2015 05-19 CC PACKET - Laserfiche WebLink

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CAPITAL PROJECT FUNDS Again no revenues have been received in the first quarter are from special assessments, which the City will receive with the first half 2015 property tax settlement in July. The expenditures are engineering expenditures for the water extension project into the business district. ENTERPRISE FUNDS The City's only Enterprise Fund is the Sewer Enterprise Fund. Revenues for the first quarter are above last year revenues and are just over 27% of budgeted revenues. Revenues totaled $13,563.12 for the first quarter of 2015 compared to $12,600.94 last year. Expenses for the year are below last year's expenses and are just over 10% of budgeted expenditures. Keeping in mind that the expense budget for the Sewer Enterprise Fund 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 budget of $21,156.00 for these charges and have paid 25% or $5,289.00 for this line item. Overall the Sanitary sewer fund should finish the year with revenues slightly above budget and expenses close to budgeted amounts. If this happens the Sewer Enterprise Fund will operated at a loss of about $5,230.00, which suggests the need for a possible rate adjustment. CASH AND INVESTMENTS Finally, the City had $877,665.37 invested as of March 30st. This compares to $1,106,922.33 invested last year at this time. The decrease in investments is due to the City paying off the City's 2004 and 2006 improvement bonds in 2014. The investments had an average interest rate of 1.06% compared to 1.46% last year. Interest rates remain low and the City had an older investments with an interest rates of 4.80% called (mature) in February. The chart below shows the City's invested funds for the last two years. $ i nvested 1,M),01WAx) 1,OUO,t;ti0.00 800,000.00 O100.0U0.00 400,000.00 ■ 201.1 200.000.00 ■ 2015 -D.00 At1 " 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