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4C, 1st & 2nd Quarter Financial Reports
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4C, 1st & 2nd Quarter Financial Reports
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10/24/2024 10:11:58 AM
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8/10/2010 8:45:23 AM
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1st & 2nd Quarter Financial Reports
General - Type
1st & 2nd Quarter Financial Reports
Date
8/9/2010
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EN HILL <br />S <br />MEMORANDUM <br />DATE: August 9, 2010 <br />TO: Honorable Mayor and City Council <br />Patrick Klaers, City Administrator <br />FROM: Sue Iverson, Finance Director/Treasurer <br />SUBJECT: 2010 1 St and 2nd Quarter Actuals <br />Background/Discussion: <br />Attached are both the 1 St and 2nd Quarter Actuals for 2010. Overall expenditures are running below <br />budget estimates. Please remember that we receive 50% of our revenue from property taxes and will not <br />received the 2nd half until December. Governmental accounting is not done on an accrual basis, therefore <br />the numbers reflect what was actually taken in as revenue or paid out as expenditures thru June 30, 2010. <br />�lccruals, deferred revenue adjustments, etc. are only done at year-end. Basically expenditures from <br />operating activities are running below the budget estimates (except for the Administration Department <br />due to se�e�ance packages, �ec�uitrnent, acting pa.3', and a.ddyti�nal help — but the Gene�cal �und overall is <br />running slightly below estimates), revenues are slightly below budget estimates. (Please note that the <br />overall percentages look lower because property taxes, liquor licenses, etc are collected at year-end.) <br />An Investment Portfolio has also been included with these financial reports. Per the Investment Policy, <br />our Benchmark Rate is the 4M plus Rate. At June 30, 2010 — this rate was 0.200% and our portfolio is <br />averaging 2.229%. All of our investments are in government secured or government backed deposits. <br />The section listed at the top of the portfolio are the "liquid" investments that we can access at anytime. <br />We are t�ying to stay diversified ln thls area and will be transferring between these accounts. We have <br />had some of our high interest notes call and I am working on cash flows with the PMP and other CIP <br />projects to determine how much I can invest and for what time periods. 20% of our funds are in the <br />League of Minnesota Cities 4M Fund and 4M Plus accounts. <br />Staff Recommendation: <br />Staff requests that Council accept the 1 St and 2"d Quarter Financial Reports. <br />
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