2007 10-16 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, $550.000 5500,000 $450,000 $400000 S350,000 S300,000 S250,000 S200.000 S150.000 S100,000 S50.000 50 YEARLY EXPENDITURE COMPARISION N R MAY JUN JUL AUG. SEP OCT NOV DEC Overall, it appears 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 third quarter. The City's debt funds (2004 Bonds and 2006 Bonds) collected their first half special assessment payments in the amount of $62,253. The expenditures during the third quarter included the second half debt payments that were due August I". The second half payment included principal of $24,933 and interest of $15,012 for a total payment of $39,945. Total principal and interest payments for the year amounted to $80,534 for both debt issues. During 2007 the City operated 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 cash balance was transferred to that debt service fund The other fund is the City Nall Construction fund and was financed through the 2007 Improvement Bonds. On ,June 26`h the majority of the bond proceeds in A-1/P- 1 grade commercial paper maturing in August, September, and October at various discount rates in anticipation of contractor payments. Pay requests from the contractor have been somewhat lower then the initial draw schedule was anticipated so the funds are rolled each time. The September maturity was put directly into a government money market fund at Wells Fargo since it was earning a higher rate of interest for 30 days than commercial paper was. The reinvestment of these bond funds is monitored on a monthly basis to ensure funds are available to pay the contractor and related expenses and that idle funds are earning the highest interest possible. Construction expenditures as of the end of the third quarter are $372,405, most of which have been for the