,0005,676,600 2022 7,038,4006,755,5008,340,965 Budget $ $ $ $ $ $ - - - - - - - 9,750 61,690 (14,197) 409,877712,338 (181,366) 6,325,190 5,318,204 2021 Actual 6,320,7436,502,1098,677,265 $ $ $ $ $ $ -------- 29,50039,500 441,500 6,233,4005,288,7101,710,000 2021 6,262,9007,479,7108,603,732 Budget (1,216,810) $ $ $ $ $ $ Sanitary Sewer Utility (602)Public Works (60)Administration, Operations and Capital (2) 42 - Special Assessments44 - Intergovernmental45 - Charges for Services46 - Fines and Forfeitures47 - Miscellaneous48 - Proprietary Revenue49 - Other Financing Sources Total Revenues 50 - Cost of Goods Sold61 - Personnel Services62 - Supplies63 - Other Services & Charges70 - Capital Outlay80 - Debt Service99 - Other Financing Uses Total Expenditures Fund: Department: Division: RevenuesExpenditures Net Fund Balance SupportedFund Balance 21 Jufn!3/ - - - - - - - - - - - - - - 42,600 42,600 (42,600) 2024 Budget $ $ $ $ $ ------- - - - - - - - 43,400 43,400 (43,400) 2023 Budget $ $ $ $ $ - - - - - - - - - - - - - - 4,200 4,200 (4,200) 2022 Actual $ $ $ $ $ ------------ - - 44,200 44,200 (44,200) 2022 Budget $ $ $ $ $ - - - - - - - - - - - - - - 6,729 6,729 (6,729) 2021 Actual $ $ $ $ $ ------------- - 42,480 42,480 (42,480) 2021 Budget $ $ $ $ $ Sanitary Sewer Utility (602)Public Works (65)Debt Service 42 - Special Assessments44 - Intergovernmental45 - Charges for Services46 - Fines and Forfeitures47 - Miscellaneous48 - Proprietary Revenue49 - Other Financing Sources Total Revenues 50 - Cost of Goods Sold61 - Personnel Services62 - Supplies63 - Other Services & Charges70 - Capital Outlay80 - Debt Service99 - Other Financing Uses Total Expenditures Fund: Department: Division: RevenuesExpenditures Net Fund Balance Supported 22 Jufn!3/ - - - - - - - 500 36,000 40,200 747,300 587,500 (567,400) 2,102,100 1,331,000 2024 2,138,6002,706,0009,934,949 Budget $ $ $ $ $ $ --- - - - 500 94,90033,700 180,000 631,100 471,000 (435,700) 1,909,300 1,484,600 2023 2,184,7002,620,400 Budget 10,502,349 $ $ $ $ $ $ - - - - - - 238 28,048 (35,435) 532,588 791,330 907,508 702,177 353,159 1,767,347 2022 Actual 2,523,4802,170,321 11,441,649 $ $ $ $ $ $ ----- - 500 25,80041,200 31,800 480,000 601,100 300,000 1,735,7001,267,900 2022 2,242,0002,210,200 Budget 10,093,210 $ $ $ $ $ $ - - - - - - 880 21,538 (12,855)41,125 275,449514,467773,610512,933 1,600,199 2021 Actual 1,863,6731,822,548 10,389,410 $ $ $ $ $ $ ------- 500 16,40018,700 522,300 939,670 1,525,7001,333,000 2021 1,542,6002,813,6709,866,676 Budget (1,271,070) $ $ $ $ $ $ Storm Water Utility (603)Public Works (60)Administration, Operations and Capital (3) 42 - Special Assessments44 - Intergovernmental45 - Charges for Services46 - Fines and Forfeitures47 - Miscellaneous48 - Proprietary Revenue49 - Other Financing Sources Total Revenues 50 - Cost of Goods Sold61 - Personnel Services62 - Supplies63 - Other Services & Charges70 - Capital Outlay80 - Debt Service99 - Other Financing Uses Total Expenditures Fund: Department: Division: RevenuesExpenditures Net Fund Balance SupportedFund Balance 23 Jufn!3/ - - - - - - - - - - - - - - 37,000 37,000 (37,000) 2024 Budget $ $ $ $ $ ------- - - - - - - - 32,600 32,600 (32,600) 2023 Budget $ $ $ $ $ - - - - - - - - - - - - - - 3,100 3,100 (3,100) 2022 Actual $ $ $ $ $ ------------ - - 28,000 28,000 (28,000) 2022 Budget $ $ $ $ $ - - - - - - - - - - - - - - 4,982 4,982 (4,982) 2021 Actual $ $ $ $ $ ------------- - 35,590 35,590 (35,590) 2021 Budget $ $ $ $ $ Storm Water Utility (603)Public Works (65)Debt Service (30) 42 - Special Assessments44 - Intergovernmental45 - Charges for Services46 - Fines and Forfeitures47 - Miscellaneous48 - Proprietary Revenue49 - Other Financing Sources Total Revenues 50 - Cost of Goods Sold61 - Personnel Services62 - Supplies63 - Other Services & Charges70 - Capital Outlay80 - Debt Service99 - Other Financing Uses Total Expenditures Fund: Department: Division: RevenuesExpenditures Net Fund Balance Supported 24 Jufn!3/ 25 Jufn!3/ 26 Jufn!3/ 27 Jufn!3/ 28 Jufn!3/ 29 Jufn!3/ 2: Jufn!3/ 31 Jufn!3/ 32 Jufn!3/ 33 Jufn!3/ 34 Jufn!3/ 35 Jufn!3/ 36 Jufn!3/ 37 Jufn!3/ 38 Jufn!3/ Jufn!3/ City of Fridley, Minnesota Capital Investment Program 20242028 thru PROJECTS & FUNDING SOURCES BY DEPARTMENT DepartmentProject #20242025202620272028 Total Equipment Capital Project Backhoe Replacement601-60-24601175,000175,000 Water Pick-Up Truck Replacement (Lease)601-60-2461136,00051,00052,00052,00045,000236,000 Water Division Pick-Up Truck Outfit (Lease)601-60-246219,0009,0009,0009,00010,00046,000 Water Break Trailer601-60-2760120,00020,000 220,00060,00061,00081,00055,000477,000 Equipment Capital Project Total 220,00060,00061,00081,00055,000477,000 Water Utility Fees 220,00060,00061,00081,00055,000477,000 Equipment Capital Project Total Water Utility Water Treatment Plant Security601-60-2319130,00030,000 New Distribution System Extension-Watermain601-60-241011,050,000600,0001,650,000 Recondition Water System Pumps601-60-24191200,000100,000100,000400,000 Water Distribution Upgrades with Street Project601-60-24406500,000900,000700,000800,000900,0003,800,000 Well Updates601-60-24448220,000250,000250,000720,000 Variable Frequency Drives601-60-2447740,00060,000100,000 Hydrant Repairs601-60-2449420,00025,00025,00025,00025,000120,000 Building Maintenance601-60-2449545,00025,00060,00025,000160,000315,000 Asphalt Saw (New)601-60-2460215,00015,000 Excavation Trench Box (New)601-60-2460315,00015,000 SCADA Systems Upgrade601-60-25190100,000100,000 Backup Generator for Water Treatment Plant 3601-60-25191125,000125,000 Storage Retrofits and Reconditioning601-60-25192400,0001,000,0001,000,0002,400,000 Bulk Water Fill Station601-60-26193150,000150,000 Treatment Plant Retrofits601-60-264971,500,0001,500,000 2,135,0001,575,0004,385,000850,0002,495,00011,440,000 Water Utility Total 230,000230,000 Grant - Federal 712,0001,017,000804,000450,0001,873,0004,856,000 Water Utility Fees 1,193,000558,0003,581,000400,000622,0006,354,000 Water Utility Fund Reserves 2,135,0001,575,0004,385,000850,0002,495,00011,440,000 Water Utility Total 2,355,0001,635,0004,446,000931,0002,550,00011,917,000 Grand Total 39 Jufn!3/ City of Fridley, Minnesota Capital Investment Program 20242028 thru PROJECTS & FUNDING SOURCES BY DEPARTMENT DepartmentProject #20242025202620272028 Total Equipment Capital Project CCTV Sewer Camera System Replacement602-60-24605225,000225,000 Sanitary Sewer Pick-Up Truck Replacement (Lease)602-60-2461218,00023,00030,00030,00024,000125,000 Sewer Division Pick-Up Truck Outfit (Lease)602-60-246229,0009,0009,0009,00010,00046,000 252,00032,00039,00039,00034,000396,000 Equipment Capital Project Total 252,00032,00039,00039,00034,000396,000 Sanitary Sewer Utility Fees 252,00032,00039,00039,00034,000396,000 Equipment Capital Project Total Sanitary Sewer Utility Sanitary Sewer System Upgrades with Street Project602-60-2440650,00070,00060,00075,00085,000340,000 Sanitary Sewer Collection System Lining602-60-244501,100,000550,000600,0002,250,000 Sanitary Sewer Lift Station Rehabilitation602-60-24519200,000950,0001,100,0002,250,000 Sanitary Sewer Force Main Reconstruction602-60-25501100,000100,000200,000 Lift Station Maintenance602-60-2552075,00075,000150,000 Hydraulic Submersible Pump and Motor602-60-2660230,00030,000 Sewer Mainline Hydraulic Jetter602-60-28602275,000275,000 1,350,0001,195,000640,0001,350,000960,0005,495,000 Sanitary Sewer Utility Total 1,100,0001,100,000 Grant - Federal 250,000483,000587,000688,000685,0002,693,000 Sanitary Sewer Utility Fees 712,00053,000662,000275,0001,702,000 Sanitary Sewer Utility Fund Reserves 1,350,0001,195,000640,0001,350,000960,0005,495,000 Sanitary Sewer Utility Total 1,602,0001,227,000679,0001,389,000994,0005,891,000 Grand Total 3: Jufn!3/ City of Fridley, Minnesota Capital Investment Program 20242028 thru PROJECTS & FUNDING SOURCES BY DEPARTMENT DepartmentProject #20242025202620272028 Total Equipment Capital Project Leaf Loader (New)603-31-2480275,00075,000 Storm Water Vehicle Replacement (Leases)603-60-246136,0006,0006,0006,5003,00027,500 81,0006,0006,0006,5003,000102,500 EquipmentCapitalProjectTotal 81,0006,0006,0006,5003,000102,500 Storm Water Utility Fees 81,0006,0006,0006,5003,000102,500 Equipment Capital Project Total Storm Water Utility Watershed District Water Quality Projects603-60-23102157,500300,000200,000200,000300,0001,157,500 Storm Water System Upgrades603-60-24101100,000300,000150,000200,000250,0001,000,000 Storm Water System Upgrades with Street Projects603-60-24406215,000220,000220,000225,000225,0001,105,000 Watershed BMP Implementation603-60-2444550,00030,00030,00030,00035,000175,000 TMDL Water Quality Projects603-60-2446750,000250,000400,000200,000200,0001,100,000 Storm Water Pond Maintenance603-60-24472210,00030,000100,000150,000150,000640,000 Sediment Removal Projects603-60-24478250,000500,000750,000 Grappler Bucket for Excavator (New)603-60-2460340,00040,000 Norton Creek Flood Control603-60-25524450,000450,000900,000 Iron Sand Filter Media Replacement603-60-2845650,00050,000 1,072,5001,580,0002,050,0001,005,0001,210,0006,917,500 Storm Water Utility Total 782,5001,005,0001,213,0001,005,0001,160,0005,165,500 Storm Water Utility Fees 290,000575,000837,00050,0001,752,000 Storm Water Utility Fund Reserves 1,072,5001,580,0002,050,0001,005,0001,210,0006,917,500 Storm Water Utility Total 1,153,5001,586,0002,056,0001,011,5001,213,0007,020,000 Grand Total 41 Jufn!4/ AGENDA REPORT Meeting Date:October 23, 2023 Meeting Type:City Council Conference Meeting Submitted By:Joe Starks, Finance Director/City Treasurer Title Finance Update September2023 Year-to-Date Background A year-to-date financial update will be provided. Focus on Fridley Strategic Alignment Vibrant Neighborhoods &PlacesCommunity Identity &Relationship Building X Financial Stability & Commercial ProsperityPublic Safety & Environmental Stewardship Organizational Excellence Attachments and Other Resources September2023YTD Financial Update September2023YTD Liquor Store Income Statement Investment Summary 9/30/2023 Vision Statement We believe Fridleywill be a safe, vibrant, friendly and stable home for families and businesses. 42 43 Jufn!4/ (87) 3,646 31,78840,43778,58756,85882,67668,55585,52657,48554,13922,177 (21,870)(41,805)(33,703) 958,488574,642366,318237,608266,166197,850291,024103,350958,488 (134,208) (124,791) 1,897,8281,082,8931,447,433 23 vs. 22 YTD$ $ $ $ $ $ $ $ $ 23 vs. 22 YTD$ $ $ $ $ $ $ $ $ 23 vs. 22 YTD$ $ $ $ $ $ $ $ $ $ $ 56,881 88,358 157,583 294,528 134,098 356,697 226,941 344,758 151,846 419,400 642,165 199,337 144,225 2,583,6783,842,2891,294,3524,815,0462,308,4855,381,5151,172,6064,729,9007,192,8541,631,6271,801,156 11,756,60325,234,87413,895,73028,631,18111,756,603 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2022 YTD Actual 2022 YTD Actual2022 YTD Actual F ABAAA CDDD NoteNoteNote 40%46%34%49%43%39%42%37%34%39%29%36%34%31%31%57%29%53%35%35%48%57%19%15%32%17%40% 64% -77% % Remaining% Remaining% Remaining 66,84130,12222,865 159,929153,126106,572298,566811,761158,601157,447221,124213,469333,123886,705432,525 (212,661) 8,339,4092,055,4803,085,4932,465,1626,075,8773,313,6072,232,2301,394,8682,516,9916,633,2618,339,409 17,475,49816,137,586 2023 Balance2023 Balance2023 Balance $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ % of Year Remaining: 25% GENERAL FUND For the fiscal period ending 9/30/2023 23,178 189,371298,174112,228397,134283,799302,953151,759502,076908,331110,535490,361247,575 3,158,3204,208,6071,372,9394,680,8382,546,0935,450,0701,258,1324,605,1097,250,3391,829,4771,855,295 12,715,09127,132,70214,978,62330,078,61412,715,091 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2023 YTD Actual2023 YTD Actual2023 YTD Actual 53,300 349,300451,300218,800695,700442,400460,400218,600723,200133,400277,700680,100 5,213,8007,294,1002,184,7007,146,0005,859,7007,682,3002,653,0007,122,1001,121,8002,162,6002,742,000 21,054,50044,608,20021,054,50046,216,20013,883,60021,054,500 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2023 Current Budget2023 Current Budget2023 Current Budget Revenues General FundCable TV FundSolid Waste AbatementPolice Activity FundSNC FundWater Utility FundSewer Utility FundStorm Water Utility FundLiquor Fund TOTAL REVENUESExpenditures General FundCable TV FundSolid Waste AbatementPolice Activity FundSNC FundWater Utility FundSewer Utility FundStorm Water Utility FundLiquor Fund TOTAL EXPENDITURESGF Revenue Types TaxesSpecial AssessmentsLicenses and PermitsIntergovernmentalCharges for ServicesFines and ForfeituresMiscellaneousOther Financing Sources TOTAL GF REVENUES 44 Jufn!4/ 44,99119,34012,24588,72626,449 107,975569,586213,581 1,082,893 23 vs. 22 YTD$ $ $ $ $ $ $ $ $ 9,633 96,775 534,177 1,111,3621,239,8916,710,5673,005,984 1,187,341 13,895,730 $ $ $ $ $ $ $ $ $ 2022 YTD Actual Note 16%28%32%80%27%31%30% 28%29% % Remaining 27,23490,122 476,763585,969266,997480,510 2,697,1471,451,1356,075,877 2023 Balance $ $ $ $ $ $ $ $ $ 21,878 141,766622,903 1,219,3371,259,2317,280,1533,219,5651,213,790 14,978,623 $ $ $ $ $ $ $ $ $ 2023 YTD Actual loss book entry from 2022 year end. Investments are booked at market value as part of year-end process. 169,000112,000889,900 1,696,1001,845,2009,977,3004,670,7001,694,300 21,054,500 unrealized $ $ $ $ $ $ $ $ $ 2023 Current Budget GF Dept. Expenditures LegislativeCity ManagementFinanceNon-DepartmentalPublic SafetyPublic WorksParks & RecreationCommunity Development TOTAL GF EXPENDITURES Notes:A - 1st property tax settlement received from Anoka County July 3rd, 2nd in December and short settlement in January.B - Cable franchise fee payments are received quarterly.C - Timing of reimbursements.D - Timing of quarterly utility bills and receipt of corresponding payments.E - Includes reversal of $401,465 Interest revenue allocated at year-end, based on average cash balances, as part of year-end process. Jufn!4/ Liquor Store #1 - Fridley MarketSeptember 2023 YTD Category202120222023 Sales 4,522,919 3,994,441 3,847,728 Cost of Sales 3,215,263 2,855,909 2,725,362 Gross Profit ($) 1,307,656 1,138,532 1,122,366 Gross Profit (%)28.91%28.50%29.17% Operating Expenses 814,999 825,410 844,835 Income/Loss 492,657 313,122 277,530 Nonoperating Revenues (8,484) 6,202 49,624 Nonoperating Expenses 10,000 - 48,115 *Removed and capitalized at year-end Net Profit/Loss 474,173 319,325 279,040 208,875 208,875 Transfer 208,875 Liquor Store #2 - Hwy. 65September 2023 YTD Category202120222023 Sales 968,394 814,403 783,467 Cost of Sales 717,810 624,504 586,899 Gross Profit ($)250,584189,898196,568 Gross Profit (%)25.88%23.32%25.09% Operating Expenses 196,564 170,202 139,074 Income/Loss54,02119,69757,494 Nonoperating Revenues--19 Nonoperating Expenses - - - Net Profit/Loss 54,021 19,697 57,513 Transfer 45,000 45,000 45,000 Liquor Stores - CombinedSeptember 2023 YTD Category202120222023 Sales 5,491,314 4,808,844 4,631,195 Cost of Sales 3,933,073 3,480,413 3,312,261 Gross Profit ($) 1,558,240 1,328,431 1,318,934 Gross Profit (%)28.38%27.62%28.48% Operating Expenses 1,011,562 995,612 983,909 Income/Loss 546,678 332,819 335,024 Nonoperating Revenues (8,484) 6,202 49,643 Nonoperating Expenses 10,000 - 48,115 *Removed and capitalized at year-end Net Profit/Loss 528,194 339,021 336,553 Transfer 253,875 253,875 253,875 45 Jufn!4/ MEMORANDUM Date:10/20/2023 To:Walter Wysopal, City Manager City Council From:Joe Starks, Finance Director/City Treasurer Korrie Johnson, Assistant Finance Director RE:Investments Overview as of 9/30/2023 Information related to each is below: 2/Uif!Djuz!pg!Gsjemfz!ibt!4!tfqbsbuf!jowftunfou!bddpvout!xjuijo!pvs!dvtupejbm!cbol-!VT! Cbol/!Uifz!bsf!gps!Djuz!Gvoet-!Bnfsjdbo!Sftdvf!Qmbo!Bdu!)BSQB*!Gvoet!boe!Ipvtjoh! boe!Sfefwfmpqnfou!Bvuipsjuz!)ISB*!Gvoet/!Zfbs!up!Ebuf!fbsojoht!jt!cfmpx; 3/Jogpsnbujpo!cfmpx!tipxt!uif!ejwfstjgjdbujpo!pg!jowftunfout!cz!nbuvsjuz!ebuf; City 46 Jufn!4/ ARPA HRA 4/!Jogpsnbujpo!cfmpx!tipxt!uif!ejwfstjgjdbujpo!cfmpx!cz!uzqf;! City 47 Jufn!4/ ARPA HRA 48