HomeMy WebLinkAbout[04c] Quarterly Finance PositionT~~
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MEETING DATE:
AGENDA ITEM:
Financial Reports
SUBMITTED BY:
February 5, 2009
Council Agenda Item 4 C
Quarterly Finance Position -Requested Action: Accept the 4`h Quarter 2008
Finance /Administration
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: N/A
PREVIOUS COUNCIL ACTION: None
BACKGROUND INFORMATION: Quarterly reconciled cash/investment and budget to actual position for
Council review. The numbers presented are the numbers as of December 31, 2008. The numbers do
not represent year-end audit entries. When the audit is completed a full review of the activity will be
presented by the Auditor.
CASH REPORT:
- The City has investments between money market accounts, bank CDs and brokered CDs. The
City has reviewed other investment options, but the rates of return are less favorable and more
volatile. The government securities the City held earlier in the year were called early by the
federal government due to the feds lowering the interest rates over the past several months.
FUNDS REPORT: Looking at the funds balance alone can be deceiving as it is difficult to see what activity
contributed to the balance. The purpose of the bullet points below is to summarize the activity for
2008.
The City spent down $3.1M in cash during 2008. Much of the decrease was due to spending
down project bonds proceeds for improvement/infrastructure projects. Project payments
included Jade Road, East side Mill and Overlay, Northland Heights and Water Filtration Plant.
The City also paid the City of St. Cloud $537,393 in project costs during the year out of sewer use
and connection reserves. No significant projects began in 2008 requiring a large bond issue or
significant reduction in fund balance.
The General Fund appears over-spent on the expenditure budget. The amount spent includes
budget transfers for the 2008 EDA Director contract and moving the general capital
expenditures from the General Fund to a separate Capital Expenditure fund for tracking.
Without these transfers, the General Fund would show a 2008 remaining budget of $227,000.
- The General Fund lost $104,000 in Local Government Aid due to the Governor's LGA
unallotment in December 2008.
The EDA Fund appears to have received a surplus of revenue. The majority of the 2008 revenue
received was the $28,000 budget transfer from the General Fund.
- The Water Fund appears to have over-spent revenues by $320,000. The November/December
2008 water usage will be booked as a receivable for the Water Fund. This report shows the
2008 cash activity. The audited financial statements will show the full accrual effect of the
fund's activity. .
- The Sewer Fund appears to have over-spent revenues by $520,000. The November/December
2008 sewer usage will be booked as a receivable for the Sewer Fund. This report shows the
2008 cash activity. The audited financial statements will show the full accrual effect of the
fund's activity.
In addition, the Sewer Fund paid the City of St. Cloud $240,000 for the design cost of the St.
Cloud Area Treatment Plant expansion and $104,000 towards the Sauk River sewer main repairs.
The Council approved spending down Sewer Fund reserves to pay for these projects.
The City is also working with the College/Monastery of St. Benedict regarding the sewer charges
for 2007 and 2008. This matter should come to resolution before the audit is completed and
will be booked as a receivable for the Sewer Fund.
- The Debt Service funds budget the levy needed to pay the current year debt payments. Other
revenue sources such as special assessments, transfers and interest earnings are budgeted
through the bond agreements, not in each year's operating budget. The summary shows much
higher revenues received over the budget as a result. This is typical as the City receives
payments of special assessments as properties change hands. This practice agrees with
governmental accounting standards.
BUDGET/FISCAL IMPACT: None
ATTACHMENTS: 4`h Quarter 2008 Financial Position Summaries/CIP Updates
REQUESTED COUNCIL ACTION: Accept the 4`h Quarter 2008 financia! positions as presented.
Note: While we have the acceptance of the 4`h quarter 2008 Financial Position on the consent agenda,
we will be having further discussion on financial matters later on the agenda. Therefore, questions can
be asked at either time.
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City of St. Joseph, Minnesota
Cash Position
As of 12/31/08
First State Bank Maturity Date Interest Current Balance # Securities % of Total
Checking Account (Reconciled) N/A 0.3% $ 84,625 N/A
Money Market Savings N/A 1.87% 2,386,078 NIA
Bank Certificates of Deposit Tiered 1-48 months 4.74% avg 4,502,897 12
averages 21 months 3.31%
Total FSB $ 6,973,600 70%
Central MN Federal Credit Union
Share Savings Account NIA 1.27% $ 10 NJA
Money Market Savings N/A 2.39% 487,429 N/A
Power Money Market Checking N/A 0.50% 5,306 N/A
Jumbo Bank Certificates of Deposit Tiered 5-60 months 4.74% avg 1,019,567 4
averages 22 months 2.62%
Total CMFCU $ 1,512,312 15%
Total Deposits $ 8,485,912
Salomon Smith Barnev
Brokered Money Market Savings N/A 1.48% $ 48,961 N/A
Government Securities/Notes all called early 0.00% avg - 0
Brokered Certificates of Deposit Tiered 9-71 months 4.57% avg 1,253,771 13
averages 43 months 3.03%
Tofal SSB $ 1,302,732 13%
Northland Securities
Brokered Money Market Savings N/A 0.04% $ 2,150 N/A
Brokered Certificates of Deposit Tiered 12-13 month 4.01 % avg 200,824 2
averages 13 months 2.03%
Total NS $ 202,975 2%
Cash Held in Escrow (Bonds) $ - p%
Totallnvestmenis $ 1,505,707
Total Deposits and Investments ., $ 9,991,619,
Average Interest APY 2.74%
Petty Cash
Administration N/A N/A $ 200
Police Department N/A NIA 75
Total Petty Cash $ 275
Custodial Credit Risk: All deposits and investments insured by FDIC/SPIC/NCUSIF or secured by perfected pledged collateral.
Interest Rate Risk: The City is not exposed to interest rate risk because the City does not invest in highly
sensitive, interest fluctuating investments. The City attempts to purchase longer termed investments
when the interest rates are favorable and depending on cash flow needs to lock into a favorable rate.
Credit Risk: There are no instruments exposed to credit risk.
Concentration of Credit Risk: The City invests in various instruments and several financial institutions.
Brokered Money Markets S 51,111 1°k
Brokered CertiTieates of Deposit S 1,454,596 15°ti
Government BondslNotes S - 0°h
StatelLoeat Government Securities S - OSG
Foreion Currency Risk: The City only invests in USA and USA territories.
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