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EN HILLS <br /> MEMORANDUM <br /> DATE: November 28, 2011 <br /> TO: Honorable Mayor and City Council <br /> Patrick Klaers, City Administrator <br /> FROM: Sue Iverson, Director of Finance and Administrative Services <br /> Kyle Howard, Finance Analyst <br /> SUBJECT: 20113 d Quarter Actuals <br /> Background/Discussion: <br /> Attached are the 3`d Quarter Actuals for 2011. Overall expenditures are running below budget estimates. <br /> Please remember that we have only received 50% of our revenue from property taxes. Governmental <br /> accounting is not done on an accrual basis, therefore the numbers reflect what was actually taken in as <br /> revenue or paid out as expenditures thru September 30,2011. <br /> Accruals, deferred revenue adjustments, etc. are only done at year-end. Basically General Fund <br /> expenditures from operating activities are running slightly below the budget estimates, revenues are <br /> running close or slightly above budget estimates. Revenue from Conduit Debt Fees is running 1684% <br /> above budget, due to the Presbyterian Homes Conduit Debt Fee collected in September. (Please note that <br /> the overall percentages look lower because property taxes, liquor licenses, etc are collected at year-end.) <br /> An Investment Portfolio has also been included with these financial reports. Per the Investment Policy, <br /> our Benchmark Rate is the 4M plus Rate. At September 30, 2011 —this rate was 0.05% and our portfolio <br /> is averaging 2.393%. All of our investments are in government secured or government backed deposits. <br /> The section listed at the top of the portfolio are the "liquid" investments that we can access at anytime. <br /> As we are trying to stay diversified in this area and we will be transferring between these accounts. We <br /> have had some of our high interest notes call and I am working on cash flows with the PMP and other CIP <br /> projects to determine how much I can invest and for what time periods. 6% of our total funds are in the <br /> League of Minnesota Cities 4M Fund and 4M Plus accounts. <br /> Staff Recommendation: <br /> Staff requests that Council accept the 3`d Quarter Financial Reports. <br />