10-23-2019 Workshop & Council Packet

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General Fund Expenditures As of September 30, 2019, actual expenditures are at 73.83% of the budget. This is consistent with prior years. Highlights: •The 2019 expenditures continue to fall within and below budget amounts. It is estimated that there will be $80,000 in personnel and health insurance savings in 2019. •$59,735 was spent for the Twin Lake Emergency sandbagging and pumping operations as of September 30, 2019. The City is in the process of requesting reimbursement for all these expenses through a Minnesota Division of Homeland Security and Emergency Management led FEMA disaster declaration. Pumping operations in October will not be reimbursed through this disaster declaration. •Due to the severe winter weather conditions at the beginning of 2019, the Streets Department will spend more for salt in 2019 than was spent in 2018. However, there will be savings in the crack-filing and striping to cover the budget overage in salt unless unexpected weather conditions occur in November and December. Investments As of September 30, 2019, total cash and investments for all City Funds totaled $13,673,691, and the allocation by investment type is as follows: Type Amount Percentage Money Market $200,957 1.47% 4M money market 2,528,483 18.49% CD’s 8,347,808 61.05% Agencies 1,735,000 12.69% Municipal Bonds 861,443 6.30% Total $13,673,691 100.00% All the CD’s that City holds are under $250,000 so they are FDIC insured except for the RCU CD. Since this CD is over the insurance limits, it is collateralized as per the City’s investment policy. Agencies that the City holds are agencies through the Federal Home Loan Mortgage Corporation (Freddie Mac) and are rated by Moody’s as AAA investments. All current investments are within the State Statute guidelines. 74.43% 73.49% 74.08% 73.61% 73.83% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% 2015 2016 2017 2018 2019 % of Expenditures to Budget