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CONSENT ITEM – 5B <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br />DATE: April 24th, 2017 <br /> <br />TO: Honorable Mayor and City Council <br /> William S Joynes, Sr., City Administrator <br /> <br />FROM: Susan Iverson, Director of Finance and Administrative Services <br /> Dave Perrault, Finance Analyst <br /> <br />SUBJECT: 2017 1st Quarter Actuals <br /> <br /> <br />Background/Discussion <br /> <br />Attached are the 1st Quarter Actuals for 2017. Overall, expenditures are running below what <br />was budgeted, revenue is below due to the timing of property tax revenues and utility billing <br />revenues. Please remember that we receive our revenue from property taxes in July and <br />December, therefore property tax revenue for the first half of the year is not reflected in these <br />reports. Governmental accounting is not done on an accrual basis, the number s reflect what was <br />actually taken in as revenue or paid out as expenditures thru March 31st, 2017. <br /> <br />Accruals, deferred revenue adjustments, e tc. are only done at year -end. General Fund <br />expenditures from operating activities are below budget estimates, as are revenues (N ote: <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, 2017 – this rate was 0.43% and <br />our portfolio is averaging 2.67%. 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 det ermine 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 2017 Financial Reports.