My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
04-25-22-R
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2020-2029
>
2022
>
04-25-22-R
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
4/22/2022 2:51:55 PM
Creation date
4/22/2022 2:50:08 PM
Metadata
Fields
Template:
General
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
184
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
Page 1 of 2 <br /> <br />CONSENT ITEM – 7B <br /> <br />MEMORANDUM <br /> DATE: April 25, 2022 <br />TO: Honorable Mayor and City Councilmembers <br />Dave Perrault, City Administrator <br />FROM: Gayle Bauman, Finance Director <br />SUBJECT: 2022 1st Quarter Financials <br />Budgeted Amount: Actual Amount: Funding Source: <br />N/A N/A N/A <br /> <br />Council Should Consider <br />Motion to approve, table or deny the following: <br />• Quarterly budget to actual fund statements and investment portfolio detail for the City. <br /> <br />All items need a simple majority for action unless otherwise noted. <br /> <br />Background <br />Investments - per the Investment Policy, our Benchmark Rate is the 4M plus Rate. At March 31, <br />2022 – this rate was 0.073% and our portfolio is averaging 1.77%. All of our investments are in <br />government secured or government backed deposits. Utility billing cycles and CIP projects are <br />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 twice <br />a year. Expenditures are at 23.0% of budget through the first quarter, compared to 22.4% last <br />year. <br /> <br />Other governmental funds, enterprise funds and internal service funds – Utility revenue for first <br />quarter will be booked in April 2022 and annual transfers between funds will be booked later in <br />the year. The allocation for insurance (Risk Management Fund) will be completed in June. <br /> <br />Market value adjustments for investments total -$379,665.41 through the end of the quarter. It is <br />important to note that the City holds its investments to maturity and no principal is ever lost on an <br />investment. <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.