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-ADEN HILLS <br />MEMORANDUM <br />DATE: October 28, 2019 <br />TO: Honorable Mayor and City Councilmembers <br />Dave Perrault, City Administrator <br />FROM: Gayle Bauman, Finance Director <br />SUBJECT: 2019 3rd Quarter Financials <br />Budgeted Amount: Actual Amount <br />N/A N/A <br />Council Should Consider <br />CONSENT ITEM — 6B <br />Funding Source: <br />N/A <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 />Background <br />Investments - per the Investment Policy, our Benchmark Rate is the 4M plus Rate. At September <br />30, 2019 — this rate was 1.91% and our portfolio is averaging 2.39%. 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 />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 />General Fund — The main source of revenue for the City is property taxes and these come in <br />twice a year. Expenditures are at 67.5% of budget through the second quarter. <br />Other governmental funds, enterprise funds and internal service funds — Utility revenue for third <br />quarter will be booked in October 2019 and annual transfers between funds will be booked later <br />in the year. The allocation for insurance (Risk Management Fund) was completed in June. <br />Page 1 of 2 <br />