2020 08-18 CC PACKET - Laserfiche WebLink

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ENTERPRISE FUNDG The City's Enterprise Funds now consist of the Sewer Enterprise Fund and the Water Enterprise Fund, Revenues are below last year revenues and are 43.51% of budgeted revenues. Revenues totaled $27,116.91 for the first half of 2020 compared to $62,854.16 last year. Revenues below last year are SAC and WAC charges on new construction. Expenses for the year are also below last year's expenses and are also only 11.51%0 of budgeted expenditures,. Keeping in mind that the expense budget for the Sewer and Water Enterprise Funds includes depreciation., which is not recorded until. year-end. The main expense is the M.G.E.S. charges for sanitary sewer treatment, The City has a budget of $33,915 for these charges and have paid 58.33% or $19,782.84 for this line item. Overall, the sanitary sewer and water funds should finish the year with revenues near budget and expenses below budgeted amounts. CASH AND. INVESTMENTS. Finally, the City had $1,129,752.03 invested as of June 305'• .This compares to.$1,010,171.32 invested last year at this time. The increase in investments is due to the City receiving the annual installment of special.assessments in the property tax settlement: related to the water project and no longer having the large project expenditures. The investments had an average interest rate of 2.64% compared to 1.1.5% last year. Interest rates remain low with 2.90% interest rate on a CD as its highest rate of return. The .chart below shows the City"s invested funds for the last four years, 1,400,000.00 1,200,000.00. 1,00�,000,00. 800,{300,U0: 6001000.00 400,000.00 2p0;000.00 1 11 Invested �A �,� ��,A �QQ �o ae 2017 20I8 - 2020 The other factor and equally important as funds invested is the City's cash in the bank. These 2 are the funds the City. uses to pay its bills each month. Since the City receives the majority of its money in twice a year from tax.settlements, it is not unusual farthe City to:have a large amount