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CONSENT ITEM – 6C <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br />DATE: June 27, 2016 <br /> <br />TO: Honorable Mayor and City Council <br /> <br />FROM: Sue Iverson, Interim City Administrator/Director of Finance and Admin Services <br /> Dave Perrault, Finance Analyst <br /> <br />SUBJECT: 2015 4th Quarter Financial Reports <br /> <br /> <br />Background/Discussion <br /> <br />Attached are the 4th Quarter Actuals for 2015. Overall total expenditures were below budget <br />mostly due to capital expenditures, vacant positions, and lower maintenance costs than in <br />previous years. Overall Operating revenues ran higher than expected due to greater than <br />anticipated revenues across multiple funds including building permits, water tower rentals, <br />planning fees, tax increment increases, and utility revenues. <br /> <br />General Fund revenues ran over budget while operating expenditures ran under budget estimates. <br />For 2015, the actual amount of General Fund Revenues over Expenditures was $719,559. <br />Revenues were up $311,602 over budget primarily due to permit fees, water tower antenna <br />rentals, and plan check fees. Expenditures were down $460,186 primarily due to staff vacancies <br />and lower park and street maintenance costs than expected. (Please refer to the attached reports <br />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, 2015 – this rate was 0.06% <br />and our portfolio is averaging 2.553%. 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. We are trying to stay diversified in this area and we <br />will be transferring between these accounts. We are working on cash flows with the PMP and <br />other CIP projects, along with the utility billing cycles to determine how much we can invest and <br />for what time periods. <br /> <br />Staff Recommendation <br /> <br />Staff requests that Council accept the 4th Quarter 2015 Financial Reports. <br /> <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 />