07-27-15-R - Laserfiche WebLink

Home Browse Search

CONSENT ITEM – 5E MEMORANDUM DATE: July 27, 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 2nd Quarter Actuals Background/Discussion Attached are the 2nd Quarter Actuals for 2015. Overall, expenditures are running slightly below what was budgeted, while revenues are on-track. Please remember that we receive our revenue from property taxes in July and December, therefore property tax revenue is not reflected in these reports. Governmental accounting is not done on an accrual basis, the numbers reflect what was actually taken in as revenue or paid out as expenditures thru June 30, 2015. Accruals, deferred revenue adjustments, etc. are only done at year-end. General Fund expenditures from operating activities are running at, or slightly below, budget estimates (Note: 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 June 30, 2015 – this rate was 0.05% and our portfolio is averaging 1.997%. 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 try to stay diversified in this area 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 and when we can invest. Staff Recommendation Staff requests that Council accept the 2nd Quarter 2015 Financial Reports. Attachments Attachment A: Investment Portfolio Analysis Attachment B: General Fund Revenues and Expenditures Summary Attachment C: City-Wide Revenues and Expenditures Summary