2008 10-21 CCP - Laserfiche WebLink

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The Parks and Playgrounds Fund had no activity during the third quarter. The City's maintains three debt funds: the 2004 and 2006 Bonds which were issued far road and sewer improvements and are paid by special assessments and the 2007 Bonds which were issued for the construction of Heritage Hall and are paid through property taxes. These funds coliected their first half special assessment payments and property taxes in the amount of $65,753, There have been principal and interest payments totaling $141,581 paid during 2008 on these bonds_ The City currently has one active construction fund. This fund is the City Hall Construction fund and was financed through the 2007.Improvement Bonds. While Heritage Hall is complete and being used, we are still in the process of reconciling all of the construction costs, change orders and split between the City and White Bear Township. The City's Sewer Fund 3rd quarter financial information is as follows: Revenues Expenditures 2007 3rd Quarter $41,884 $46,453 2008 Budoet $71,200 $59, 680 2008 3rd Quarter $47,304. $20,153 % Received Spent 39 03% 33 77% Revenues for the third quarter are at anticipated levels having billed for the third quarter sewer service at the end of September and will be collected during October. Expenses are actually lower than anticipated, with the no expenditures made this year for engineering or contractual repairs and maintenance which make up over 33,51% of the expenditure. budget. Again I would anticipate the Sewer Fund's expenses to finish the year below or near budgeted amounts. Finally, the City had cash and investments of $662,259 invested as of September 30th• The table below shows the City's cash and investments by fund. While the table shows 5 CD's the City really only has three CD's_ The CD listed from the 2004 Debt Service Fund, 2006 Debt Service Fund and General Fund is one CD, but the accounting system tracks it as three separate CD's because of the funding sources.