2003-12-01 CC Packet - Laserfiche WebLink

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. . 5. Interest With interest rates at an all time low, interest earnings are slightly below budget. This is due, in part, to staggering due dates of certificates of deposits. Interest revenue will ebb and flow as certificates come due. Also, the General Fund accrues less interest as reserves are down at this time of the year. However, when year-end receivables are booked, we expect interest income to be very close to budget. We will continue to review the investment portfolio and invest aggressively, while monitoring working capital reserves. 6. Fines and Forfeits Due to alcohol and tobacco sting activity, fine revenue is above anticipated budget for the year. 7. Miscellaneous Miscellaneous Revenue includes $2,376.25 in tipping rebate fees from Waste Management. These fees were not known and, therefore, not considered at budget time. 8. Refunds and Reimbursements The refunds and reimbursements line item contains items that do not have an affect on the City's budget, such as pass-through gambling funds. The amount shown includes a $2,018 workers' compensation premium refund from LMCIT, the receipt of $1 ,500 earmarked for defibrillators for the police department, and $12,500 in gambling funds for the fire department. 9. Transfers In Administrative costs and interest income were transferred to the General Fund when closing out the TIP 1-3 Fund. The City received $58,940.85 of the TIF payment back in early December with the property tax settlement. Expenditures: 1. Financial Admini~tration Audit services have been completed for the year. The budget amount was cut in half from last year, which proved to be too optimistic. Cost- saving measures have been implemented, however, not all of those cost savings were realized this year. It is expected that an additional 20% more in cost savings will be realized next year as we further define our working relationship with the audit firm. However, extra expenses will likely occur as a result of implementing GASB 34 and SAS 99 this year. 2. Assessing Payment was made to Anoka County in February for this year's assessing. Assessment payments are done for the year.