2009 10-19 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 third quarter was the allocation of interest earnings from the pooled investment fund. The City's maintains three debt 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 $151,392 paid in. 2009. There are no additional payments for principal and interest, however there may be some nominal fiscal agent fees to pay before the end of 2009. The City currently has one active construction fund which is the Scheuneman Road & Utility Improvements. This Fund currently carries a deficit balance which will be covered. through reimbursements from the Sewer Fund, from Ramsey County out of turn -back funds and through specialassessments to the benefiting property owners. The City's Sewer Fund 3r6 quarter financial information is as follows: 2008 2009 2009 3rd QTR (YTD) Budget 3`d. QTR (YTD) Revenues $47,304 $73,989 $159,681 Expenditures $20,153 $75,071 $ 21,189 % Received Spent 215.82% 28.23% Revenues for the first three quarters of 2009 are significantly higher than anticipated due to the additional transfer of $100,000 from the General Fund to completely pay off the interfund loan. Without the additional transfer, revenues would be ahead of the same period for 2008 but less than budgeted. This is due in part to the recording of utility receivables on the cash basis until year-end when accrual adjustments are made. Expenses are actually lower than anticipated, with no expenditures made this year for engineering or contractual repairs and maintenance which make up over 33% of the expenditure budget. These expenditures do not include any transfers to the Scheuneman Road & Utility Improvement project. 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 $821,197 invested as of September 30th. The table below shows the City's cash and investments by fund.