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CONSENT ITEM – 6C MEMORANDUM DATE: June 26, 2017 TO: Honorable Mayor and City Council William S. Joynes, Sr., City Administrator FROM: Dave Perrault, Interim Director of Finance and Administrative Services SUBJECT: 2016 4th Quarter Financial Reports Background/Discussion Attached are the 4th Quarter Actuals for 2016. Overall total expenditures were below budget mostly due to timing of capital projects and vacant staff positions. Overall Operating revenues ran higher than expected due to greater than anticipated revenues across multiple funds including building permits, planning fees, tax increment increases, and utility revenues. General Fund revenues ran over budget while operating expenditures ran under budget estimates. For 2016, there was a deficit of approximately $138,000, which was less than the budgeted deficit. The actual deficit incurred is primarily due to a large transfer to the Permanent Improvement Revolving (PIR) Fund from the previous year’s net surplus in the General Fund. An Investment Portfolio has also been included with these financial reports. Per the Investment Policy, our Benchmark Rate is the 4M plus Rate. At December 31, 2016 – this rate was 0.26% and our portfolio is averaging 2.240%. All of our investments are in government secured or government backed deposits. The section listed at the top of the portfolio are the “liquid” investments that we can access at any time. We are trying to stay diversified in this area and we will be transferring between these accounts. We are working on cash flows with the PMP and other CIP projects, along with the utility billing cycles to determine how much we can invest and for what time periods. Staff Recommendation Staff requests that Council accept the 4th Quarter 2016 Financial Reports. Attachments Attachment A: Investment Portfolio Analysis Attachment B: General Fund Revenues and Expenditures Summary Attachment C: City-Wide Revenues and Expenditures Summary