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$1,138,000 in bank certificates of deposit, $668,000 in money market account, <br /> $2,050,000 in agency paper, $9,018,000 in commercial paper, and $1,160,000 in <br /> mortgage backed securities. <br /> • In approximately March, I will provide periodic summaries (monthly or quarterly) to the <br /> Council on investments. Such information will include the actual investments, and <br /> summaries by institution,maturity date, and original maturities, with numbers of <br /> investments and average interest rates. <br /> II. Financial Reports <br /> In the near past, the City Council has spent months reviewing and approving the City's <br /> budget, however, once the budget is approved,there has been little, if any, follow-up. As <br /> noted in section III,the Council has not seen the list of claims paid or to be paid, nor has <br /> it received any financial reports except during the next budget session. To keep the <br /> Council more informed but to reduce the amount of additional staff time needed prepare <br /> budget variance reports, I would propose that on a quarterly basis, financial reports be <br /> prepared for distribution and discussion at the Council level; such reports could be <br /> developed that would provide a summary with a written discussion as to the highlights, <br /> with detailed information attached. During the budget process, the information could be <br /> presented more frequently as needed. <br /> III. Just and Correct Claims <br /> • Included on the consent agenda at every regular City Council meeting is an item to <br /> approve the just and correct claims of the City. This represents the bills that have been or <br /> are being proposed to be paid on behalf of the City. Presently,the City issues checks <br /> prior to City Council meetings to take advantage of discounts, cover payroll, or meet <br /> obligations with a preestablished payment deadline. For other bills, the invoices are <br /> entered into the system and a list of bills to be paid is prepared and is included on the just <br /> and correct claims report; this report is prepared on Monday; after the Council meets and <br /> approves the claims, checks are prepared and mailed on Tuesday or Wednesday. Cities <br /> vary in their method of reviewing claims with several options including: a)never; b) the <br /> Council receives this list with agenda packets in which case our internal procedures <br /> would need to be changed by several days to accomplish this; or c)the Council receives <br /> the list at the Council meeting. Our current options for the report is to prepare it in <br /> summary format which lists the vendor and the total dollar amount being paid, or a <br /> detailed listing of where each account that is being charged is listed along with the <br /> amount. <br /> IV. Consolidation of departments/programs and funds <br /> Presently, the City has thirty three funds and within some of these funds,they are further <br /> broken down into additional programs or departments. For example, the general fund is <br /> broken into forty three programs. This results in system that is overly complex and <br /> . confusing. To improve this,I would like to consolidate programs/departments but <br /> expand the line items within the consolidated departments to provide information on <br />