HomeMy WebLinkAbout2014 05-12 City Council Workshop Packet
AGENDA
MAPLEWOOD CITY COUNCIL
MANAGER WORKSHOP
6:00 P.M. Monday, May 12, 2014
City Hall, Council Chambers
A. CALL TO ORDER
B. ROLL CALL
C. APPROVAL OF AGENDA
D. UNFINISHED BUSINESS
None
E. NEW BUSINESS
1. Presentation of Comprehensive Annual Financial Report - 2013
F. ADJOURNMENT
THIS PAGE IS INTENTIONALLY LEFT BLANK
E1
MEMORANDUM
TO: Chuck Ahl, City Manager
FROM: Gayle Bauman, Finance Director
DATE: April 30, 2014
SUBJECT: Presentation of Comprehensive Annual Financial Report - 2013
Introduction
Members of the City Council have received a copy of the Comprehensive Annual Financial
Report (CAFR) and an electronic version is available on our website as well.
The CAFR will be submitted to the State Auditor’s Office after acceptance by the Council. The
due date is June 30th.
A representative with the firm of Kern, DeWenter, Viere, Ltd. will present the results of the audit
at the May 12th workshop. The council will be asked to formally accept the CAFR at the May
12th regular meeting.
Highlights
The General Fund had a decrease in its fund balance of $404,172, which was a planned use of
fund balance from the previous year. From 2012 to 2013, revenues of the general fund
increased 0.3% while expenditures increased 4.8%.
The General Fund balance at the end of 2013 is $8,027,244. Of this amount, $0 is designated
for carryovers, $39,045 is designated for encumbrances and $305,940 is designated for next
year’s budget. Fund Balance is required to fund operations during the first half of the following
year until the next property tax payment is received from Ramsey County.
The legal debt limit at the end of 2013 is $87,252,963. The city has $81,804,839 in outstanding
bonds. Of that amount, $8,690,000 is subject to the legal debt margin.
Debt service funds increased by $2,812,916; from $12,390,120 to $15,203,036 mainly due to
issuance of advanced refunding debt in the amount of $3,700,000.
The unrestricted net assets in the six proprietary funds total $2,844,644. Three of the six
proprietary funds have positive balances. The Community Center Operations Fund, Ambulance
Service Fund and Street Light Utility Fund have deficit balances.
The Employee Benefits Fund net assets increased from $383,676 to $533,165. This amount
will be taken into account when computing the benefit expense for 2015.
Workshop Packet Page Number 1 of 2
E1
Findings
None.
Budget Impact
None.
Recommendation
No action is requested at this time.
Workshop Packet Page Number 2 of 2