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<br /> <br />CONSENT ITEM 5-C <br /> <br /> <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br />DATE: <br /> June 24, 2013 <br /> <br />TO: <br /> Honorable Mayor and City Council <br /> Patrick Klaers, City Administrator <br /> <br />FROM: <br /> Sue Iverson, Director of Finance and Administrative Services <br /> Kyle Howard, Finance Analyst <br /> <br />th <br />SUBJECT: <br /> 2012 4 Quarter Actuals <br /> <br /> <br />Background/Discussion <br /> <br />th <br />Attached are the 4 Quarter Actuals for 2012. Expenditures were less than budget estimates in <br />the general fund; overall expenditures came in less than estimated. The audited financial reports <br />are included in another item in this agenda as is the audit presentation. <br /> <br />An Investment Portfolio has also been included with these financial reports. Per the Investment <br />Policy, our Benchmark Rate is the 4M plus Rate. At December 31, 2012 this rate was 0.05% <br />and our portfolio is averaging 2.042%. All of our investments are in government secured or <br />investments that we can access at anytime. As we are trying to stay diversified in this area and <br />we will be transferring between these accounts. We have had some of our high interest notes <br />called or matured and we are working on cash flows with the PMP and other CIP projects, along <br />with the new utility billing cycles to determine how much we can invest and for what time <br />periods. 3.32% of our total funds are in the League of Minnesota Cities 4M Fund and 4M Plus <br />accounts. <br /> <br />Staff Recommendation <br /> <br />th <br />Staff requests that Council accept the 4 Quarter 2012 Financial Reports. <br />