TO:
Honorable Mayor and Members of the City Council
THROUGH:
David N. Carmany, City Manager
FROM:
Bruce Moe, Finance Director
SUBJECT:Title
Financial Reports:
a) Schedule of Demands: March 12, 2013.
RATIFY
b) Payroll Register: March 14, 2013.
RATIFY
c) Investment Portfolio for the Month Ending February 28, 2013.
RECEIVE AND FILE
d) Financial Reports for the Month Ending February 28, 2013.
RECEIVE AND FILE
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Recommended Action
RECOMMENDATION:
Staff recommends that the City Council ratify the attached schedules of demands, and receive and file these reports.
Body
FISCAL IMPLICATIONS:
The financial reports included herein are designed to communicate fiscal activity based upon adopted and approved budget appropriations. No further action of a fiscal nature is requested as part of this report.
The value of the warrant register for the March 12, 2013, check run is $627,297.82. The value of the payroll register, including payroll related disbursements, for the March 14, 2013, check run is $1,318,553.76.
BACKGROUND:
Finance staff prepares a variety of financial reports for City Council and Finance Subcommittee. A brief discussion of the enclosed reports follows.
DISCUSSION:
Ratification of Demands:
Every two weeks staff prepares a comprehensive listing of all disbursements (warrant and payroll registers) with staff certification that the expenditure transactions listed have been reviewed and are within budgeted appropriations. Staff recommends that the City Council ratify the attached schedules of demands.
Investment Portfolio:
Detailed investment reports are provided to the Finance Subcommittee with summary reporting to City Council. The month end portfolio includes a certification by the Finance Director that all investments comply with established Financial Policies (or with Finance Subcommittee approved exceptions) and provide sufficient liquidity to support projected expenditures.
Please note that while the percentage of the investment portfolio deposited in LAIF (52.18%) exceeds the policy maximum of 50%, the Finance Subcommittee approved the extension of a temporary policy waiver until December 31, 2013. The waiver to the 50% limitation accommodates additional liquidity while investment decisions are determined in the current volatile market conditions.
Financial Reports:
This package includes summary level financial reports for the month ending February 28, 2013. These reports mark the eighth month of Fiscal Year 2012-2013 and reflect the annual budget adopted by City Council.
These reports provide monthly and year-to-date activity for all funds and departments presenting a snapshot of budget performance. A report highlighting the performance of key revenue sources is also included.
CONCLUSION:
Staff recommends that the City Council ratify the attached schedules of demands, and receive and file these reports.
Attachments:
1. Warrant Register for March 12, 2013
2. Payroll Register for March 14, 2013
3. Investment Portfolio for the Month Ending February 28, 2013
4. Financial Reports for the Month Ending February 28, 2013