10-28-2020 Council Packet - Laserfiche WebLink

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•Consistent with past practice, the Little Canada Fire Department was paid at the end of the 3rd quarter for the 4th quarter payment. This caused the % of budget to be over the 75%expected through the 3rd quarter. •COVID-19 expenditures for PPE and cleaning products are being tracked in a separate department. Through the 3rd quarter, these expenses totaled $13,625. •The storm water department has exceeded the budget by $2,575. The Thunder Bay Trail storm sewer washout repair in the amount of $6,600 was incurred due to a large washout beneath and adjacent to the trail. Council approve these repairs on August 12th with the understanding that the repairs would exceed the budget amount. •Throughout all the departments, there has been cost savings in 2020. These savings will help to offset some the expected revenue shortfalls. The following 2020 savings have been identified: o Code enforcement position kept vacant due to COVID-19. $34,000 o Two part-time public works seasonal positions kept vacant. $20,000 o Various travel/training opportunities through September 30th missed due to COVID-19. $13,000 o Savings in the Fire Marshall budget. $11,000 o On June 15th, the contract for the park and recreation consultant was placed on hold, due to the cancellation of spring and summer programs as a result of the COVID-19 pandemic. To date, the Parks and Recreation Coordinator has been able to manage the remaining Parks and Recreation programs that the City has been able to offer due to COVID-19. It is estimated that these savings will be approximately $12,250. Staff is proposing an increase in the Parks and Recreation Coordinator hours in the 2021 budget, in order to adjust to the 2021 anticipated needs of the Parks and Recreation Department. o The above cost savings are approximately 2.2% of the 2020 General Fund expenditure budget. CARES Act Funds $782,484 were received at the end of July the Federal Cares Act. The receipts of these funds will be recorded in the General Fund during the 4th quarter. Reports for the August and September CARES Act Funds were approved by Council on September 9th and October 14th. Special Revenue and Enterprise Funds The Quarterly Financial Report for the special revenue and enterprise funds is attached to this report. Investments As of September 30, 2020, total cash and investments for all City Funds totaled $14,972,034, and the allocation by investment type is as follows: Type Amount Percentage Money Market $24,770 .17% 4M money market 1,194,663 7.98% 4M MM Cares Act Funds 782,511 5.22% CD’s 12,113,502 80.91% Agencies - 0% Municipal Bonds $856,588 5.72% Total $14,972,034 100.00% The CARES Act Funds are being held in a separate City account at 4M. These funds will not be utilized until all reporting and auditing requirements are completed. Because all the CD’s that the City holds are under $250,000, they are FDIC insured except for the RCU CD.Since the RCU CD is over the insurance limits, it is collateralized as per the City’s investment policy. All current investments are within the State Statute guidelines. 3