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CONSENT ITEM – 6D MEMORANDUM DATE: October 26, 2015 TO: Honorable Mayor and City Council Sue Iverson, Acting City Administrator FROM: Dave Perrault, Finance Analyst SUBJECT: 2015 3rd Quarter Actuals Background/Discussion Attached are the 3rd Quarter Actuals for 2015. Overall, expenditures are running 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 for the second half of the year 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 September 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 September 30, 2015 – this rate was 0.05% and our portfolio is averaging 2.007%. 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. Attachments Attachment A: Investment Portfolio Analysis Attachment B: General Fund Revenues and Expenditures Summary Attachment C: City-Wide Revenues and Expenditures Summary Staff Recommendation Staff requests that Council accept the 3rd Quarter 2015 Financial Reports.