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CONSENT ITEM 5D MEMORANDUM DATE: November 12, 2013 TO: Honorable Mayor and City Council Patrick Klaers, City Administrator FROM: Sue Iverson, Director of Finance and Administrative Services Kyle Howard, Finance Analyst rd SUBJECT: 2013 3 Quarter Actuals Background/Discussion: rd Attached are the 3Quarter Actuals for 2013. Overall expenditures are running near budget estimates with the exception of TIF #4 (Presbyterian Homes) which is just starting up. Revenue estimates are running in line with budget estimates as a result of increased building permit activity, and increased participation in recreation programs. Please remember that we receive 50% of our revenue from property st taxes and did not receive the 1 half until July, and Administrative Fines are not received until the final contract number reconciliation next March. Governmental accounting is not done on an accrual basis, therefore the numbers reflect what was actually taken in as revenue or paid out as expenditures thru September 30, 2013. Accruals, deferred revenue adjustments, etc. are only done at year-end. When looking at the numbers as they currently stand and adjustments that are made at year end, Revenues are running at about 79% and Expenditures/Expenses are running at about 75% in total. (Please note that the overall percentages look lower because property taxes, liquor licenses, etc are collected at year-end. We also have a lag time in receiving invoices and charging internal service funds, so the numbers are not all completed yet as some are only done at year end.) Internal Service funds are charged back to the operating departments. We have included estimated th charges through September 30 in these reports. These costs may seem to appear double counted when you look at the organization in total, as they appear in the internal service funds and then again as charges in the departments which used them governmental accounting determines how we show this in our fund financial statements, but adjustments are made at audit time to show only the actual expenditures as any surplus or deficits in the internal service funds are rolled into the government-wide statements so actual expenditures and revenues are shown. They are meant to operate like the enterprise funds (our utility , Insurance, Engineering, and Technology. Administrative Charges from and to other funds are only booked at year end. An Investment Portfolio has also been included with these financial reports. Per the Investment Policy, our Benchmark Rate is the 4M plus Rate. At September 30, 2013 this rate was 0.05% and our portfolio