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CONSENT ITEM – 6B <br />MEMORANDUM <br />DATE: October 31, 2016 <br />TO: Honorable Mayor and City Council <br />Sue Iverson, Interim City Administrator/Director of Finace and Admin Services <br />FROM: Dave Perrault, Finance Analyst <br />SUBJECT: 2016 3rd Quarter Actuals <br />Background/Discussion <br />Attached are the 3rd Quarter Actuals for 2016. Overall, expenditures are running below what <br />was budgeted, revenue is below due to the timing of property tax revenue distribution from the <br />County and billing for Enterprise Funds (i.e. utility bills). <br />Accruals, deferred revenue adjustments, etc. are only done at year-end. General Fund <br />expenditures from operating activities are below forecasts. <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 September 30, 2016 – this rate was 0.20% <br />and our portfolio is averaging 2.112%. 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 />Attachments <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 />Staff Recommendation <br />Staff requests that Council accept the 3rd Quarter 2016 Financial Reports.