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CONSENT ITEM—6C <br /> T� <br /> EN HILLS <br /> MEMORANDUM <br /> DATE: June 27,2016 <br /> TO: Honorable Mayor and City Council <br /> FROM: Sue Iverson,Interim City Administrator/Director of Finance and Admin Services <br /> Dave Perrault,Finance Analyst <br /> SUBJECT: 2015 4"'Quarter Financial Reports <br /> Background/Discussion <br /> Attached are the 41h 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 /> 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 /> 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 /> Staff Recommendation <br /> Staff requests that Council accept the 4th Quarter 2015 Financial Reports. <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 />