2015 07-21 CC PACKET - Laserfiche WebLink

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The next scheduled debt payment is the interest only payment of $16,027.50 due August 15'. Funding comes from property taxes and special assessments, which the City will receive with. the first half 2015 property tax settlement in July, 'which .is why the only revenue activity for the year is interest earnings. The expenditure activity was the: City's first half bond payments. CAPITAL PROJECT FUNDS Again only interest earning have been received on the revenue side, with special assessments being received with the first half 2015 property tax settlement in July. The expenditures are engineering expenditures for the water extension project into the busin ess. district. Through. June these expenditures total $57,707.15. ENTERPRISE FUNDS The City's only Enterprise Fund is the Sewer Enterprise Fund. Revenues are just below last year revenues and are just over 65% of budgeted revenues. Revenues totaled $32.,464.89 for the first half of 2015 compared to $34,839.82 last year. Expenses for the year.are also just above last year's expenses .and are just over 26% 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 $2'1,156.g0 for these. charges;and have paid 61.63% or $13,038.15 for this line item. Overall the Sanitary sewer fund should finish. the year with revenues above budget and expenses.close to budgeted amounts. If this happens the Sewer Enterprise Fund will operated at a gain of about $5,000.00, CASH AND INVESTMENTS Finally, the City had $858,455.60 invested as of June 305'. This compares to $895,371,46 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%0 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.fu.nds for the last two .years. I;,�i.o�.�;i. The other factor and equal, are the funds the City useE money in July and Deceml amount of cash available ii months. Depending on exf $ Invested