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CONSENT ITEM – 5B <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br />DATE: May 26, 2015 <br /> <br />TO: Honorable Mayor and City Council <br /> Patrick Klaers, City Administrator <br /> <br />FROM: Sue Iverson, Director of Finance and Administrative Services <br /> Dave Perrault, Finance Analyst <br /> <br />SUBJECT: 2014 4th Quarter Financial Reports <br /> <br /> <br />Background/Discussion <br /> <br />Attached are the 4th Quarter Actuals for 2014. Overall total expenditures were below budget <br />mostly due to capital expenditures as they are budgeted but presented to the City Council and <br />approved on a case by case basis and according to bid costs. Overall Operating revenues ran <br />fairly close to budget estimates. General Fund revenues ran slightly over budget while operating <br />expenditures ran close to the budget estimates. The annual audit will be presented at the June 29, <br />2015 meeting. <br /> <br />One item to note in the General Fund is that we did do a budget amendment to transfer the Fund <br />Balance remaining after the 2013 audit which was over our Fund Balance Policy in the amount <br />of $162,417. We also did a budget amendment to transfer out the TCAAP Capital costs from the <br />original General Fund budget to a TCAAP Capital fund in the amount of $185,398. The actual <br />amount of Revenues over Expenditures for 2014 is $142,629. This is mainly the result of <br />License and Permit revenues and Charges for Services that were more than the budget estimates <br />in the General Fund. (Please refer to the attached reports for details.) <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 December 31, 2014 – this rate was 0.05% <br />and our portfolio is averaging 2.284%. All of our investments are in government secured or <br />government backed deposits. The section listed at the top of the portfolio are 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 are working on cash flows with the PMP <br />and other CIP projects, along with the utility billing cycles to determine how much we can invest <br />and for what time periods. <br /> <br />Staff Recommendation <br /> <br />Staff requests that Council accept the 4th Quarter 2014 Financial Reports.