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'It <br /> EN HILLS <br /> MEMORANDUM <br /> DATE: April 30, 2012 <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: Preliminary 2011 Actual Financial Results <br /> Backaround/Discussion <br /> Attached are the preliminary actual numbers for 2011. These are the preliminary unaudited 2011 <br /> budget to actual numbers. Final audited numbers will be presented after completion of the 2012 <br /> audit. <br /> Preliminary estimated numbers for 2011 came in at approximately 82% of overall budgeted <br /> expenditures. The General fund expenditures came in at and estimated 98% of budgeted. <br /> Revenues came in at about 106% of budgeted with the General fund at 114%. However there are <br /> still adjustments and accruals to be made that may affect these final numbers. <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, 2011 —this rate was 0.05% <br /> and our portfolio is averaging 1.728%. All of our investments are in government secured or <br /> government backed deposits. The section listed at the top of the portfolio is the "liquid" <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 call <br /> and I am working on cash flows with the PMP and other CIP projects to determine how much I <br /> can invest and for what time periods. 11.85% of our total funds are in the League of Minnesota <br /> Cities 4M Fund and 4M Plus accounts. <br /> Staff Recommendation <br /> Staff requests that Council accept the 2011 Preliminary Financial Results. <br />