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CONSENT ITEM 6C MEMORANDUM DATE: July 14, 2014 TO: Honorable Mayor and City Council Patrick Klaers, City Administrator FROM: Sue Iverson, Director of Finance and Administrative Services Kyle Howard, Finance Analyst th SUBJECT: 2013 4 Quarter Actuals Staff Recommendation th Staff requests that Council accept the 4 Quarter 2013 Financial Reports. Background/Discussion th Attached are the 4 Quarter Actuals for 2013. Expenditures were less than or approximately around budget estimates in the General Fund, the exception was the Street department which was primarily due to an increase in the maintenance materials which includes patching streets and snowplowing. Overall expenditures came in less than budgeted. The audited financial reports are included in another item in this agenda as is the audit presentation. An Investment Portfolio has also been included with these financial reports. Per the Investment Policy, our Benchmark Rate is the 4M plus Rate. At December 31, 2013 this rate was 0.05% and our portfolio is averaging 2.525%. All of our investments are in government secured or government backed deposits. The section listed at the top of the portfolio are 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 have had some of our high interest notes called or matured and 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. 8.36% of our total funds are in the League of Minnesota Cities 4M Fund and 4M Plus accounts at year end, some of these were reinvested after December 31, 2013.