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HomeMy WebLinkAbout[06a] Financial ReportCITY OF ST. JOSEPH Council Agenda Item 6(a) MEETING DATE: April 15, 2010 AGENDA ITEM: Financial Report — Requested Action: Accept the 1st Quarter 2010 and March 2010 Financial Reports SUBMITTED BY: Finance BOARD /COMMISSION /COMMITTEE RECOMMENDATION: N/A PREVIOUS COUNCIL ACTION: None BACKGROUND INFORMATION: Quarterly and monthly reconciled cash /investment and budget to actual position are provided for Council review. The charts presented are to assist your visual understanding of the last quarter's financial summaries. The numbers presented are the balances as of March 31, 2010. A few revenue /expenditure balances have negative balances due to reversing the 2009 audited receivables and payables. One of the largest receivables reversed was for the 2009 CSB contracted sewer service. The negative revenue shown in fund 602 (Sewer Fund) is the result of the reversal. The negative revenue will be removed once CSB pays for their 2009 sewer treatment. There are a couple points I would like to highlight from the reports. CASH POSITION: (The cash position of the city changes from month to month. Therefore it is important to note the difference between cash position and reserve policy. Due to how City's receive funding, the cash position changes throughout the year and at the end of the year the reserve balance remains constant.) - The City has investments in money market accounts; bank CDs, brokered CDs and government securities. The City has reviewed other investment options, but the rates of return are less favorable and more volatile in the current market. - Overall, the cash and investments balance decreased to $384,026 from the beginning of the year. The decrease is attributable to spending down the working capital reserves before the first half property tax, special assessment and state aid receipts are received in June and July. - The cash position represents 1 month of the year's expenditures. FUNDS REPORT: - The General fund spent down 25% of the 2010 budget and received 1% of the revenue budget. The City will receive the first half tax /assessment settlement and LGA in June /July. The tax settlements and state aid payments fund 80% of the General fund. - The transfers approved at the April 1" Council meeting will be reflected in the next month's Treasurer's report. The transfer will be moved to fund the EDA for the first half of 2010 and to bring the fund out of a deficit. - The Enterprise Funds show expenses greater than revenues. This is due to 3 months worth of expenses incurred, but only 2 months of utility usage has been billed as of March 315`. The current bills are not due until April 201h, so only 1 month of revenue is shown. Further, the reversing entry for the 2009 CSB sewer contract receivable has been recorded, but the revenue has not been received yet. Without the reversing entry, the sewer fund would show revenues collected in 2010 to be $9,855. The Enterprise expenses represent 3% water, 13% sewer, 16% refuse and 8% storm water budgets. CIP REPORTS: - The 2010 CIP summary and 2010 equipment certificate summary are included to show the capital expenditures for the first quarter. There has been very little capital expenditure activity in 2010. The equipment certificates were not approved until April V. Council approved the purchase of the used snow plow and snow hauler prior to issuing the debt. The capital outlay for these items is represented in the reports. BUDGET /FISCAL IMPACT: Information Only ATTACHMENTS: 1" Quarter Financial Position Cash Position [as of 03- 31- 10] ......................................... ............................... 6(a):1 Cash Balances by Fund /Remaining Budget [as of 03- 31- 10] ...................... 6(a):2 Cash & Investment Holdings ............................................ ............................... 6(a):3 Enterprise Funds Activity .................................................. ............................... 6(a):4 Budget to Actual Revenue ................................................ ............................... 6(a):5 Budget to Actual Expenditures ........................................ ............................... 6(a):6 CIP Updates 2010 Equipment Certificate [approved 04- 01- 10] ........ ............................... 6(a):7 General Fund CIP Summary ............................................. ............................... 6(a):8 March 2010 Treasurer's Report Cash & Investment [March 2010] .................................... ............................... 6(a):9 Council Month End Revenue Summa Council Month End Revenue — Enterprise Funds ......... ............................... 6(a):11 -12 Council Month End Expenditure Summary .................... ............................... 6(a):13 Council Month End Expenditure — General Fund .......... ............................... 6(a):14 -15 Council Month End Expenditure — Enterprise Fund ..... ............................... 6(a):16 REQUESTED COUNCIL ACTION: Accept the financial reports as presented. City of St. Joseph, Minnesota Cash Position As of 3131110 First State Bank Maturity Date Interest Current Balance # Securities % of Total Checking Account (Reconciled) N/A 0.3% $ 211,484 N/A Money Market Savings N/A 1.46% 699,481 N/A Bank Certificates of Deposit Tiered 2 -34 months 3.86% avg 5,440,621 14 averages 16 months 3.50% Total FSB $ 6,351,586 63% Central MN Federal Credit Union Share Savings Account Money Market Savings Power Money Market Checking Jumbo Bank Certificates of Deposit averages Total CMFCU Total Deposits Salomon Smith Barnev Brokered Money Market Savings Government Securities /Notes Brokered Certificates of Deposit averages Total SSB Northland Securities Brokered Money Market Savings Brokered Certificates of Deposit averages Total NS Total Investments Total Deposits and Investments Average Interest APY Petty Cash Administration Police Department N/A N/A N/A 45 months 45 months N/A 105 months Tiered 9 -59 months 39 months N/A N/A N/A N/A N/A 0.78% $ 15 1.85% 239,313 1.85% 1,898,136 4.36% avg 220,569 2.69% $ 2,358,033 $ 8,709,619 0.01% $ 18,110 2.74% avg 225,381 4.59% avg 1,202,955 4.04% $ 1,446,446 0.00% $ N/A avg_ 0.00% N/A N/A N/A 1 NIA 2 12 1,832 N/A 0 $ 1,832 $ 1,448,278 $ 10,157,897 3.52% 10,157,897 NIA $ 200 N/A 75 23% 14% 0% Cash and Investment Balance Total Petty Cash $ 275 Custodial Credit Risk: All deposits and investments insured by FDIC /SPIC /NCUSIF or secured by perfected pledged collateral. Interest Rate Risk: The City is not exposed to interest rate risk because the City does not invest in highly sensitive, interest fluctuating investments. The City attempts to purchase longer termed investments when the interest rates are favorable and depending on cash flow needs to lock into a favorable rate. Credit Risk: There are no instruments exposed to credit risk. Maturity Concentration of Credit Risk: The City invests in various instruments and several financial institutions. $ Securities Averages Brokered Money Markets $ 19,942 0% N/A (over 5% of investment portfolio) Brokered Certificates of Deposit $ 1,202,955 12% 2.58 years Government Bonds /Notes $ 225,381 16% 6.67 years State /Local Government Securities $ 0% N/A Foreign Currency Risk: The City only invests in USA and USA territories. 6 (a):1 v T M III u) 'r M !.In O v pp V r.- V t�v .�r it8t') O ',C W Cli ffVV "ice► CC CO 'T) ((00 LL (0 N T CO 69 !h W to Vi W) 69 .40 :M 69 IM b9 Vw 69 tH 69 V! 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CITY OF ST JOSEPH Council Month End Revenue Summary 2 Current Period: March 2010 6(a):10 2010 March 2010 FUND FUND Descr YTD Budget 2010 Amt YTD Amt 101 General $2,406,075.00 $24,566.42 $25,901.80 105 Fire Fund $270,850.00 $19,820.71 $66,449.01 108 Cable Access Fee $0.00 $479.40 $958.80 150 Economic Development $42,510.00 $2.68 - $132.58 156 TIF 1 -4 St. Joe Development $0.00 $112.32 - $38.96 157 TIF 2 -1 Millstream $0.00 $0.00 -$8.35 200 State Collected Sales Tax $0.00 $11,298.76 $8,025.21 205 Park Dedication $0.00 $149.83 - $1,078.41 210 Recreation Center $0.00 $165.16 - $11.83 215 Charitable Gambling $0.00 $18.53 $11.35 232 City Beautification - College Av $0.00 $0.00 $0.00 250 Revolving Loan Fund $0.00 $430.21 $902.82 318 2009A CrossoverRefunding Bonds $69,000.00 $1,909.30 - $577.68 320 2007 Refunding (98/99 St Bond) $8,500.00 $1,287.28 - $348.51 322 City Hall Refunded, 2005 $105,000.00 $6.53 - $26.64 331 2003 Refunding Fire Hall $71,200.00 $5,966.16 $14,397.66 332 2003 Cross Over (93 Streets) $10,000.00 $345.20 - $177.61 333 2005 Improve (Hill /Clover) $16,000.00 $1,821.40 - $503.90 335 Northland Heights/Trans Corrid $0.00 $4,235.71 - $1,418.13 337 2006 Equipment Certificate $69,000.00 $28.93 - $74.56 338 2006 Interior St Improvements $61,000.00 $2,608.03 - $397.29 341 2007 St Imprv-E Side /Jade /8 Av $38,000.00 $2,963.60 - $795.71 342 2008 Equipment Certificates $66,000.00 $29.42 - $160.22 343 20098 GO CIP Bonds $61,000.00 $23.87 $110.60 344 2010 Equipment Certificates $0.00 $0.00 $0.00 390 Debt Service Relief $0.00 $431.73 - $493.02 444 2010 Equip Certificates $0.00 $0.00 $0.00 490 Capital Outlay $0.00 $0.00 $0.00 501 Water Extension $0.00 $5,495.70 $7,525.10 502 Sewer Extension $0.00 $4,545.15 $4,598.65 601 Water Fund $1,066,910.00 $24,427.61 $16,810.36 602 Sewer Fund $653,980.00 $23,108.48 - $154,384.85 603 Refuse Collection $309,675.00 $22,558.20 $9,529.52 651 Storm Water Utility $168,605.00 $6,702.00 $2,186.14 $5,493,305.00 $165,538.32 - $3,221.23 6(a):10 r' CITY OF ST JOSEPH Council Month End Revenue - Enterprise Funds Current Period: March 2010 6(a):11 FUND 2010 March 2010 FUND Descr SOURCE Descr YTD Budget 2010 Amt YTD Amt FUND 601 Water Fund 601 Water Fund Penalties and Forfeited Disc $6,670.00 $769.11 $1,919.86 601 Water Fund Bond Premium Proceeds $0.00 $0.00 $0.00 601 Water Fund General Oblig. Bond Proceeds $0.00 $0.00 $0.00 601 Water Fund Transfers from Other Funds $481,500.00 $0.00 $0.00 601 Water Fund Contributed Revenue $0.00 $0.00 $0.00 601 Water Fund Wellhead Protection Fee $4,905.00 $0.00 $0.00 601 Water Fund MDS Test Fee $10,975.00 $770.32 $405.02 601 Water Fund Water Line Charge $131,285.00 $7,690.91 $4,144.98 601 Water Fund State Sales Tax $425.00 - $130.73 - $409.36 601 Water Fund Water Meter $4,000.00 $350.00 $700.00 601 Water Fund Connection /Reconnection fees $250.00 $0.00 $0.00 601 Water Fund Undesignated Funds $500.00 - $1,059.69 42,95412 601 Water Fund Bulk Water $3,500.00 $0.00 $0.00 601 Water Fund Rate Class One $356,500.00 $12,943.86 $7,976.76 601 Water Fund Reimbursement $0.00 $60.40 $60.40 601 Water Fund Surplus Property $0.00 $0.00 $0.00 601 Water Fund Water Tower Antenna Lease $29,000.00 $1,146.73 $6,064.77 601 Water Fund Amortization of Bond Premium $0.00 $0.00 $0.00 601 Water Fund Interest Earnings $35,850.00 $1,886.70 $53.91 601 Water Fund Special Assessments $1,550.00 $0.00 - $1,151.76 601 Water Fund Inspection Fees $0.00 $0.00 $0.00 FUND 601 Water Fund $1,066,910.00 $24,427.61 $16,810.36 FUND 602 Sewer Fund 602 Sewer Fund Contributed Revenue $0.00 $0.00 $0.00 602 Sewer Fund Special Assessments $500.00 $0.00 - $524.29 602 Sewer Fund Interest Earnings $33,315.00 $1,894.34 $92.59 602 Sewer Fund Amortization of Bond Premium $0.00 $0.00 $0.00 602 Sewer Fund Sanitary Sewer Service $247,335.00 $12,053.85 $4,410.29 602 Sewer Fund St. Benedict Sewer Charges $168,000.00 $0.00 - $131,699.41 602 Sewer Fund St. Benedict's SCAWAC fees $61,670.00 $0.00 - $32,540.27 602 Sewer Fund Penalties and Forfeited Disc $4,375.00 $539.64 $1,208.92 602 Sewer Fund Sewer Line Charge $138,785.00 $8,620.65 $4,667.32 602 Sewer Fund Sewer Inspection Fee $0.00 $0.00 $0.00 602 Sewer Fund Sewer Surcharge - (Monthly) $0.00 $0.00 $0.00 602 Sewer Fund Transfers from Other Funds $0.00 $0.00 $0.00 602 Sewer Fund General Oblig. Bond Proceeds $0.00 $0.00 $0.00 602 Sewer Fund Reimbursement $0.00 $0.00 $0.00 602 Sewer Fund Surplus Property $0.00 $0.00 $0.00 FUND 602 Sewer Fund $653,980.00 $23,108.48 - $154,384.85 FUND 603 Refuse Collection 603 Refuse Collect Licenses & Permits $11,125.00 $1,620.00 $1,620.00 603 Refuse Collect Contributions from Private Sou $0.00 $0.00 $0.00 603 Refuse Collect Interest Earnings $11,710.00 $868.84 - $176.39 603 Refuse Collect Special Assessments $2,765.00 $0.00 - $403.30 603 Refuse Collect Refuse Collection Charges $278,450.00 $20,117.08 $10,110.38 603 Refuse Collect State Sales Tax $0.00 - $851.70 - $3,402.47 603 Refuse Collect Penalties and Forfeifted Disc $5,625.00 $803.98 $1,781.30 FUND 603 Refuse Collection $309,675.00 $22,558.20 $9,529.52 FUND 651 Storm Water Utility 651 Storm Water Transfers from Other Funds $0.00 $000 $0.00 651 Storm Water Special Assessments $675.00 $0.00 - $618.97 651 Storm Water Interest Earnings $14,205.00 $915.82 $557.98 651 Storm Water Reimbursement $0.00 $000 $000 6(a):11 ri CITY OF ST JOSEPH Council Month End Revenue - Enterprise Funds Current Period: March 2010 $2,199,170.00 $76,796.29 - $125,858.83 6(a):12 FUND 2010 March 2010 FUND Descr SOURCE Descr YTD Budget 2010 Amt YTD Amt 651 Storm Water Contributed Revenue $0.00 $0.00 $0.00 651 Storm Water Development Fee $4,000.00 $0.00 $0.00 651 Storm Water Rate Class One $148,000.00 $5,61328 $1,803.09 651 Storrs Water Penalties and Forfeifted Disc $1,725.00 $17290 $444 04 FUND 651 Storm Water Utility $168,605.00 $6,702.00 $2,186 14 $2,199,170.00 $76,796.29 - $125,858.83 6(a):12 r' CITY OF ST JOSEPH Council Month End Expenditure - Summary 2 Current Period: March 2010 6(a):13 2010 March 2010 Description YTD Budget 2010 Amt YTD Amt General $2,380,435.00 $174,307.09 $547,567.60 Fire Fund $294,720.00 $15,317.29 $24,439.43 Cable Access Fee $0.00 $0.00 $0.00 Economic Development $63,540.00 $2,744.37 $13,383.10 TIF 1-4 St, Joe Development $0.00 $0.00 $0.00 TIF 2 -1 Millstream $0.00 $0.00 $0.00 State Collected Sales Tax $5.00 $0.00 $0.00 Park Dedication $22,400.00 $75.16 $150.32 Charitable Gambling $0.00 $750.00 $0.00 Revolving Loan Fund $0.00 $0.00 $0.00 2009A CrossoverRefunding Bon $0.00 $0.00 $121.18 2007 Refunding (98/99 St Bond) $0.00 $0.00 $121.18 City Hall Refunded, 2005 $0.00 $0.00 $121.18 20041mprovements /Northland $0.00 $0.00 $0.00 2002 Street Improvement $0.00 $0.00 $0.00 2003 Refunding Fire Hall $0.00 $0.00 $121.18 2003 Cross Over (93 Streets) $0.00 $0.00 $121.18 2005 Improve (Hill /Clover) $0.00 $0.00 $121.18 Northland Heights /Trans Corrid $0.00 $0.00 $121.18 2006 Equipment Certificate $0.00 $0.00 $121.17 2006 Interior St Improvements $0.00 $0.00 $121.18 2007 St Imprv-E Side /Jade /8 Av $0.00 $0.00 $121.18 2008 Equipment Certificates $0.00 $0.00 $121.17 2009B GO CIP Bonds $0.00 $0.00 $121.17 2010 Equipment Certificates $0.00 $0.00 $0.00 Debt Service Relief $0.00 $0.00 $242.36 Northland Heights/Trans Corrid $0.00 $6,339.96 - $6,849.86 2007 Street Impr (Jade Rd /E $0.00 $0.00 $0.00 2010 Equip Certificates $138,289.00 $0.00 $0.00 Capital Outlay $0.00 $26,300.00 $26,300.00 Water Extension $0.00 $0.00 $0.00 Sewer Extension $0.00 $0.00 $0.00 Water Fund $1,538,465.00 $38,672.70 $50,044.73 Sewer Fund $1,050,325.00 $103,834.23 $133,185.97 Refuse Collection $309,675.00 $23,576.52 $49,304.28 Storm Water Utility $245,105.00 $4,583.38 $13,265.03 $6,042,959.00 $396,500.70 $852,487.09 6(a):13 ,l CITY OF ST JOSEPH Council Month End Expenditure - General Fund Current Period: March 2010 FUND 150 Economic Development Economic Development Economic Development Authority 2010 March 2010 Description DEPART Descr YTD Budget 2010 Amt YTD Amt FUND 101 General General Council $48,295.00 $2,537.26 $7,381.47 General Legislative Commities $9,930.00 $385.00 $385.00 General Ordinance & Proceedings $3,000.00 $0.00 $0.00 General Mayor $12,380.00 $817.94 $1,658.59 General Elections $1,000.00 $871.89 $871.89 General Salaries & Adminstrative $220,535.00 $17,228.71 $47,761.35 General Accounting $104,525.00 $7,192.48 $23,591.40 General Audit Service $26,000.00 $18,000.00 $22,000.00 General Assessing $19,000.00 $0.00 $0.00 General City Attorney $20,000.00 $587.00 $2,741.75 General Planning and Zoning $1,800.00 $471.64 $872.40 General General Government $24,405.00 $5,033.56 $8,892.59 General City Offices $26,200.00 $2,114.35 $6,378.52 General Facilites and Planning $0.00 $0.00 $0.00 General Cable Access $14,630.00 $1,119.35 $2,244.30 General Crime Control & Investigation $846,815.00 $64,730.96 $180,135.55 General Police Training $10,000.00 $0.00 $520.00 General Communication Service $18,700.00 $773.58 $2,504.27 General Automotive Services $72,665.00 $3,734.14 $7,413.48 General Building Inspec. Admistration $102,500.00 $7,775.00 $16,448.93 General Emergency Management $2,950.00 $32.98 $161.54 General Signal Lights $800.00 $76.40 $137.88 General Animal Control $1,275.00 $314.33 $879.65 General Ordinance /Easement Enforcement $300.00 $0.00 $0.00 General Street Maintanence $247,645.00 $30,380.15 $51,639.21 General Ice & Snow Removal $73,660.00 $2,434.61 $98,636.02 General Engineering Fee $37,000.00 $1,093.41 $8,270.71 General Street Lighting $42,500.00 $3,303.92 $7,374.59 General Street Cleaning $25,850.00 $1,450.71 $1,450.71 General Ball Park and Skating Rink $5,080.00 $164.20 $2,902.99 General Maint Shop $23,750.00 $2,005.27 $4,934.82 General Park Areas $196,565.00 $26,108.25 $42,933.26 General Community Support $6,000.00 - $130.00 - $210.00 General Other Financing Uses $42,010.00 $0.00 $0.00 General Fire Protection $92,670.00 $0.00 $22,954.73 FUND 101 General $2,380,435.00 $200,607.09 $573,867.60 FUND 108 Cable Access Fee Cable Access Fee Cable Access $0.00 $0.00 $0.00 FUND 150 Economic Development Economic Development Economic Development Authority $63,540.00 $2,744.37 $13,383.10 FUND 150 Economic Development $63,540.00 $2,744.37 $13,383.10 FUND 490 Capital Outlay Capital Outlay Elections $0.00 $0.00 $0.00 Capital Outlay Salaries & Adminstrative $0.00 $0.00 $0.00 Capital Outlay City Offices $0.00 $0.00 $0.00 Capital Outlay Cable Access $0.00 $0.00 $0.00 Capital Outlay Crime Control & Investigation $0.00 $0.00 $0.00 Capital Outlay Communication Service $000 $0.00 $0.00 Capital Outlay Automotive Services $0.00 $0.00 $0.00 Capital Outlay Emergency Management $0.00 $0.00 $0.00 Capital Outlay Street Maintanence $0.00 $0.00 $0.00 Capital Outlay Ice & Snow Removal $000 $0.00 $0.00 6(a):14 r' CITY OF ST JOSEPH Council Month End Expenditure - General Fund Current Period: March 2010 $2,443,975.00 $203,351.46 $587,250.70 6(a):15 2010 March 2010 Description DEPART Descr YTD Budget 2010 Amt YTD Amt Capital Outlay Street Lighting $0.00 $0.00 $0.00 Capital Outlay Ball Park and Skating Rink $0.00 $0.00 $0.00 Capital Outlay Maint Shop $0.00 $0.00 $0.00 Capital Outlay Park Areas $0.00 $0.00 $0.00 Capital Outlay Other Financing Uses $0.00 $0.00 $0.00 FUND 490 Capital Outlay $0.00 $0.00 $0.00 $2,443,975.00 $203,351.46 $587,250.70 6(a):15 rl CITY OF ST JOSEPH Council Month End Expenditure - Enterprise Funds Current Period: March 2010 6(a):16 2010 March 2010 Description DEPART Descr YTD Budget 2010 Amt YTD Amt FUND 601 Water Fund Water Fund Bond Payment (P & 1) $761,760.00 $0.00 - $26,233.49 Water Fund Other Financing Uses $45,000.00 $0.00 $0.00 Water Fund Power and Pumping $23,150.00 $683.41 $1,293.89 Water Fund Purification -Plant 1 $16,810.00 $3,095.96 $3,324.73 Water Fund Purification -Plant 2 $60,450.00 $391.45 $7,715.06 Water Fund Distribution $17,000.00 $0.00 $1,357.05 Water Fund CIP- Treatment Plant 2 $0.00 $0.00 $0.00 Water Fund Wellhead Protection $2,000.00 $0.00 $0.00 Water Fund Storage -Tower 1 $2,850.00 $1,263.67 $1,964.30 Water Fund CIP -Meter Installation $0.00 $0.00 $0.00 Water Fund Water Maintenance $215,185.00 $29,860.88 $50,879.03 Water Fund Administration and general $34,260.00 $3,377.33 $9,744.16 Water Fund Depreciation Expense $360,000.00 $0.00 $0.00 FUND 601 Water Fund $1,538,465.00 $38,672.70 $50,044.73 FUND 602 Sewer Fund Sewer Fund Bond Payment (P & 1) $0.00 $0.00 - $2,667.00 Sewer Fund Other Financing Uses $66,000.00 $0.00 $0.00 Sewer Fund Sanitary Sewer Maintenanc $317,565.00 $14,903.20 $31,422.93 Sewer Fund Lift Station -Baker Street $3,675.00 $297.67 $553.80 Sewer Fund Lift Station -DBL Labs Area $3,000.00 $220.71 $447.69 Sewer Fund Lift Station - Northland $2,875.00 $218.90 $412.05 Sewer Fund Lift Station -CR 121 $5,950.00 $292.55 $499.24 Sewer Fund Lift Station -Main $396,800.00 $82,34532 $90,118.36 Sewer Fund Administration and general $43,460.00 $5,555.48 $12,398.90 Sewer Fund Depreciation Expense $211,000.00 $0.00 $0.00 FUND 602 Sewer Fund $1,050,325.00 $103,834.23 $133,185.97 FUND 603 Refuse Collection Refuse Collectio Waste Collection $302,775.00 $23,576.52 $49,304.28 Refuse Collectio Other Financing Uses $6,900.00 $0.00 $0.00 FUND 603 Refuse Collection $309,675.00 $23,576.52 $49,304.28 FUND 651 Storm Water Utility Storm Water Util Other Financing Uses $44,075.00 $0.00 $0.00 Storm Water Util Administration and general $14,430.00 $655.41 $5,177.73 Storm Water Util Storm Water Maintenance $105,600.00 $3,927.97 $8,087.30 Storm Water Util Depreciation Expense $81,000.00 $0.00 $0.00 FUND 651 Storm Water Utility $245,105.00 $4,583.38 $13,265.03 $3,143,570.00 $170,666.83 $245,800.01 6(a):16