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HomeMy WebLinkAbout[4c] Quarterly Finance Position Council Agenda Item Lie." l;nY,O}i~,...J()$I<:..t~ MEETING DATE: January 17,2008 AGENDA ITEM: 2007 Financial Reports Quarterly Finance Position - Requested Action: Accept the 4th Quarter SUBMITTED BY: Finance BOARD/COMMISSION/COMMITTEE RECOMMENDATION: N/A PREVIOUS COUNCIL ACTION: None BACKGROUND INFORMATION: Quarterly reconciled cash/investment and budget to actual position for Council review. BUDGET/FISCAL IMPACT: None ATTACHMENTS: 4th Quarter 2007 Financial Position Summaries REQUESTED COUNCIL ACTION: Accept the 4th quarter 2007 financial positions as presented. e ~ ~ ?f. ?f. ~ ~ 0 0 0 'iij ~ 0 ~ ~ 0 0 Ii) "<t CD ~ to. "<t E :> :> ~ ~' '7 CIl Ci Ci Ci Ci , 0:: 0 "e "*' "*' "*' "*' I 0 ~ ~ 10 r::- eo. r::- .... :; I <Ii I- 0 M N IX) "<t CD N u.. <D ~ ~ .... Ii) Ii) Ii) 'Q) W rrj m e ci ,.: ,.: m ~. ::; ..... 0 e Ii) "<t rn ~ CO ~ 0 ... - !i "0 0 'C ER- ER- ER- ER- ER- ER- ER- ER- e iii .2 '0 ~ C 0> "<t Ii) ,.. IX) ,.. 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W 0. ..... 0:: () :: 0:: City of St. Joseph,Minnesota Cash Position As of 12/31/07 First State Bank Maturity Date Interest Current Balance # Securities % of Total Checking Account N/A 0.5% $ 464,859 N/A Money Market Savings N/A 3.29% 48,988 N/A Brokered Certificates of Deposit Tiered 1-60 months 4.79% avg 8,009,488 20 averages 23 months 4.04." Total FSB $ 8,523,335 65% Central MN Federal Credit Union Share Savings Account N/A 0% $ 5 N/A Money Market Savings N/A 1.03% 12 N/A Power Money Market Checking N/A 3.89% 5,280 N/A Jumbo Bank Certificates of Deposit Tiered 9-72 months 4.71% avg 2,021,805 . 7 averages 21 months 4.30% Tota/ CMFCU $ 2,027,102 15% Total Deposits $ 10,550,436 Salomon Smith Barnev Brokered Money Market Savings N/A 4.25% $ 42,777 N/A Government Securities/Notes Tiered 17-76 months 4.81% avg 920,128 7 Brokered Certificates of Deposit Tiered 2-83 months 4.94% avg 1,296,112 14 averages 49 months 4.67~, Total SSB $ 2,259,017 17% Northland Securities Brokered Money Market Savings N/A 3.46% $ 573 N/A Brokered Certificates of Deposit. Tiered 12-24 months 5.02% avg 290,015 3 averages 9 months 4.24~, Total NS $ 290,588 2% Cash Held in Escrow (City Hall RefundinQ Bond) $ 0% Total investments $ 2,549,605 Total Deposits and Investments "$' '(,)'13;1'06;041'1 Average Interest APY 4.31% Petty Cash Administration N/A N/A $ 200 Police Department N/A N/A 75 Total Petty Cash $ 275 Custodial Credit Risk: All deposits and investments insured by FDlC/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: The only investments rated are the government securities/notes. They are rated AAA by S&P. Concentration of Credit Risk: The City invests in various instruments and several financial institutions. 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