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06-24-13-R
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6/24/2013 11:56:42 AM
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06-24-13 Regular City Council Packet
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06-24-13 Regular City Council Packet
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06-24-13 Regular City Council Packet
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6/24/2013
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CONSENT ITEM 5-D <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 />st <br />SUBJECT: <br /> 2013 1 Quarter Actuals <br /> <br /> <br />Background/Discussion <br /> <br />st <br />Attached are the 1 Quarter Actuals for 2013. Overall expenditures are running near budget <br />estimates. Please remember that we receive 50% of our revenue from property taxes and will not <br />nd <br />receive the 2 half until December. Governmental accounting is not done on an accrual basis, <br />therefore the number reflect what was actually taken in as revenue or paid out as expenditures <br />thru March 31, 2013. <br /> <br />Accruals, deferred revenue adjustments, etc. are only done at year-end. Basically General Fund <br />expenditures from operating activities are running at or slightly below the budget estimates, <br />revenues are running close to budget estimates. (Please note that the overall percentages look <br />lower because property taxes, liquor licenses, etc are collected at year-end.) <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 March 31, 2013 this rate was 0.05% and <br />our portfolio is averaging 1.954%. 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. 2.73% of our total funds are in the League of Minnesota Cities 4M Fund and 4M Plus <br />accounts. <br /> <br />Staff Recommendation <br /> <br />st <br />Staff requests that Council accept the 1 Quarter 2013 Financial Reports. <br />
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