Laserfiche WebLink
It'.- <br />--,----ARQEN HILLS <br />MEMORANDUM <br />DATE: October 26, 2009 <br />TO: Honorable Mayor and City Council Members <br />Ron Moorse, City Administrator <br />FROM: Sue Iverson, Finance Director/Treasurer <br />SUBJECT: 2009 3rd Quarter Reports <br />Background <br />Attached are the 3rd Quarter reports for 2009. Overall expenditures are running below <br />budget estimates. Please remember that we receive 50% of our revenue from property <br />taxes and will not receive the 2nd half until December. Governmental accounting is not <br />done on an accrual basis, therefore the numbers reflect what was actually taken in as <br />revenue or paid out as expenditures through September 30, 2009. <br />Accruals, deferred revenue adjustment, etc. are only done at year-end. Basically <br />expenditures from operating activities are running below the budget estimates, revenues <br />are low because we have not received the 2nd half property taxes and other revenues that <br />are collected at year end. <br />The investment portfolio is also included with these reports. Per the Investment Policy, <br />our Benchmark Rate is the 4M Plus Rate. At September 30, 2009 — this rate was 0.33% <br />and our portfolio is averaging 2.499%. All of our investments are in government secured <br />or government based deposits. The section listed at the top of the portfolio are the <br />"liquid" investments that we can access at anytime. Although the Evergreen Fund shows <br />that we have 29% of our available cash in this fund, a $600,000 transfer was made to the <br />4M account in early October. <br />Council Action <br />Staff recommends a motion to accept the 3rd Quarter Financial Reports. <br />City Council Meeting <br />\\Metro-inet\ardenhills\Admin\Council\Agendas & Packet Information\2009\10-26-09 Regular\Packet <br />Information\3 rd_Qtr_Financial_Reports. doc <br />Page 1 of 1 <br />