HomeMy WebLinkAbout2020.08 August Monthly Report
To: Erika Storlie, City Manager
From: Hitesh Desai, CFO/City Treasurer
Kate Lewis -Lakin, Budget Coordinator
Subject: August 2020 Monthly Financial Report
Date: October 16, 2020
Please find attached the unaudited financial statements as of August 31, 2020. A
summary by fund for revenues, expenditures, fund and cash balances is as follows:
August 2020 Revenue Expense Net Fund Balance Cash Balance
100 GENERAL FUND 81,161,548 76,344,529 4,817,020 20,485,753 17,467,705
175 GENERAL ASSISTANCE FUND 1,010,064 762,128 247,935 610,975 610,975
176 HEALTH AND HUMAN SERVICES 2,060,842 1,413,753 647,089 677,847 677,847
177 REPARATIONS FUND 12,839 - 12,839 14,174 14,174
180 GOOD NEIGHBOR FUND 1,001,609 609,401 392,208 644,753 644,753
185 LIBRARY FUND 6,911,255 4,692,615 2,218,640 4,288,283 4,288,647
186 LIBRARY DEBT SERVICE FUND 240,000 128,748 111,252 112,396 112,396
187 LIBRARY CAPITAL IMPROVEMENT FD - 70,488 (70,488) 1,307,995 1,307,995
200 MOTOR FUEL TAX FUND 3,473,482 1,477,849 1,995,633 4,664,665 4,337,695
205 EMERGENCY TELEPHONE (E911) FUND 1,065,252 1,019,774 45,478 1,316,438 932,689
210 SPECIAL SERVICE AREA (SSA) #4 420,650 0 420,650 194,457 194,457
215 CDBG FUND 137,625 514,686 (377,061) (313,764) (313,764)
220 CDBG LOAN FUND 27,170 63,594 (36,425) 190,961 190,961
235 NEIGHBORHOOD IMPROVEMENT 316 67 249 172,114 172,114
240 HOME FUND 122,071 122,053 18 7,543 7,543
250 AFFORDABLE HOUSING FUND 142,575 523,147 (380,573) 3,545,030 3,673,531
320 DEBT SERVICE FUND 13,831,896 2,926,541 10,905,355 11,322,786 11,345,809
330 HOWARD-RIDGE TIF FUND 1,131,546 785,864 345,682 2,470,447 2,471,136
335 WEST EVANSTON TIF FUND 1,287,902 90,012 1,197,890 1,908,366 1,908,366
340 DEMPSTER-DODGE TIF FUND 170,012 110,582 59,430 167,233 167,233
345 CHICAGO-MAIN TIF 991,133 283,777 707,357 1,394,110 1,394,110
350 SPECIAL SERVICE AREA (SSA) #6 204,428 123,585 80,843 86,185 86,185
355 SPECIAL SERVICE AREA (SSA) #7 124,586 - 124,586 124,586 124,586
360 SPECIAL SERVICE AREA (SSA) #8 46,300 - 46,300 46,300 46,300
415 CAPITAL IMPROVEMENTS FUND 1,046,336 5,199,068 (4,152,732) 8,507,513 9,426,047
416 CROWN CONSTRUCTION FUND 2,122,563 5,919,210 (3,796,647) 3,849,504 7,709,756
417 CROWN COMMUNITY CTR MAINTENANCE 116,667 - 116,667 116,667 116,667
420 SPECIAL ASSESSMENT FUND 144,363 318,660 (174,297) 2,753,509 2,750,326
505 PARKING SYSTEM FUND 5,538,508 6,469,900 (931,392) 1,444,598 1,616,772
510 WATER FUND 17,179,304 14,825,194 2,354,110 5,422,808 4,896,315
515 SEWER FUND 6,804,961 6,548,468 256,492 5,234,464 3,429,034
520 SOLID WASTE FUND 3,478,346 3,202,726 275,619 (263,912) (782,615)
600 FLEET SERVICES FUND 2,060,205 1,563,558 496,647 612,121 (588,988)
601 EQUIPMENT REPLACEMENT FUND 1,000,064 1,606,506 (606,442) 298,508 25,544
605 INSURANCE FUND 13,161,374 12,275,346 886,028 (10,707,070) (5,593,715)
Grand Total 168,227,788 149,991,827 18,235,961 72,708,345 74,868,589
Memorandum
Please note that the attached supporting documents have been updated to show
further fund analysis.
Included above are ending fund and cash balances as of August 31, 2020. Cash
balance represents liquid cash and/or invested assets which can be used (or easily sold)
to support and fund current operations. Fund balance includes illiquid assets or future
cash receipts or disbursements such as receivables (including property tax) due to the City
and accounts payable/accrued expenses. All fund balances are unaudited.
Covid-19
Staff continues to monitor the impact of Covid-19 on the City’s finances.
General Fund
The unaudited financial statements show the General Fund as of August 31, 2020 with a
fund balance of $20,485,753 and cash balance of $17,467,705. The attached financials
show year-end General Fund revenues at 68.31% of budget and expenses at 65.14% of
budget.
Revenues are slightly above target in some areas. As of August 31, 93.61% of property
tax revenue has been received, as second installment bills were due on August 1.
Lic enses, Permits and Fees is also above target due to building permit revenue.
Expenses are slighly below target of 66%, as January through August are typically s lower
months for program spending and overtime. The mild winter weather in these months
helped keep costs low.
Staff continues to monitor Police and Fire overtime expenses. Through August , Police
had spent 45% of budget for overtime, and Fire had spent 135% of budget. For Police, this
is below target of 66%, as January through August tend to be slower months . March also
saw the start of the pandemic which reduced overtime .Overtime is higher in Fire
Department due to continuing vacancies in the department that require hirebacks to
maintain minimum staffing. Overtime is typically higher in the summer months.
Overtime
Expenses
2019 Actual 2020 Budget 2020 YTD % Budget
Enterprise Funds
Parking fund revenues through August 31, 2020 are at 42.55% of budget and expenses
are at 48.42%. The 2019 ending fund balance was $2,375,989.
Through August 31, 2020, the Water Fund appears low on revenue and expenses. This is
because capital projects funded with IEPA loan have been delayed. These projects are
budgeted in Other Revenue and expenses in Capital Outlay. The 2019 ending fund
balance was $3,068,697.
The Water Fund revenues reflect payment from the Village of Skokie at the rate of $0.81
per 1000 gallons against the billed rate of $2.06 per 1000 gallons. This issue is currently
being challenged in the court.
Through August 31, 2020, the Sewer Fund also appears low on expenses due to the
delay of capital projects . These projects are primarily funded through IEPA loan financing ,
budgeted as Other Revenue. The 2019 ending fund balance was $4,997,971.
Through August 31, 2020, the Solid Waste Fund has a negative fund balance of $263,912
and a negative cash balance of $782,615. The fund ended 2019 with a surplus of
$559,718, bringing it to an ending balance of negative $539,532.
Other Funds
Through August 31, 2020, the SSA #4 Fund is showing a fund balance of $194,457 and a
cash balance of $194,457.
Through August 31, 2020, the Capital Improvements Fund is showing a fund balance of
$8,507,513 and a cash balance of $9,426,047. The fund continues to spend down 2019B
bond proceeds received in August 2019.
Through August 31, 2020, the Crown Construction fund is showing fund balance of
$3,849,504 and cash balance of $7,709,756. The fund continues to spend down balances
from bond proceeds and gifts from the Friends of Robert Crown in 2019.
Through August 31, 2020, the Insurance Fund is showing a negative fund balance of
$10,707,070 and a negative cash balance of $5,593,715. Fund balance is significantly
lower than cash balance due to accrued liabilities for pending litigation s .
If there are any questions on the attached report, please contact me by phone at (847)
448-8082 or by email: hdesai@cityofevanston.org. Detailed fund summary reports can be
found at: http://www.cityofevanston.org/city-budget/financial-reports/.
CERTIFICATION OF ATTACHED FINANCIAL REPORTS
As required per Illinois Statute 65 ILCS 5/3.1-35-45 I, Hitesh Desai, Treasurer of the City
of Evanston, hereby affirm that I have reviewed the August 30, 2020 year-to-date financial
information and reports which to the best of my knowledge appear accurate and complete.
January February March April May*June July August September October*November*December
2020 Unreserved
Fund Balance 15,446,541$ 15,394,886$ 17,267,642$ 16,294,341$ 12,877,460$ 12,945,740$ 15,594,735$ 20,485,753$
2019 Unreserved
Fund Balance 14,074,270$ 15,248,569$ 19,960,779$ 18,594,617$ 17,601,206$ 16,913,780$ 19,181,628$ 21,272,425$ 20,103,645$ 19,396,425$ 16,634,199$ 15,668,734$
2020 Cash Balance 10,333,157$ 11,915,776$ 13,307,450$ 13,351,609$ 10,053,107$ 9,905,828$ 12,074,431$ 17,467,705$
2019 Cash Balance 10,603,771$ 14,634,340$ 17,403,563$ 16,875,201$ 16,013,733$ 10,547,544$ 13,286,786$ 15,561,077$ 15,627,196$ 13,669,397$ 11,039,528$ 11,290,625$
*In 2020, May and October have 3 paydays. In 2019, May and November had 3 paydays.
2020 and 2019 Fund and Cash Balance - General Fund
$-
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
2020 Unreserved Fund Balance
2019 Unreserved Fund Balance
2020 Cash Balance
2019 Cash Balance
Pension Property Tax $17,660,740
Property Taxes $9,825,926
Sales Tax - Basic $5,958,018
State Income Tax $5,528,418
Building Permits $3,992,727
Sales Tax - Home Rule $3,924,321
Recreation Program Fees $3,744,758
Real Estate Transfer Tax $2,041,322
Electric Utility Tax $1,880,684
Parking Tax $1,832,632
Top 10 GENERAL FUND Sources of Revenue (YTD)
Major Funds Revenue Dashboard Summary
For the Period Ending August 31, 2020
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
100 GENERAL
FUND
505 PARKING
SYSTEM FUND
510 WATER FUND 515 SEWER FUND 520 SOLID WASTE
FUND
Mi
l
l
i
o
n
s
Revenues by Fund
Budget Current YTD
($5.0)
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
Mi
l
l
i
o
n
s
General Fund Revenue by Source
Prior YTD Current YTD
Police $28,003,679
Fire Mgmt & Support $19,370,820
Public Works Agency $7,336,481
City Manager'S Office $6,164,428
Parks, Rec. And Community Serv.$6,108,401
Administrative Services $5,787,202
Community Development $2,014,270
Health $813,448
Law $327,473
City Council $295,500
Major Funds Expenditure Dashboard Summary
For the Period Ending August 31, 2020
Top 10 GENERAL FUND Expenditures by Department (YTD)
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
$45.0
SALARIES BENEFITS SUPPLIES SERVICES CAPITAL
OUTLAY
DEBT
SERVICE
OTHER TRANSFERS
Mi
l
l
i
o
n
s
General Fund Expenditures by Object
Prior YTD Current YTD
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
100 GENERAL
FUND
505 PARKING
SYSTEM FUND
510 WATER FUND 515 SEWER FUND 520 SOLID WASTE
FUND
Mi
l
l
i
o
n
s
Expenditures by Fund
Budget Current YTD