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CONSENT ITEM 5E MEMORANDUM DATE: April 28, 2014 TO: Honorable Mayor and City Council Patrick Klaers, City Administrator FROM: Sue Iverson, Director of Finance and Administrative Services Kyle Howard, Finance Analyst st SUBJECT: 2014 1 Quarter Actuals Background/Discussion st Attached are the 1 Quarter Actuals for 2014. Overall expenditures are running near budget estimates for first quarter. Please remember that we receive 50% of our revenue from property nd taxes and will not receive the 2 half until December. Governmental accounting is not done on an accrual basis, therefore the number reflect what was actually taken in as revenue or paid out as expenditures thru March 31, 2013. Accruals, deferred revenue adjustments, etc. are only done at year-end. Basically General Fund expenditures from operating activities are running at or slightly below the budget estimates, revenues are running close to budget estimates. (Please note that the overall percentages look lower because property taxes, liquor licenses, etc are collected 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 March 31, 2014 this rate was 0.05% and our portfolio is averaging 2.595%. All of our investments are in government secured or investments that we can access at anytime. As we are trying to stay diversified in this area and we will be transferring between these accounts. We are working on cash flows with the PMP and other CIP projects, along with the utility billing cycles to determine how much we can invest and for what time periods. 3.01% of our total funds are in the League of Minnesota Cities 4M Fund and 4M Plus accounts. Staff Recommendation st Staff requests that Council accept the 1 Quarter 2014 Financial Reports.