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<br /> ., <br /> P1lGE THREE <br />. JULY FINl\N::IAL REE'CRl'/aHIENl'MY <br /> a:rHER FUNDS <br /> . Shade Tree #224 - will chronic annual operating deficits <br /> ($8,000) always be subsidized by the General FUnd? <br /> . Program #225 - Appears that this fund will never be "self- <br /> sustaining" . The level of required suh3idy (33%) approx:iJnates <br /> two-thirds of the allocated salary and FICA/PERA fringe costs <br /> of the Receptionist, Program SUpervisor and Parks Director. <br /> . Permanent Inprovement Revolving FUnd #501 - Project spending <br /> to date includes Tiller lane ($69,000); Old Snelling Avenue <br /> ($63,000); Keithson Pond ($33,000); West Round Lake Road <br /> ($5,000) and Arden Place ($2,000). The $30,000 overWdget <br /> payment on the Old Snelling project should be offset by a <br /> corresponding MSA Construction payment. The Tiller lane <br /> project resulted in $55,000 of Assessment Prepayment receipts. <br /> . Water and Sewer #601 and #602 - Revenues to-date are not <br /> ~able. Due to accounting receivable a=ual practices, <br /> the Water FUnd has three quarters of billings (4091, 1092 & <br /> 2092) while the Sewer FUnd effectively has only 1.5 quarters <br /> of receipts (4091, 1092, less 2092 "prepayment" transfer to <br />. the Water FUnd). <br /> - Is it appropriate to record the unJ:udgeted, Council - <br /> authorized $25,000 expenditure for electricity in the <br /> Cleveland Avenue Lift station in the Sanitary Sewer FUnd? <br /> INVFSIMENT PORl'FOLIO <br /> . Invesbnent in Money Market Funds is approx:iJnately $315,000 <br /> over the goal. There funds are placed here temporarily in <br /> anticipation of a 3092 internal rond defeasance. The cash <br /> requirements for this transaction will be $450,000. <br /> . Even with the relatively high-yielding portfolio the City <br /> has, the overall annualized yield (6.24%) has Tl!:M dipped <br /> below the yield ~ion (7%) in the 1992 Wdget. Interest <br /> income of $287,000 was budgeted, $155,000 has been received <br /> through July 31, 1992. A revenue shortfall in the range of <br /> $30,000-$60,000 is projected. While not having a significant <br /> irrpact on General FUnd performance, this shortfall will irrpact <br /> 1992 cash flow planning. <br /> I will be at the August 17, 1992 Council meeting and available for any <br /> COI\U\\ellts = questions you may have. <br /> TP:rk <br />. <br /> ------- - <br />