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04-24-23-R
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04-24-23-R
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4/24/2023 4:51:49 PM
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Page 1 of 2 <br /> <br />CONSENT ITEM – 7B <br /> <br />MEMORANDUM <br /> DATE: April 24, 2023 <br />TO: Honorable Mayor and City Councilmembers <br />Dave Perrault, City Administrator <br />FROM: Gayle Bauman, Finance Director <br />SUBJECT: 2023 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 /> <br />Background <br />Investments - per the Investment Policy, our Benchmark Rate is the 4M plus Rate. At March 31, <br />2023 – this rate was 4.686% and our portfolio is averaging 2.55%. Our average rate will begin to <br />increase as lower interest investments mature and we continue to invest in higher interest <br />investments. All of our investments are in government secured or government backed deposits. <br />Utility billing cycles and CIP projects are taken into account when determining how much to <br />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 />The first quarter financial results are generally as expected and mostly positive across all City <br />funds. City revenue streams are on target with prior year and budget, and departments are for the <br />most part under the 25% expended thus far in the year. <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 24.7% of budget through the end of the quarter, compared to 21.5% <br />last year. Some of this difference is due to the timing of invoices. <br /> <br />Other governmental funds and enterprise funds – Utility revenue for first quarter will be booked <br />in April 2023 and annual transfers between funds will be booked later in the year. <br />
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