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Page 1 of 2 <br /> <br />CONSENT ITEM – 6B <br /> <br />MEMORANDUM <br /> <br />DATE: July 24, 2017 <br /> <br />TO: Honorable Mayor and City Councilmembers <br /> William S. Joynes, Sr., City Administrator <br /> <br />FROM: Dave Perrault, Interim Director of Finance and Administrative Services <br /> <br />SUBJECT: 2017 2nd Quarter Actuals <br /> <br /> Budgeted Amount: Actual Amount: Funding Source: <br /> N/A N/A N/A <br /> <br />Council Should Consider <br /> <br />Quarterly, City Staff provides the City Council with a budget to actual update, please find the <br />attached General Fund, City-Wide Funds, and Investment Portfolio updates for review. The <br />Council may choose to accept the reports as is or provide further direction. <br /> <br /> <br />Background <br /> <br />Overall, expenditures are running below what was budgeted due to the timing of capital projects, <br />while revenue is below due to the timing utility billing revenues and other anticipated <br />intergovernmental revenues. General Fund expenditures are running in line with forecasts, <br />however, note that due to timing of revenues and expenditures this may change. Please <br />remember governmental accounting is not done on an accrual basis, the numbers reflect what <br />was actually taken in as revenue or paid out as expenditures thru June 30th, 2017. Adjustments <br />for accruals, deferrals, and other accounting requirements are made at year end and will affect <br />ending numbers at the close of the fiscal year. <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 June 30th, 2017 – this rate was 0.62% and <br />our portfolio is averaging 2.54%. 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