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Special Revenue and Enterprise Funds <br />The Quarterly Financial Report for the special revenue and enterprise funds is attached to this <br />report. All funds fell within the expected budget amounts. The Parks & Recreation fund activity <br />for 2021 includes the recreational programming activities that are now possible to program in <br />2021. <br />Other Items <br />The City received the first half of the American Rescue Plan Act (ARPA) funds at the end of July <br />in the amount of $555,592.27. A spending plan will need to be determined this fall. <br />Each year, the City receives a sheriff’s reimbursement check when the prior year police services <br />reconciliation is completed and presented to the Committee of City Administrators. Due to the <br />events of 2020 and the reconciliation, this reimbursement check will not be received by the City <br />or any of the contract cities. $90,983 was budgeted in the General Fund for this reimbursement in <br />2021. This budget shortfall was assigned at the end of 2020 since it was likely that this <br />reimbursement would not occur in 2021. <br />Investments <br />As of June 30, 2021, total cash and investments for all City Funds totaled $16,563,653, and the <br />allocation by investment type is as follows: <br />Type Amount Percentage <br />Money Market $1,123,499 6.78% <br />4M money market 2,376,694 14.35% <br />CD’s 11,820,400 71.36% <br />Treasuries 499,761 3.02% <br />Agencies 500,000 3.02% <br />Municipal Bonds 243,299 1.47% <br />Total $16,563,653 100.00% <br />Due to investment maturities in June, there is a larger portion of the portfolio in the money market <br />than in previous reports. Currently, new investments are being purchased with these money market <br />funds. <br />Since all the CD’s that City holds are under $250,000, they are FDIC insured. There are two CD’s <br />at RCU that are collateralized, as per the City’s investment policy. All current investments are <br />within the City’s Investment Policy.