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CONSENT ITEM – 5D <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br />DATE: April 25th, 2016 <br /> <br />TO: Honorable Mayor and City Council <br /> Sue Iverson, Interim City Administrator/Director of Finace and Admin Services <br /> <br />FROM: Dave Perrault, Finance Analyst <br /> <br />SUBJECT: 2016 1st Quarter Actuals <br /> <br /> <br />Background/Discussion <br /> <br />Attached are the 1st Quarter Actuals for 2016. Overall, expenditures are running below what <br />was budgeted, revenue is below due to the timing of property tax revenues. Please remember that <br />we receive our revenue from property taxes in July and December, therefore property tax <br />revenue for the first half of the year is not reflected in these reports. Governmental accounting is <br />not done on an accrual basis, the numbers reflect what was actually taken in as revenue or paid <br />out as expenditures thru March 31st, 2016. <br /> <br />Accruals, deferred revenue adjustments, etc. are only done at year-end. General Fund <br />expenditures from operating activities are below budget estimates, as are revenues (Note: <br />percentages look lower because property taxes, liquor licenses, etc are collected at year-end). <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 March 31, 2016 – this rate was 0.14% and <br />our portfolio is averaging 2.793%. 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 any time. As we try to stay diversified in this area we will be <br />transferring between these accounts. We are working on cash flows with the PMP and other CIP <br />projects, along with the utility billing cycles to determine how much and when we can invest. <br /> <br />Attachments <br /> <br />Attachment A: Investment Portfolio Analysis <br />Attachment B: General Fund Revenues and Expenditures Summary <br />Attachment C: City-Wide Revenues and Expenditures Summary <br /> <br />Staff Recommendation <br /> <br />Staff requests that Council accept the 1st Quarter 2016 Financial Reports.