05-26-15-R - Laserfiche WebLink

Home Browse Search

CONSENT ITEM – 5C MEMORANDUM DATE: May 26, 2015 TO: Honorable Mayor and City Council Patrick Klaers, City Administrator FROM: Sue Iverson, Director of Finance and Administrative Services Dave Perrault, Finance Analyst SUBJECT: 2015 1st Quarter Actuals Background/Discussion Attached are the 1st Quarter Actuals for 2015. Overall expenditures and revenues are running at expected levels. Please remember that we receive 50% of our revenue from property taxes and will not receive the 2nd 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, 2015. 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 as are revenues. (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, 2015 – this rate was 0.05% and our portfolio is averaging 2.133%. All of our investments are in government secured or government backed deposits. The section listed at the top of the portfolio are the “liquid” investments that we can access at any time. 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. Staff Recommendation Staff requests that Council accept the 1st Quarter 2015 Financial Reports.