HomeMy WebLinkAbout[04d] Quarterly Finance Position~.~
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Council Agenda Item 4d
MEETING DATE: April 16, 2009
AGENDA ITEM: Quarterly Finance Position -Requested Action: Accept the ls` Quarter
2009 Financial Reports
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: N/A
PREVIOUS COUNCIL ACTION: None
BACKGROUND INFORMATION: Quarterly reconciled cash/investment and budget to actual
position are provided for Council review. The charts presented are to assist your visual understanding of
the last quarter's financial summaries. The numbers presented are the numbers as of March 31, 2009.
The revenues and expenses represent amounts with 2008 accruals. The 2008 reversing entries will be
recorded in 2009 after the City receives the fina12008 audited financial statements.
There are a couple points I would like to highlight from the reports.
CASH REPORT:
- The City has investments in money market accounts, bank CDs, brokered CDs and government
securities. The City has reviewed other investment options, but the rates of return are less
favorable and more volatile. The government securities the City holds are in escrow for the
2009A cross-over refunding bonds. The bond escrow money is not available for current City
expenses.
FUNDS REPORT:
- The City's cash grew by $2.7M since the beginning of the year. This is mainly due to the City
issuing the 2009A cross-over refunding bonds. The bond proceeds will pay off two other bonds
on their call date of 12-1-09. Until then, the bond proceeds are held in escrow. Without the bond
issue, the City spent down their cash by $318,400. The next major cash inflow will be in June
and July when the City receives the first half payments of taxes, assessments and LGA.
- The General Fund spent down 29% of the 2009 budget and received 6% of the revenue budget.
- The numbers represented do include the 2008 audited accruals.
CIP REPORTS:
- The 2008 Equipment Certificates have been completed expended.
BUDGET/FISCAL IMPACT: None
ATTACIEVIENTS: 15` Quarter 2009 Financial Position Summaries/CIP Updates
REQUESTED COUNCIL ACTION: Accept the lst Quarter 2009 financial positions as presented.
City of St. Joseph, Minnesota
Cash Position
As of 3/31 /09
First State Bank Maturity Date Interest Current Balance # Securities % of Total
Checking Account (Reconciled) N/A 0.3% $ 32,830 N/A
Money Market Savings N/A 1.42% 203,286 N/A
Bank Certificates of Deposit Tiered 2-45 months 4.60% avg 4,603,370 12
averages 20 months 3.01%
Total FSB $ 4,839,486 38%
Central MN Federal Credit Union
Share Savings Account N/A 1.18%
Money Market Savings N/A 0.76%
Power Money Market Checking N/A 0.50%
Jumbo Bank Certificates of Deposit Tiered 1-57 months 3.82%
averages 13 months 2.16%
Total CMFCU
Total Deposits
Salomon Smith Barney
Brokered Money Market Savings N/A
Government Securities/Notes all called early
Brokered Certificates of Deposit Tiered 6-68 months
averages 40 months
Total SSB
Northland Securities
Brokered Money Market Savings N/A
Brokered Certificates of Deposit Tiered 9-10 month
averages 10 months
Total NS
Cash Held in Escrow (Bonds)
Total Investments
Total Deposits and Investments
Average Interest APY
Petty Cash
Administration N/A
Police Department N/A
$ 10
778
5,313
avg 3,240,633
$ 3,246,734
$ 8,086,220
0.50% $ 66,956
0.00% avg -
4.57% avg 1,276,552
2.54%
$ 1,343,507
0.00% $ 4,103
4.01% avg 201,850
2.00%
2.43%
$ 205,953
$ 2,985,320
$ 4,534,780
1'3,621,0.01
N/A $ 200
N/A 75
N/A
N/A
N/A
7
26%
N/A
0
13
11%
N/A
2
2%
24%
Total Petty Cash $ 275
Custodial Credit Risk: All deposits and investments insured by FDIC/SPIC/NCUSIF or secured by perfected pledged col lateral.
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. Maturity
Concentration of Credit Risk: The City invests in various instruments and several financial institutions. # Securities Averages
Brokered Money Markets $ 71,059 1% N/A
(ovef 5% of investment portfolio) Brokered Certificates of Deposit $ 1,478,402 12% 2.97 years
Government Bonds/Notes $ - 0% N/A
State/Local Government Securities $ 2,985,320 66% N/A
Foreign Currency Risk: The City only invests in USA and USA territories
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City of St. Joseph Park Board
i i1~~ 1~, Y.':~-oError.,,7 E~~doet ~4nnrr+~r~.
A„ i,? M~. 1 200
General Funds
Fark De~icat~on Cash Mare. 31, 2009
Potential Projects:
Northland i~ilis - 9 Lots
Heid/Herpes 150 Acres
Feld Residential - 150 Acres
Feld Industrial - 250 Acres
St Wende! Farm - 350 Acres
balance
$ FO 02G
Potentia! Proposed
9,1 14 Council approved delaying plat until May 2009
$ 348,750
$ 348,750
$ 24,000 Council approved final plat December 2008
$ 813,750
Pro'ects -Bud et _ 2009 2010 2011 2012 2013 Total
FTR-01 (Millstream) $ - $ - $ - $ - $ _ $ _
PTR-02 (Northland) $ 7,500 $ 7,500 $ - $ - $ - $ 15,000
PTR-03 (Klinefelter) $ - $ - $ - $ _ $ _ $ _
PTR-04 (Wobegon) $ - $ - $ $ - $ _ $ _
PTR-05 (Memorial) $ - $ 2,000 $ - $ - $ $ 2,000
PTR-06 (Centennial) $ 25,000 $ 15,000 $ 15,000 $ - $ - $ 55,000
PTR-07 (Monument) $ 200 $ 10,200 $ 12,200 $ 200 $ 200 $ 23,000
PTR-08 (Hollow) $ - g - $ - $ - $ _ $
PTR-09 (Cloverdale) $ - $ - $ 10,000 $ 243,000 $ - $ 253,000
PTR-10 (East Park) $ - $ - $ - $ - $ $ _
PTR-10 (West Park) $ - $ - $ - $ - g $ -
PTR-11 Trails $ - $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 40,000
Total $ 32,700 $ 44,700 $ 47,200 $ 253,200 $ 10,200 $ 388,000
Pro-ects -Actual 2009
PTR-01 (Millstream) $ -
PTR-02 (Northland) $ -
PTR-03 (Klinefelter) $ -
PTR-04 (Wobegon) $ -
PTR-05 (Memorial) $ -
PTR-06 (Centennial) $ -
PTR-07 (Monument) $ -
PTR-08 (Hollow) $ -
PTR-09 (Cloverdale) $ -
PTR-10 (City Wide) $ -
PTR-11 Rivers Ede $ -
Total $ -
Other 09 Exaenses:
Wages $ -
A-1 Toilets $ 225
09 Revenue:
Interest $ 724
Park Dedic. $ -
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