4D, First Quarter 2011 Financial Reports

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� EN HILLS MEMORANDUM DATE. Jur�e 27, 2011 TQ: Honorable Mayor and City Council Pat�rick Klaers, City Adzx�inistrator FROM: Sue Iverson, Direcior of Rinance and Administrative Services SUBJECT: 2011 lst Quarter Actuals Sackground/Discussion: Attached are the 151 Quarter Actuals for 2011. Overall expenditures are running slightIy below budget estinnates. PIease rennecnber that we receive 50% of our revenue froim p�operty taxes and wil! not received the 2"d haIf until December. Governmental accour�tir�g is not done on an accrual basis, therefore the numbers reflect what was actua�ly taicen in as re�enue or paid out as expenditures thru March 3 i, 2011. Accruals, deferred revenue adjustments, etc. are only done at year-end. Basically expenditures fram operating activities are running close to the budget estimates, revenues are slightly below budget estinrzates. (Please note that the overall percentages look lower because property taxes, liquor izcenses, etc are collected at year-end.) An Investment Portfolio has also been included with these financia� reports. Per the Investment Policy, our Benchmark Rate is the 4M plus Rate. At March 31, 2011 — this rate was 0.02% and our portfolio is averaging 2.362%. All of our investments are in government secured or governrnent backed deposits. The section listed af the top of the por�folio are the "liquid" investments that we can access at anytime. Ws are trying to stay diversified in this area and will be transferring between these accounts. We have had some of our high interest notes call and I am working on cash flows with the PMP and other CIP projects ta determine haw much I can invesfi and %r what time pariods. 38% oi our funds are in the League of Minnesota Cities 4M Fund and �M Plus accounts. Staff Recommendation: Staff requests that Council accept the 15` Quarter Financial Repor�s.