2023 11-21 CC PACKET - Laserfiche WebLink

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are over 38,64% of budgeted expenditures. Keeping in mind that the expense budget for the Sewer and W .ater Enterprise Funds includes depreciation, which is not recorded until year-end. The main expense is the M.C.E.S. charges for sanitary sewer treatment. The City has a l7udget of $53,500.00 and has paid 83.32% or $44,576.50 for this fine. item. The. Water Enterprise Fund has revenues.of $38;808.93 so far. The larges expense is the water bill from the City of Vadnais.Heights in the amount of $12,272.18. so far. Overall, the l=nterprise. Funds should finish the year with revenues above budget and expenses below budgeted amounts. If this happens, the Enterprise Funds will have operated at again, CASH AND.INVESTMENTS Finally, the City had $1,321,904.74 invested as. of September 3QMr This compares to $1,227,717.66 invested. last year at this time. The investments had an average interest rate of 1.93% compared to 1.8 % last year. Interest. rates remain low with a 3.73°Io interest.rate on. a municipal bond as its highest rate.of return. The chart below shows the City's invested. funds for the last four years. $ Invested 1,800.,000.06 l'isoo,000.00 1,41.i3,0tX), 00 1,2oo,000,00 :1. 000,00a.00. 4rx3,000.00. 7 (X7,C3fk7,(70 ❑.00 2022 -�® 2.02 3 The other factor and equally important. as funds invested is the City's cash in the bank. These are the funds the City uses. to pay its bills each month. Since the City receives the majority of its money in July and: December from tax settlements, it is not unusual for the City to have a large amount of cash available in those -months with the funds being drawn down in the proceeding months. Depending on expenditures and other revenues collect.the City may draw on its investments to help meet`its cash needs. The. chart on the following page demonstrates the. cash flow for the City. One can see how the City's cash peaked. in July with.the receipt of the July`tax settlement and the City has drawn down those funds since. The 2023 cash balances are lower than previous years. because excess cash balance have been moved into investments at the end.:of 2022 to earn a:higher interest rate than the checking :account rate. This is also reflected in the investment chart above, which shows 2023 investments above .previous. years.