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Page 1 of 2 <br /> <br />CONSENT ITEM – 7B <br /> <br />MEMORANDUM <br /> <br />DATE: May 29, 2018 <br /> <br />TO: Honorable Mayor and City Councilmembers <br /> Dave Perrault, City Administrator <br /> <br />FROM: Gayle Bauman, Finance Director <br /> <br />SUBJECT: 2018 1st 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 />Background <br /> <br />Investments - per the Investment Policy, our Benchmark Rate is the 4M plus Rate. At March <br />31st, 2018 – this rate was 1.36% and our portfolio is averaging 2.65%. All of our investments are <br />in government secured or government backed deposits. Utility billing cycles and CIP projects <br />are taken into account when determining how much to invest and for how long. <br /> <br />Basis of accounting – during the year, City books are kept on a cash basis which means that only <br />items that are received are booked as revenue and items paid are booked as expenses. <br />Adjustments for accruals, deferrals and other accounting requirements are made at year end. <br /> <br />General Fund – The main source of revenue for the City is property taxes and these come in <br />twice a year. Expenditures are at 21.33% of budget through the first quarter. <br /> <br />Other governmental funds, enterprise funds and internal service funds – a number of funds have <br />small negative revenue amounts to date. This is due to the fact that not much revenue has been