2007 07-17 CCP - Laserfiche WebLink

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At the same time expenditures are below expenditures at the same time last year. This is due to less being spent for City services provided by the Township now and not having to transfer special assessments from the General Fund to the Debt Funds. $650,000 5500.000 5450,000 $400,000 $350.000 5300.000 5250 000 5200.000 5150.000 SIMO 0 550,000 so JAN , Overall, I believe the City's expenditures will finish the year below or near budgeted amounts. While revenues will be above budgeted revenues and the City will be able to repay some of loan the General Fund received from the Sewer Fund last year. The Parks and Playgrounds Fund had no activity during the second quarter. The City's debt funds (2004 Bonds and 2006 Bonds) collected their first half special assessment payments in the amount of $62,253. There were no expenditures during the quarter, however the second half debt payment will be due August 1". The second half payment will be for principal of $24,933 and interest of $1 5,012 for a total payment of $39,945. The City currently operates two construction funds. The first one is the street improvement fund, which was financed by the issuance of the 2006 improvement bonds and now that the construction is completed the $37,328 cash balance should be transferred to that debt service fund. The other fund is the City Hall Construction fund and was financed through the 2007 Improvement Bonds. On June 26'h I invested the majority of the bond proceeds in A-1/P--1 grade commercial paper maturing in August, September, and October at various discount rates. By doing so the City should earn $2,000 more in interest than leaving in the City's interest bearing checking account. The main expenditure so far has been the $71,049 for the architects. The City's Sewer Fund 2"d quarter financial information is as follows: % Received Budget 2"d Qtr Spent Sewer Fund: Revenues $54,578 $30,043 32% Expenses $37,508 $41,306 76%