2009 07-21 CCP - Laserfiche WebLink

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Overall, I believe the City's expenditures will finish the year below or near budgeted amounts while revenues will be above budgeted revenues. The only activity the Parks and Playgrounds Fund had during the second quarter was the allocation of interest earnings from the pooled investment fund. The City's maintains threedebt funds: the 2004 and 2006 Bonds which were issued for 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. There were principal and interest payments totaling $93,836 paid in the 1st quarter and no expenditures during the 2nd quarter, however the second half debt payment will be due August 1st. The second half payment will be for principal of $27,326 and interest of $30,230 for a total payment of $58,286 The City currently has not active construction funds. The City Hall Construction Fund currently carries a deficit balance that will be satisfied with a budgeted transfer from the General Fund from the property tax levy for 2009.. The City's Sewer Fund 2nd quarter financial information is as follows: 2008 2009 2009 2nd QTR (YTO) Budget 2nd QTR (YID) Revenues $27,570 $58,059 $24,271 Expenditures $10,407 $35,958 $15,300 % Received Spent 42.58% 42.55% Revenues for the first two quarters of 2009 are slightly lower than anticipated due in part to the transfer in from the General Fund which has not yet been made in 2009. 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% 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 $830,677 invested as of June 30th. The table below shows the City's cash and investments by fund.