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<br />Memo <br />City Council <br />2008 1 st Quarter Financial Reports <br />2 <br /> <br />received in May. This would also be reflected in the charges, as major charges are from Roseville for <br />water and the Metropolitan Council for wastewater and they bill us on a lag too. <br /> <br />The first quarter investment portfolio has also been included. The new investment policy called for a <br />target yield at the rate of the 4M Plus Fund. This rate as of March 31, 2008 was 3.080% and our current <br />annualized rate ofretum is 4,054%. You will notice that the Wells Fargo Money Market fund currently <br />has 36% of the available cash, which is more than the 25% stated in the investment policy. This is due to <br />a number of items being "called" and some securities matuJed, this is mOre of a timing issue as <br />reinvestments have been made in April. <br /> <br />Please feel free to call me anytime to discuss any questions you may have. I am happy to explain <br />anything to you. If there is something that is not in these reports that you would like to see, please call or <br />emaiI and I will try to get the information for you. <br /> <br />Staff Recommendation: <br /> <br />Staff recommends Council make a motion to accept the 2008 first quarter financial reports as presented, <br />